Algorand price has defied gravity in the past few weeks as optimism of the upcoming World Cup rises. ALGO was trading at $0.43, which was about 50% above the lowest level in October of this year. This price is slightly below this month’s high of $0.4537.
World Cup could be a catalyst
World Cup is one of the biggest sporting events in the world. FIFA estimated that more than 3.5 billion people watched the last World Cup held in Russia. It now expects that over 5 billion people will watch this year’s event in Qatar.
The World Cup will start on November 20th and run until December 18. In this period, the best football teams will compete for the $42 million prize money.
Algorand price will likely receive a boost during the World Cup event. That’s because Algorand will be one of the top advertisers for the event. It will join other well-known companies like Coca-Cola, Hisense, Visa, Qatar Airways, and Crypto.com. Therefore, its advertisements will likely lead to more interest in the coin.
Algorand will also benefit since it has become FIFA’s blockchain partner. This means that FIFA will continue leveraging its technology in key areas. For example, Algorand’s smart contracts are powering FIFA+ Collect, the organization’s NFT platform.
FIFA will likely advertise the NFT collection widely during the World Cup event, which will likely lead to more demand for the coin.
However, it is worth noting a situation known as buying the rumour and selling the news. This happens when an asset rallies toward an important event and then retreats when it actually happens. In this case, there is a likelihood that Algorand price will keep rising and then pull back after the event.
Algorand price prediction
Is it safe to buy Algorand? The four-hour chart shows that the ALGO price has been in a strong bullish trend in the past few days. As it rose, the coin crossed the key resistance level at $0.3720, the highest point on October 2. It also jumped above the key level at $0.4100, the highest level on September 3.
The coin remains above the 25-day and 50-day moving averages. Therefore, I suspect that the coin will likely continue rising as bulls target the key resistance at $0.5500, which is about 30% above the current level. A drop below $0.37 will invalidate the bullish view.
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