- 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
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.