- Algorand price rallied 10% on February 7 and is currently facing a resistance level at $0.280.
- Algorand Foundation partnered with Clinton Foundation to launch the Global Climate Resilience Fund and help women affected by climate change.
- A rejection at the $0.280 resistance level could trigger a 20% crash to $0.223.
Algorand price saw a minor uptick on February 7 as the announcement of a partnership was put out. The Algorand Foundation revealed its broad-reaching partnership with the Clinton Foundation in India. The collaboration allows Algorand “to act as a technology partner for the new $50 million Global Climate Resilience Fund,” which is “geared towards helping women micro-entrepreneurs address climate change.”
Additionally, the fund will also help “local entrepreneurs connect with the carbon markets and monetize carbon credits that their activities generate.”
Algorand price could end its ascent
Algorand price has rallied an impressive 79% in the last 40 days and is currently at a significant hurdle. February 7 saw a 10% daily candlestick, which tagged the $0.280 resistance level. This ascent on Tuesday can be attributed to the aforementioned partnership.
Going forward, Algorand price is unlikely to sustain its ascent due to the declining momentum as seen in the Relative Strength Index (RSI). ALGO has produced higher highs, while the RSI has produced lower highs, creating a bearish divergence. The non-conformity suggests that a trend reversal is likely to occur soon.
This partnership could mark the top for Algorand price and its nearly 80% gain. Investors should expect ALGO to correct 20% and retest the $0.223 support level.
ALGO/USDT 1-day chart
While things are looking exhausting for Algorand price, a spike in buying pressure for Bitcoin price could sidestep this trend reversal. A daily candlestick close that flips the $0.304 hurdle into a support floor will invalidate the bearish thesis for ALGO.
In such a case, Algorand price could rally 11% to retest the next barrier at $0.337.
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
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.