ALGO rallies by nearly 20% today

Algorand is the best performing coin amongst the top 30 cryptocurrencies by market cap today.

The cryptocurrency market has continued its mixed performance this week. The market has lost less than 1% of its value in the last 24 hours, and the total market cap currently stands above $1.7 trillion.

Bitcoin is trading at $38,488 at press time as it continues to struggle below the $40k resistance level. Ether has also been unable to surge past the $3,000 psychological level in recent days despite adding 0.8% to its value in the last 24 hours.

ALGO, the native coin of the Algorand ecosystem, is up by nearly 20% in the last 24 hours, making it the best performer amongst the top 30 cryptocurrencies by market cap.

ALGO’s rally comes after football governing body FIFA announced a partnership with Algorand. The agreement makes Algorand the official blockchain platform of FIFA and will provide the official blockchain-supported wallet solution. 

As per the sponsorship agreement, Algorand will also serve as a FIFA World Cup Qatar 2022 Regional Supporter in North America and Europe. Algorand will also be a FIFA Women’s World Cup Australia and New Zealand 2023 Official Sponsor.

Key levels to watch

The ALGO/USD 4-hour chart is currently bullish, thanks to Algorand’s ongoing rally. The MACD line crossed into the positive zone following the rally that began a few hours ago.

The 14-day relative strength index of 65 shows that ALGO could soon enter the overbought region if the rally continues.

At press time, ALGO is trading at $0.7092 per coin. If the positive momentum is maintained, ALGO could surge past the first major resistance level at $0.7935 before the end of the day.

However, it would need the support of the broader cryptocurrency market before it can move past the $0.8513 resistance level in the short term.