It is just 5 days to the start of the largest sporting event – the World Cup. Even as the world stares at their favourite football players, big corporations will try to attract their visibility. Algorand is one such organisation.
In May, Algorand was selected to become the first blockchain partner for the FIFA World Cup. The platform will provide a blockchain-supported wallet for the event. There are plans to onboard Algorand to develop FIFA’s digital strategy. But as the World Cup kicks off on November 20, Algorand will feature strongly in the media and promotional materials.
While Algorand (ALGO/USD) responded positively to the news of sponsorship of this year’s event, it is trapped by a bear crypto market. However, recent price action signals a potential price recovery ahead of the November 20 kickoff.
ALGO attempts to break above the $0.28 resistance
From the technical outlook, ALGO trades at the $0.28 resistance, with a strong bullish push. The token has 13% gains in the day, signalling a potential bull rally.
Going by the technical indicators would be a little disappointing for the cryptocurrency. The moving averages provide resistance against ALGO. The RSI shows an improvement in momentum, although the reading remains below the midpoint. The cryptocurrency remains in the hands of bears.
Should you buy ALGO now?
The closing of the daily candlestick will tell if a breakout is successful or not for ALGO. Of course, the World Cup is a big event and will have a huge influence on the price of the token.
A successful breakout will be confirmed if the daily candlestick closes above $0.28. You could buy ALGO if that happens, coupled with strong momentum.
On the flip side, the candlestick could close below the resistance. Buyers should stay away from the bear case.