Algorand ALGO/USD Breaks Out As Price Looks Towards Higher Levels

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  • Algorand has announced the appointment of a new Chief Marketing Officer

  • ALGO gained 25% last week

  • Algorand has broken through a key resistance, but retracement remains on the horizon.

Algorand ALGO/USD is up more than 25% in the past week. The cryptocurrency traded at a high of $0.40 before pulling back to a breakout resistance-twisted support of $0.36. $0.40 is ALGO’s highest price since June.

Algorand has seen strong gains before, but bullish strengths increased with the appointment of a new CMO. Michele Quintaglie became Algorand’s new Chief Marketing Officer on Wednesday. Quintaglie has top experience with leading companies at Visa and Fidelity. A breakout of $0.36 occurred after the appointment, suggesting that this was the main trigger for the gain.

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ALGO has also gained interest in the FIFA World Cup. Algorand is the official blockchain partner of the World Cup. The recently unveiled “FIFA+ Collect” allows football fans to acquire digital collectibles from iconic World Cup moments. FIFA+ is powered by the Algorand blockchain.

Algorand withdraws after crossing an important level

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Source – TradingView

Technically, ALGO has crossed the upper bound of the Bollinger Bands. That indicates that investors have bought the token. As a rule of thumb, an asset price is expected to stay within the Bollinger Bands 95% of the time. If the upper limit is exceeded, ALGO threatens to withdraw further. However, the retracement is an opportunity to buy. The zone to watch is $0.36 and may be lower around $0.32.

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closing thoughts

ALGO is optimistic about the appointment of a new CMO and the support of the World Cup partnership. The token trades above the upper limit of the Bollinger Bands. The current correction is likely to continue until ALGO finds appropriate support.

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