The FIFA World Cup is fast approaching. The Algorand token (ALGO/USD) will likely be in the limelight as the platform is the official blockchain partner of the global event. Aside from increased publicity, Algorand will supply FIFA with blockchain-enabled wallet solutions. Long-term, Algorand could power FIFA’s digital assets, including NFTs and its official cryptocurrency.

Ahead of the important global event next month, Algorand is witnessing increased on-chain activities. Over the past three weeks, the total value locked on the platform has almost doubled. At just $175 million on October 7, the TVL is now at $303.2 million. Besides, as CoinJournal previously reported, Algorand is a crypto to watch in the next bull cycle.

With increases in on-chain activity, ALGO price has been pushing higher too. The gains over the past seven days are 6.45%, despite falling slightly by an intraday 1.50%. However, the cryptocurrency’s price action shows it is yet to overcome a key hurdle.

Source – TradingView

The recent bullish surges have pushed ALGO above the moving averages. The MACD indicator shows that the momentum is building. However, the indicator is yet to close above the midpoint to consider a bullish market.

ALGO’s key resistance level lies at $0.36. With the cryptocurrency trading at $0.33, further gains are expected in the next few days. 

The price action shows that ALGO could take further leaps to the resistance at $0.36. That translates to an upside of about 10%. Short-term investors may find the trade unattractive due to the risk and reward ratio. 

For sustained gains, ALGO must break the $0.36 barrier. For now, the cryptocurrency should remain on investors’ watchlist due to the building momentum ahead of the FIFA World Cup.

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The post Algorand records growth in on-chain activity. Here is what it needs to become bullish appeared first on CoinJournal.

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