Algo Is Down By 6.46% – Time To Buy ALGO?

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  • Algorand becomes official blockchain sponsor of FIFA, could this be the best Time To Buy ALGO?
  • Flare to develop Bitcoin bridge with Algorand foundation supagrant
  • Algorand creates world’s first distributed ledger for sustainable energy

Algorand is a proof-of-stake network designed to enable speedy transactions and enhance efficiency. The network’s major area of development is DeFi or decentralized finance as it supports smart contracts and digital assets. Investors seeking a long term investment channel alongside unique technology can buy ALGO.

The digital asset’s network, Algorand, has contributed substantially to minimising the environmental impact of blockchain technology.

Algorand Becomes Official Blockchain Sponsor Of FIFA

Algorand, often referred to as the green blockchain technology, has signed a sponsorship deal with FIFA. This makes Algorand the premier blockchain company to sponsor the World Cup. Investors can buy ALGO as the blockchain is set on advancing its frontier.

The sponsorship deal has also attracted more users to the blockchain network. As a result, ALGO’s price spiked by over 20% on May 3rd following the announcement.

Not only will Algorand be supporting the 2022 World Cup, it is also an official sponsor of the 2023 Women’s World Cup. The partnership with FIFA will allow Algorand develop FIFA’s digital asset strategy for Web 3.0 based on the sustainability goals of the soccer body.

Flare To Develop Bitcoin Bridge With Algorand Foundation Supagrants

Flare, a blockchain distributed network, has received a 7-figure Algorand Foundation SupaGrant. This funding will be used to build a Bitcoin bridge on the Algorand ecosystem.

The Bitcoin bridge will provide ALGO and BTC with trustless interoperability. Other non-smart contract coins, like as DOGE, LTC, XRP, and XLM, will eventually be included in the interoperability.

Flare’s native cross-chain protocols will be the corresponding bridge to provide greater security than the existing technology. Rather than using a custodial multi-signature approach, Flare will employ consensus and risk mitigation to govern bridging.

Algorand Creates World’s First Distributed Ledger For Sustainable Energy

Wattz will be creating the world’s first distributed ledger for sustainable energy and mobility data on Algorand. This creation is due to Wattz’s belief that the major factor affecting the environment is energy usage. Wattz also believes that the way forward is to transition to a sustainable path.

This transition can be achieved by shifting energy production away from fossil fuels. The shift will help curb CO2 emissions, minimise global temperature increases, and curtail air pollution.

Also, Wattz believes that to stimulate green energy adoption, there has to be a smooth transition in energy production. The primary focus of Wattz is solar power and electric vehicles. Experts consider these the two most popular methods for easing consumers’ transition.

Wattz will employ Algorand’s security, speed, and scalability to accomplish this project. The project also seeks to reward all data streams by utilising Algorand’s standardised Layer 1 mechanism.

Technical Analysis

At press time, ALGO trades at $0.65. In the last 24 hours, Algorand has been down 6.46%. This could be as a result of the global crypto market”s decline of over 11.55% over the last day

ALGO Price Chart - Buy ALGOPresently, ALGO trades within the 78.6% Fibonacci retracement threshold of $0.65. Despite the ALGO’s bearish trend, its moving average convergence and divergence (MACD) is positive, indicating a buy signal.

The digital asset shows a 50-day moving average value of $0.64 and a 50-day exponential moving average of $0.65. ALGO is currently trading above its long term indicators. This could indicate that the digital asset is set for recovery.

In addition, ALGO’s relative strength index of 48.35 reveals that the token is trading in the underbought region. Investors can buy ALGO now and rise with the market.

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About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.