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Algorand is one of the best performing coin amongst the highest 30 cryptocurrencies by market cap today.

The cryptocurrency market has continued its combined efficiency this week. The market has misplaced lower than 1% of its worth within the final 24 hours, and the whole market cap at present stands above $1.7 trillion.

Bitcoin is buying and selling at $38,488 at press time because it continues to wrestle beneath the $40k resistance degree. Ether has additionally been unable to surge previous the $3,000 psychological degree in current days regardless of including 0.8% to its worth within the final 24 hours.

ALGO, the native coin of the Algorand ecosystem, is up by nearly 20% within the final 24 hours, making it one of the best performer amongst the highest 30 cryptocurrencies by market cap.

ALGO’s rally comes after soccer governing physique FIFA announced a partnership with Algorand. The settlement makes Algorand the official blockchain platform of FIFA and can present the official blockchain-supported pockets answer. 

As per the sponsorship settlement, Algorand may even function a FIFA World Cup Qatar 2022 Regional Supporter in North America and Europe. Algorand may even be a FIFA Women’s World Cup Australia and New Zealand 2023 Official Sponsor.

Key ranges to look at

The ALGO/USD 4-hour chart is at present bullish, due to Algorand’s ongoing rally. The MACD line crossed into the constructive zone following the rally that started just a few hours in the past.

The 14-day relative energy index of 65 exhibits that ALGO might quickly enter the overbought area if the rally continues.

At press time, ALGO is buying and selling at $0.7092 per coin. If the constructive momentum is maintained, ALGO might surge previous the primary main resistance degree at $0.7935 earlier than the top of the day.

However, it will want the help of the broader cryptocurrency market earlier than it will probably transfer previous the $0.8513 resistance degree within the brief time period.