Algorand price has dropped by 13 per cent in the last three days. In today’s trading session, the cryptocurrency is showing signs of recovery, and there is a chance that the prices will start a bullish move.
One of the reasons experts expect Algorand prices to rise is due to their latest moves, which include a partnership with a British motor racing team. The partnership has fueled bullish sentiments among investors, which may translate to a rise in price in the markets. According to reports, the Proof-of-Stake (PoS) protocol had partnered with Blocksport.one AG and Envision racing. The move is geared toward bringing new users to the platform and increasing Algorand’s reach to the general public.
The partnership will allow Algorand to trade eight unique limited edition NFTs from different race locations around the globe. These sales will be to commemorate the partnership between the two companies. The move is set to see the Algorand start to recover from the recent drop that has seen it lose 13 per cent of its value. When such high-profile deals are done, there is high anticipation of a surge in price in most cases. The deal between Algorand the British motor racing team will not be different. There is a high likelihood that the prices will rise following the partnership.
Algorand Price Prediction
Looking at the daily chart below, the Algorand prices failed to hit the $1 resistance level after numerous trials. The prices have also been trading downwards for the past few days. Today’s trading session also shows signs of a strong bearish move, with Algorand losing over 1.5 per cent.
However, even with price action showing a strong bearish move, the bullish trend is highly likely to resume. This is because of the recent positive fundamentals, which many experts have called positive for cryptocurrency. There is also a high likelihood of the prices reversing than retesting the $0.68 support level. Therefore, my Algorand price prediction is the prices will be trading above a dollar in the next few days.