Algorand price prepares for recovery through sports partnership with British motor racing team

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.

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.