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Algorand (ALGO) Surges 23% Following Hiring of Former Comms Head at Visa & Fidelity

2 mins
Updated by Ali M.
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In Brief

  • Algorand announced the appointment of a new CFO.
  • Algorand NFT sales reached a new all-time high in September.
  • ALGO has broken out from a long-term descending resistance line.
  • promo

Algorand (ALGO) is showing bullish signs in the long-term, though it has yet to confirm the movement with a breakout from a short-term resistance area.

Updated Sep. 23, 6:50 PM UTC: Fifa has launched digital collectibles featuring iconic moments on the Algorand network. Fans worldwide will now have the opportunity to own the greatest moments in football.

Algorand, the Layer-1 proof-of-stake blockchain network, announced the appointment of Michele Quintaglie as its Chief Marketing Officer (CFO). Quintaglie has an extensive background in corporate communications in several Fortune 100 companies such as Visa Inc, United Technologies, and Fidelity asset management. She is tasked with improving the position of Algorand in the marketplace through key partnerships, sponsorships, and influencer marketing. 

The positive news for Algorand does not stop here. Algorand Non-Fungible Token (NFT) sales reached a new all-time high in September, even though there are eight more days left until the end of the month. This shows an increasing interest in the Algorand NFT market and could be a sign of positive things to come.

Ongoing pump

At one point on Sept. 22, ALGO increased by 23.54% on the day, reaching a high of $0.407 in the process. This seemingly caused a breakout above the $0.37 resistance area. 

However, the price failed to sustain the upward movement and created a long upper wick, falling back below the aforementioned resistance. 

Despite the failure to sustain the upward movement, the daily RSI is bullish, supporting the possibility of a future breakout. The indicator has moved decisively above 50 and reached a high of 65, the highest value since March.

ALGO Range
ALGO/USDT Chart By TradingView

ALGO weekly movement

On top of the short-term increase, the weekly chart shows signs of a potential long-term upward movement. There are three main reasons for this: 

  • A bounce at the $0.30 long-term area
  • A breakout from a long-term descending resistance line
  • Bullish divergence in the weekly RSI

This suggests that an upward movement towards the $0.75 resistance area is likely to occur. 

In order for the bullish trend reversal to be fully confirmed, the weekly RSI has to break out above its bearish divergence trendline (black) and move above 50. However, an upward movement towards $0.75 seems likely in any case.

ALGO Weekly movement
ALGO/USDT Chart By TradingView

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)