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Algorand is rallying on lucrative partnership, up 19%: here’s where to buy Algorand

Algorand logo on a white background of a cell phone

After announcing it has become FIFA’s official blockchain, Algorand went on a wild rally. Apart from adding almost a fifth to its value, it saw a spike in trading volume of 386%. 

If you are attracted to unique features and want to learn how and where to buy Algorand, this guide is for you. 

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What is Algorand?

Algorand is a decentralized, self-sustaining, blockchain-based network which supports a wide variety of applications. It is scalable, secure, and efficient, which justifies FIFA’s decision to choose it as their official blockchain partner. 

Algorand is capable of supporting computations that require performance guarantees to build new forms of trust. 

It was invented to improve efficiency and speed in response to the slow transactions on Bitcoin and other older blockchains. 

Algorand comes with low transaction fees. It is based on a permissionless, proof-of-stake (PoS) blockchain protocol and does not involve mining for this reason. 

Should I buy Algorand today?

Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never make any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose. 

Algorand price prediction

According to Price Prediction.net, the future of Algorand is bright. It will go up to at least $1.36 in 2023, which is almost twice its current price. It can reach a maximum level of $1.64 that year. 

In 2024, it will trade for at least $1.97. The maximum level it can reach is $2.38 with the average trading price of $2.04. In 2025, the price of 1 ALGO is expected to reach at least $2.89.

Algorand on social media

The post Algorand is rallying on lucrative partnership, up 19%: here’s where to buy Algorand appeared first on Coin Journal.

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Here is why Algorand is up 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. 

The post Here is why Algorand is up by nearly 20% today appeared first on Coin Journal.

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Bitcoin price prediction as US bond yields surge

The Bitcoin (BTC/USD) price remained in a tight range as investors reacted to the relatively resilient US Treasury yields. Bitcoin is stuck at $38,500, where it has been in the past few days. This price is substantially lower than its all-time high of near $70,000 while its total market capitalization has declined to about $732 billion.

Rising bond yields

American bond yields continued rising on Tuesday as investors waited for the upcoming interest rate decision by the Federal Reserve. On Monday, the 10-year bond yield crossed the important resistance level at 4% for the first time in years. The 30-year yield also rose to above 3% while the 2-year is about 2.7%.

The bond sell-off happened as investors waited for the upcoming interest rate decision by the Federal Reserve that is scheduled for Wednesday. Economists polled by Reuters and Bloomberg expect that the Fed will sound a bit hawkish in its decision this week. This view reflects the fact that the country’s inflation has surged to the highest level in years.

Read more on how to buy Bitcoin with PayPal.

The Bitcoin price action mirrors that of other assets like stocks and commodities. Futures tied to the Dow Jones have fallen by more than 14% from their highest level in March. The same is true with other indices like the Dow Jones and the S&P 500 index. Bitcoin has had a strong correlation with stocks in the past few days.

Further, the BTC price is reacting to signs that demand for the coin is waning. On-chain data shows that inflows from both small and large investors have been a bit muted in the past few weeks. 

Bitcoin price prediction

The daily chart shows that the BTC price has been in a strong bearish trend in the past few days. It has moved below the 25-day and 50-day moving averages. At the same time, the price has moved slightly above the lower side of the ascending channel shown in purple. Also, it remains slightly below the lower side of the oversold level.

Therefore, the outlook of Bitcoin at this price is neutral. A move below the lower side of the trendline will send a signal that bears have prevailed and push it much lower. On the other hand, a move above the resistance at 40,000 will mean that bulls have prevailed.

The post Bitcoin price prediction as US bond yields surge appeared first on Coin Journal.