In the last week alone, ALGO has grown by 30%. Some may not be surprised by this development, as Algorand collaborated with FIFA to create FIFA+ Collect, a platform where fans can purchase digital collectibles in the form of NFTs. There has been a dramatic impact on the environment as a result of this alliance.
A tweet from @intotheblack shows that the number of unique addresses that completed their first transaction for ALGO increased from 5,000 to 20,000.
There has been an increase in the cost of ALGO due to the increased number of transactions using unique addresses. At the time of writing, the price of a coin is between the 23.60 and 38.20 Fibonacci retracement levels, or around $0.3949 and $0.3724.
There is no denying the impact this collaboration has on all of Algorand. But will the deal lead to additional price increases, or is it just a temporary boost?
SOMETHING gets boost from FIFA+ Collect
The price of ALGO increased by 31.18% in a matter of hours on the day of the release of the FIFA+ Collect statement. In short, the coin is up 27.54% since September 22nd, when trading started, until today, September 26th.
At time of writing, ALGO is trading at $0.3662, down 5.8 percent over the past 24 hours, data from Coingecko shows on Monday.
The information provided by Santiment suggests that the cooperation has an impact beyond price.
Algorand’s NFT sector has witnessed a dramatic increase in activity. From September 21 to 22, the total volume of NFT transactions increased from $186,000 to a staggering $606,000.
This is not the only positive development for the ALGO token and the Algorand ecosystem in general.
ALGO’s TVL saw an increase in staked tokens. From September 22 to 24, the TVL increased from $234 million to $263.69 million. Algorand’s ecosystem also had a significant overhaul.
In addition, the ecosystem implemented the state testing procedure. This version provides an additional layer of protection against quantum threats and enables the development of “decentralized bridges” to connect Algorand with other blockchains.
Does SOMETHING’s upside momentum dwindle?
At the time of writing, the price of the coin has already broken above the double bottom support level at $0.3687.
This may indicate that the bullish momentum has faded and the bears are currently taking the driver’s seat.
With this in mind, ALGO can drop to a relatively safe position near the 50 Fib level. This level will serve as support for the token. However, it cannot drop below the indicated Fibonacci level, as this would indicate a bottom on the 22nd of September.
ALGO’s total market capitalization at $2.25 billion on the daily chart | Source: TradingView.com Forkast Featured Image, Chart: TradingView.com
This post ALGO price is going with almost 30% recovery in the last 7 days
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