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Algorand ALGO/USD breaks out as price eyes higher levels

Algorand ALGO/USD breaks out as price eyes higher levels

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  • Algorand announced the appointment of a new marketing director

  • ALGO has gained 25% in the last week

  • Algorand has broken key resistance, but a retracement is still on the horizon.

Algorand ALGO/USD is up more than 25% in the last week. The cryptocurrency traded as high as $0.40 before retreating to support at $0.36, which turned into resistance. $0.40 is ALGO’s highest price since June.

Algorand has been bullish before, but the bullish strengths increased with the appointment of a new CMO. Michele Quintaglie became Algorand’s new marketing director on Wednesday. Quintaglie boasts top experience at leading companies such as Visa and Fidelity. After the meeting, there was a breakout to $0.36, highlighting that it was a key trigger for the upside.

ALGO has also attracted interest ahead of the FIFA World Cup. Algorand is the official blockchain partner of the World Cup. With the recently announced FIFA+ Collect, soccer fans can acquire digital collectibles from iconic World Cup moments. FIFA+ runs on the Algorand blockchain.

Algorand retreats after crossing a key level

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Source – TradingView

From the technical perspective, ALGO has crossed the upper limit of the Bollinger band. This is a sign that investors have overbought the token. As a rule of thumb, the price of an asset is expected to stay within the Bollinger band 95% of the time. A breach of the upper limit means that ALGO is likely to pull back further. However, retracement is an opportunity to buy. The zone to watch is $0.36 and possibly lower around $0.32.

Decision thoughts

ALGO is on the rise with the appointment of a new CMO and the MM partnership. The token is trading above the upper limit of the Bollinger bands. The current fix is ​​likely to continue until ALGO finds suitable support.

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