Recently FIFA declared Algorand to be its official blockchain that would be empowering the football community around the world “with cutting edge, sustainable technology.”
It can help drive adoption and improve its reputation. The announcement is expected to take the prices to $0.73. However, it would be interesting to see if ALGO climbs higher than that.
The coin was going downward as April approached. A rally to $0.73 was witnessed in May, after the announcement by FIFA and a jump from the $0.58 support level.
However, ALGO was pushed further down below the $0.65 support level. Lower highs were recorded as well also since that surge.
The VPVR tool shows that most of the trading volume of the visible range occurred between the range of $0.655 to $0.724, Value Area Lows and Highs, respectively.
At $0.665 was the Point of Control, which was predicted to act as a support on the move downward. However, at the time of writing, ALGO was standing at $0.7449.
Action Of RSI
The action of the RSI in the last week was in range instead of a trend; the RSI was above the neutral 50 lines. There is a sign that despite the high rise from $0.58, ALGO is not trending actively in either direction, taking into account the above-mentioned VAH/VAL points.
Over the past few days, in order to strengthen the idea of a range, the movement of the A/D has been sideways without a real trend in any direction. In recent hours, the great Oscillator such as the RSI has displayed that the bullish momentum was present there.
Algorand was expected to cross the range of $0.72-$0.74 in the coming days. Fear is at its peak in the market in the near term. The experts predict that putting ALGO on sale just above the Value Area Highs could prove to be riskier than striving to purchase at support. The indicators appear to aid the idea of a range over the last few days as well.
Source: https://www.thecoinrepublic.com/2022/05/09/algorand-bears-are-looking-strong-but-are-bulls-awaiting-to-overrun-them/