Amidst A New Development Algorand Could Be Eyeing $1

Algorand is currently bullish on its chart at the time of writing. Fifa’s governing body announced Algorand to be the official blockchain partner of the World Cup competition. It is set to happen in November. Ever since that announcement, the coin displayed positive price action. After the coin fell through its long-standing support line of $0.66, the traders could have used that opportunity as an entry point. The news of Fifa’s World Cup news snatched that opportunity away from traders. In a matter of a day, the coin soared by almost 14%. Algorand has broken past its immediate price ceilings and could aim for other resistances with persistent bullish price action. Buying strength has registered substantial growth owing to the new development. Algorand Price Analysis: Four-Hour Chart Algorand was priced at $0.704 at the time of writing. On the four-hour chart, the coin depicts a descending resistance trendline. Ever since April, the bears had taken over the market. The buyers remained wary of the asset with bouts of increased buying pressure in the middle. Immediate support for the coin was at $0.664. The aforementioned line was a resistance mark but the coin flipped that into a support region for itself. Immediate resistance for ALGO stood at $0.77 and then at $0.80, breaching which the coin could eye for $1. Traders have responded to the recent development well because there has been a considerable improvement in...