Algorand price has been in a strong bullish comeback in the past few weeks as cryptocurrencies rebound. The ALGO coin jumped to a high of $0.3810, which was the highest level since September 6. It has jumped by more than 28% from its lowest level this year. So, is Algorand a good crypto to buy in November?
World Cup could be a catalyst
Algorand price has a key catalyst that could push its price much higher in November. A few months ago, Algorand inked a major deal with FIFA. The deal saw Algorand become the official blockchain provider for the world’s soccer governance body. As a result, it was used to build FIFA+Collect, the organization’s NFT marketplace where people can buy and trade NFT collections of famous soccer events.
Algorand will also be a key advertiser in this month’s World Cup event. As a result, billions of people from around the world will be introduced to Algorand. This is important since World Cup is one of the most-watched events internationally. Therefore, there is a likelihood that the ALGO price will rise ahead and during the World Cup event.
The event comes a month after Algorand unveiled a major upgrade that boosted its speed. Algorand 3.9 upgrade increased the block size to 5 MiB and reduced the average round times to less than 4 seconds. As a result, Algorand can now handle over 26,000 transactions per block, equating to a tps of 6,000. Algorand’s DeFi TVL has also surged recently.
Algorand price prediction
The four-hour chart shows that the ALGO price has been in a strong bullish trend in the past few days. It has managed to move from a low of $0.30 on October 21st to a high of $0.3540. The coin moved above the standard pivot point and moved above the 25-day and 50-day moving averages. At the same time, the Relative Strength Index (RSI) has tilted below the overbought level.
Algorand has also formed an inverted head and shoulders pattern. The outlook for Algorand is still bullish, with the next key resistance to watch being at $0.40. A drop below the support at $0.3330 will invalidate the bullish view.
