Autor: dot-traders

Algorand price has defied gravity in the past few weeks as optimism of the upcoming World Cup rises. ALGO was trading at $0.43, which was about 50% above the lowest level in October of this year. This price is slightly below this month’s high of $0.4537. 

World Cup could be a catalyst

World Cup is one of the biggest sporting events in the world. FIFA estimated that more than 3.5 billion people watched the last World Cup held in Russia. It now expects that over 5 billion people will watch this year’s event in Qatar.

The World Cup will start on November 20th and run until December 18. In this period, the best football teams will compete for the $42 million prize money.

Algorand price will likely receive a boost during the World Cup event. That’s because Algorand will be one of the top advertisers for the event. It will join other well-known companies like Coca-Cola, Hisense, Visa, Qatar Airways, and Crypto.com. Therefore, its advertisements will likely lead to more interest in the coin.

Algorand will also benefit since it has become FIFA’s blockchain partner. This means that FIFA will continue leveraging its technology in key areas. For example, Algorand’s smart contracts are powering FIFA+ Collect, the organization’s NFT platform.

FIFA will likely advertise the NFT collection widely during the World Cup event, which will likely lead to more demand for the coin.

However, it is worth noting a situation known as buying the rumour and selling the news. This happens when an asset rallies toward an important event and then retreats when it actually happens. In this case, there is a likelihood that Algorand price will keep rising and then pull back after the event.

Algorand price prediction

Is it safe to buy Algorand? The four-hour chart shows that the ALGO price has been in a strong bullish trend in the past few days. As it rose, the coin crossed the key resistance level at $0.3720, the highest point on October 2. It also jumped above the key level at $0.4100, the highest level on September 3.

The coin remains above the 25-day and 50-day moving averages. Therefore, I suspect that the coin will likely continue rising as bulls target the key resistance at $0.5500, which is about 30% above the current level. A drop below $0.37 will invalidate the bullish view.

How to buy Algorand

eToro

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Capital.com

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The post Algorand price prediction as World Cup countdown starts appeared first on CoinJournal.

The crypto market is having a poor start to the week, and Loopring has already lost more than 9% of its value today.

LRC, the native coin of the Loopring ecosystem, is down by more than 9% in the last 24 hours. The coin is underperforming compared to the broader cryptocurrency market.

LRC’s poor performance can be attributed to Loopring’s recent attack. The Loopring team announced over the weekend that it had experienced a distributed denial-of-service attack (DDoS).

Yesterday we were the target of a coordinated DDoS attack. While funds were never at risk, services were down for 11 hours.

— Loopring💙🏴‍☠️ (@loopringorg) November 5, 2022

Although user funds were not affected, the Loopring network was unavailable for 11 hours. The development team later got the network back online. 

The broader crypto market has also been underperforming so far today. The total crypto market cap stands above $1 trillion, down by more than 2% in the last 24 hours.

Bitcoin is still struggling to top the $21k resistance level and is now trading above $20,700 per coin, down by more than 2% today. Ether is also down by 3% in the last 24 hours and is now trading at $1,562 per coin.

Key levels to watch

The LRC/USD 4-hour chart is still in the bullish zone despite its recent poor performance. The technical indicators show that LRC is underperforming against the broader crypto market.

LRC/USD Chart By TradingView

The MACD line is above the neutral zone but could soon drop into the negative region before the end of the day. The 14-day RSI of 46 also shows that LRC could soon enter the oversold region if the bearish trend continues.

At press time, LRC is trading at $0.325 per coin. If the negative trend continues, LRC could drop below the first major support level at $0.2957 before the end of the day.

However, unless there is an extended bearish run, the bulls should comfortably defend the second major support level at $0.2762. 

Where to buy Loopring now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy LRC with Capital.com today Disclaimer

The post LRC is down by 9% after Loopring experienced a DDOS attack over the weekend appeared first on CoinJournal.