- Algorand price is on track to start an uptrend with the latest partnership announcement with Blocsport.one AG and Envision racing.
- Eight limited edition NFTs from different race locations worldwide will be released to commemorate the green partnership.
- Analysts have predicted the Algorand price comeback above $1, revealing a bullish outlook.
Algorand price is poised to recover, as analysts set a target of $1 for the altcoin. A sports partnership with the British motor racing team has fueled a bullish narrative among investors.
Algorand price on track to breakout
Algorand price crossed $1 in its recent uptrend before a pullback to $0.88. Analysts believe the pullback is a healthy correction, and the altcoin could begin a recovery soon.
The pure Proof-of-Stake (PoS) blockchain protocol recently announced its new sports partnership with Blocsport.one AG and Envision racing.
Blocsport.one AG powers NFT collectibles, sports money on the blockchain, alongside crypto transfers and tokenization. Envision racing is a British motor racing team. Algorand’s partnership with Blocksport.one AG and Envision racing is a significant milestone.
Historically sports partnerships have fueled the altcoin’s adoption and increased the number of investors. Therefore, partnering with a British motor racing team could drive up Algorand adoption and increase on-chain activity on the blockchain.
The partnership is marked by the drop of eight unique limited edition NFTs from different race locations that would be released to commemorate the occasion.
Experience Formula E through the
— Algorand Foundation (@AlgoFoundation) April 2, 2022
greenest #NFT series.
Powered by Algorand Foundation & @blocsport1 in partnership with @Envision_Racing.
8 limited-edition NFTs from the different race locations around the globe will be released to commemorate the greenest partnership. pic.twitter.com/EkBibCuRrR
Analysts have evaluated the Algorand price trend and predicted a recovery in the altcoin.
@Engineeringhere, a pseudonymous crypto analyst, observed the daily Algorand price chart and revealed there is a better entry point below $1 at the current price of $0.88. Analysts have identified a falling wedge pattern in the Algorand daily price chart, which is considered bullish. Upside targets for the token lie at $0.92, $1, and $1.7.
#ALGO (Update)
— Clifton Fx (@clifton_ideas) April 3, 2022
Forming Falling Wedge Pattern in 1d Timeframe
Expecting Breakout Upside & Next Target is 1.700#ALGOUSDT $ALGO #USDT pic.twitter.com/zvX96SZ6xF
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.