Algorand is down by 10 per cent in today’s trading session, extending yesterday’s 23 per cent drop. The current price drop is also a continuation of the strong bearish move that the cryptocurrency has experienced throughout the year, losing 75 per cent.
The recent price drop comes at a time when Algorand is making significant partnerships that are likely to see it dominate the market. This month, FIFA announced that the organisation had chosen Algorand to be their official blockchain partner. In the announcement, they applauded the platform and indicated that it would power the football communities worldwide with cutting-edge technology.
The partnership with FIFA would also have a sponsorship clause. This will see Algorand move to become an official FIFA world cup sponsor in Qatar later this year. According to the agreement, Algorand will also be an official partner in other FIFA related activities, such as the Women’s World Football 2023 in New Zealand. They will also be involved in official FIFA events in North America and Asia in the next coming months.
However, even with these developments, the current downturn of the cryptocurrency industry has resulted in the cryptocurrency drop in the market. According to data, the past 24 hours have seen the global cryptocurrency market capitalisation losing 13 per cent. This is a trend that has persisted for the past few days. The bearish trend is also likely to continue, which will continue to push Algorand further down.
Algorand Price Prediction
Algorand has continued to set new price lows, and in today’s trading session, it is trading at a low price that has not been reached since January 2021. As a result, in today’s trading session, the cryptocurrency has also lost 10 per cent of its value. However, the loss is likely to continue as the trading session progresses.
Therefore, my Algorand price prediction expects the prices to continue with the downward trend. There is a very high likelihood of the prices hitting trading below $0.30 in the next few trading sessions. However, if the prices retrace and trade above today’s opening price of $0.45, then my analysis will be invalidated. It will also mean a trend reversal is possible.