Algorand (ALGO) Surges 23% as NFT Sales Hit New All-Time High

Algorand (ALGO) Surges 23% as NFT Sales Hit New All-Time High

Algorand is a Layer-1 proof of stake blockchain network with the cryptocurrency ALGO as its native crypto.

The platform recently announced that it had elected a new CMO, Michele Quintaglie. This isn't surprising because Quintaglie has an impressive track record. She has served in several corporate comms in various fortune-100 companies like Fidelity asset management, United Technologies, and visa incorporated.

This new job assignment will see Quintaglie tasked with developing new strategies to improve the position of Algorand in the market through deals, sponsorship, and key influencer marketing.

Asides from electing a new officer in the company, Algorand is in the news because its Non-Fungible token (NFT) sales have reached a new all-time high, even though we have only spent 3/4 of the total days in September.

These new developments with Algorand have shown that investor interest in their NFT items is increasing and may very well be a sign that more is yet to come.

Algorand's 24% Pump

Lately, the price of ALGO broke out from the $0.37 resistance and increased by a massive 23% in total, its price reached a high of about $0.47.

However, the bulls could not keep up this momentum, and the price fell soon after. This created what seemed like a "fake-out" from the resistance it appeared to have broken from. ALGO's price was right back below the resistance it had just surpassed.

Despite this unclear market pattern, however, the RSI on the daily timeframe still displays signs of potential bullishness and may see the price attempt to break through the $0.37 resistance again. Overall, the RSI reached a high of about 65, marking the highest value since March.

Hourly chart on ALGO/USDT showing price consolidation around $0.37 | Source: <a href=""><u>Tradingview</u></a>
Hourly chart on ALGO/USDT showing price consolidation around $0.37 | Source: Tradingview

Algorand on Hourly Chart

On the hourly timeframe, ALGO appears to be consolidating around this $0.37 level and may see further movement upwards if the bulls defend this level with vigor and pushback against the bears.

The Relative Strength Index (RSI) on the 4-hour timeframe indicates slightly overbought conditions. It may suggest that ALGO will consolidate for quite some time before any strong price movement to the upside or downside.

ALGO/USDT Price Chart | Source: <a href=""><u>Tradingview</u></a>
ALGO/USDT Price Chart | Source: Tradingview

The price of ALGO is expected to trend downward and retest the $0.34 level before a possible rebound upward or possibly a breakdown of this support level.

Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

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