ALGO surged almost 20% during today’s trading session after it was announced it has a partnership with football governing body FIFA. NEAR and AVAX were also higher on Tuesday, with AVAX continuing a recent uptrend.
ALGO was one of the big winners on Tuesday when it was announced that FIFA would be working with Algorand for the upcoming 2022 World Cup.
As part of the partnership, Algorand will also serve as Official Sponsor for next year’s Women’s World Cup in Australia and New Zealand.
As a result of the news, ALGO/USD rallied to a high of $0.7357 earlier in today’s session, and this comes less than 24 hours after trading at a low of $0.5824.
Overall, ALGO is now up for the third straight session, but earlier gains have faded as prices approached a key resistance point.
As of this writing, ALGO is trading at $0.6652 as bulls have exited earlier positions to lock in gains.
Traders are now looking for a breakout above $0.7500 in the coming sessions and it could occur if we see a second wave of bulls.
Similar to ALGO, AVAX was also up for the third consecutive day as prices attempted to move away from multi-month lows.
Last week, AVAX/USD fell to its lowest levels since Jan. 21, but bulls have since reemerged and attempted to initiate a price reversal.
As a result, AVAX hit an intraday high of $62.28 earlier today, and this after prices hit a low of $57.16 earlier in the week.
Looking at the chart, this recent rally comes as the 14-day Relative Strength Index remains hovering near a four-month low, with bulls likely tempted to buy the current weakness.
Should this momentum continue, the next key target is likely to be the $67.30 ceiling where bulls usually dominate.
Overall, prices have slipped somewhat from previous highs, but the bulls are likely waiting for the opportune moment to strike.
After April’s losses, will crypto markets bounce back in May? Let us know your thoughts in the comments.
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