Biggest Movers: ALGO Boosted by FIFA Partnership News, as AVAX and Near Rise Higher
ALGO was up by nearly 20% during today’s trading session, following the news of a partnership with football’s governing body, FIFA. NEAR and AVAX were also higher on Tuesday, with AVAX extending a recent bullish run. Algorand (ALGO)
ALGO was one of Tuesday’s big gainers, as it was announced that FIFA would be partnering up with Algorand for the upcoming 2022 world cup.
The partnership will also see Algorand serve as an official sponsor for next year’s Women’s World Cup in Australia and New Zealand.
As a result of the news, ALGO/USD rallied to a peak of $0.7357 earlier in today’s session, and this comes less than 24-hours after trading at a low of $0.5824. ALGO/USD – Daily Chart
Overall, ALGO has now risen for a third straight session, however earlier gains have eased, as prices approached a key resistance point.
As of writing this, ALGO is now trading at $0.6652, as bulls have vacated earlier positions in order to solidify their gains.
Traders now look to see if a breakout of the $0.7500 level will take place in upcoming sessions, and this could occur should we see a second wave of bulls.
Avalanche (AVAX)
Similar to ALGO, AVAX was also up for a third consecutive session, as prices attempted to move away from multi-month lows.
Last week saw AVAX/USD fall to its lowest level since January 21, however bulls have since reappeared and attempted to spur a price reversal.
As a result of this, AVAX hit an intraday peak of $62.28 earlier today, and this comes after prices were at a bottom of $57.16 to start the week. AVAX/USD – Daily Chart
Looking at the chart, this recent rally comes as the 14-day Relative Strength Index continues to hover near a four month low, with bulls likely tempted to buy the current weakness.
Should this momentum continue, the next key target will likely be the ceiling of $67.30, where bulls typically dominate.
Overall, prices have somewhat slipped from earlier highs, however bulls are likely waiting for the opportune time to strike. Tags in this story algo, Analysis, FIFA. AVAX, TA, Technical Analysis
Will crypto markets begin to rebound in May, following April’s losses? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Below $40,000 Prior to Wednesday’s Fed Meeting MARKET UPDATES | 10 hours ago Derivatives, Spot Markets, Dex Swaps — 30 Day Crypto Trade Volumes Slipped Across the Board Last Month MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSEC Nearly Doubles Crypto Enforcement Unit — Regulator Says ‘Crypto Markets Have Exploded in Recent Years’ Next articleCryptovoxels Is Rebranding to Voxels Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms