Although cryptocurrencies are under pressure, the main trends of 'seasonality' of speculative growth in the industry still apply. In this regard, for the past few days we have seen an influx of positive sentiment towards the Algorand project, which is one of the sponsors of the launch of the World Cup in Qatar:
- Algorand is a blockchain network designed to speed up the speed of transactions and reduce the time it takes to record transactions on the network. Algorand j hosts NFTs owned by FIFA. NFTs are tokens that are unique digital assets that provide proof of ownership. By using Algorand's design, FIFA+ Collect can make Algorand look forward to a big growth spurt when the tournament begins;
- FIFA+ Collect is a platform introduced by the soccer organization as early as September 2022 to offer "low-cost, publicly available" NFT tokens. These tokens include, among others, famous events in soccer history.
Algorand, H4 interval. On the chart of the cryptocurrency we see the formation of a triple bottom, which formed around 0,25 USD. In addition, the price has outlined the first 'higher low' at 0.26 USD tries to break out towards the 200-session average (red line). The Algorand price climbed above the SMA50 (black line) signaling higher demand despite weak sentiment in the broad cryptocurrency market. The BlackRock fund, among others, invested in the development of the 'green' blockchain Algorand at the beginning of the year. Source: xStation5
