ALGO surges 20% on Tuesday, following WorldCup partnership with FIFA.
ALGO was up by nearly 20% during today’s trading session, following the news of a partnership with football’s governing body, FIFA. NEAR and AVAX were also higher on Tuesday, with AVAX extending a recent bullish run.ALGO was one of Tuesday’s big gainers, as it was announced that FIFA would be partnering up with Algorand for the upcoming 2022 world cup.
As a result of the news, ALGO/USD rallied to a peak of $0.7357 earlier in today’s session, and this comes less than 24-hours after trading at a low of $0.5824.Overall, ALGO has now risen for a third straight session, however earlier gains have eased, as prices approached a key resistance point. Traders now look to see if a breakout of the $0.7500 level will take place in upcoming sessions, and this could occur should we see a second wave of bulls.Similar to ALGO, AVAX was also up for a third consecutive session, as prices attempted to move away from multi-month lows.
As a result of this, AVAX hit an intraday peak of $62.28 earlier today, and this comes after prices were at a bottom of $57.16 to start the week.Looking at the chart, this recent rally comes as the 14-day Relative Strength Index continues to hover near a four month low, with bulls likely tempted to buy the current weakness.
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