Algorand (ALGO) Undermines Crypto Bloodbath, Adds Over 27% In A Week
September 23 2022 - 04:02PM
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This week has been eventful in the crypto market. Many
cryptocurrencies have recorded massive losses since Monday,
September 19. The Merge on September 15 kickstarted another
downtrend for crypto prices. Afterward, CPI data made the feds hike
the interest rate by 75 basis points, sending assets price
downwards. Related Reading: Bitcoin aSOPR Profit-Loss
Junction Continues To Act As Resistance But as these macroeconomic
factors push many digital assets down, others resist the pressure
and move forward instead. Algorand ALGO is one of these
assets, recording price gains in its 24 hours movements. But BTC
and ETH haven’t fared well. For instance, on September 20 and 21,
Bitcoin lost its grip on $19K, falling to $18K. On September
22, BTC climbed again to $19K, an intraday high, and did not hold
on to that level till press time. Currently, the BTC price is again
bounced to $18,914, representing a 1.91% loss in 24 hours.
Algorand’s ALGO Not Affected By Macros While many cryptocurrencies
bleed, ALGO is recording positive price movements. Currently, the
ALGO price is $0.3761 on TradingView, and CoinMarketCap shows a
2.48% growth in 24 hours while 27.98% in the last week. So far,
ALGO price movements are all green, as seen in the chart above. The
coin started an upward climb since the close of the market on
September 17. It jumped from $0.2973 to $0.3109 the same day.
On September 18, ALGO lost some of its gains to close the market at
$0.2925. But a few hours later, the coin jumped again and closed
the market at $0.3172 on September 19. Since then, to press time,
ALGO has continued its upward movement. It climbed to $0.698
on September 22 and is today trading at $0.3767. So far, the ALGO
price movement shows a continuous price gain for three consecutive
days. Analysts have also pointed out that ALGO’s moving
average convergence divergence is positive. Also, the coin’s RSI
(Relative Strength Index) is at 58.18, showing that ALGO is closing
to the overbought region. Why Is ALGO Surging Even
though the crypto market is negative, a lot is happening in the
ALGO ecosystem. Currently, the total volume locked on the ecosystem
has grown considerably. The DeFi blockchain is recording massive
interest, evidenced by the $244 million worth of TVL. This
figure was its data as of September 22 after adding 4.09% growth in
its TVL. Data also reveals that $100 million out of this liquidity
came from AlgoFi. Apart from growing TVL, Algorand has made
partnerships. The prominent one recently is the FIFA& Algorand
partnership enabling the crypto network to FIFA+ Collect. This
platform is where users will buy NFT items of many types.
Related Reading: Compound Prepares For A Major Rally To $80, Here
Is Why According to the details of FIFA+ Connect, the platform will
operate like NBA Top Shot. Its users can purchase artwork,
highlights, images, etc., from prestigious soccer competitions. The
platform will launch before the World Cup, slated for
November. Featured image from Pixabay and chart from
TradingView.com
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