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

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

Algorand (ALGO) is displaying bullish indicators within the long-term, although it has but to substantiate the motion with a breakout from a short-term resistance space.

Algorand, the Layer-1 proof-of-stake blockchain community, announced the appointment of Michele Quintaglie as its Chief Marketing Officer (CFO). Quintaglie has an intensive background in company communications in a number of Fortune 100 firms comparable to Visa Inc, United Technologies, and Fidelity asset administration. She is tasked with bettering the place of Algorand within the market by way of key partnerships, sponsorships, and influencer advertising. 

The optimistic information for Algorand doesn’t cease right here. Algorand Non-Fungible Token (NFT) gross sales reached a new all-time high in September, although there are eight extra days left till the tip of the month. This exhibits an rising curiosity within the Algorand NFT market and may very well be an indication of optimistic issues to return.

Ongoing pump

At one level on Sept. 22, ALGO elevated by 23.54% on the day, reaching a excessive of $0.407 within the course of. This seemingly triggered a breakout above the $0.37 resistance space. 

However, the value didn’t maintain the upward motion and created an extended higher wick, falling again under the aforementioned resistance. 

Despite the failure to maintain the upward motion, the day by day RSI is bullish, supporting the likelihood of a future breakout. The indicator has moved decisively above 50 and reached a excessive of 65, the very best worth since March.

ALGO weekly motion

On prime of the short-term enhance, the weekly chart exhibits indicators of a possible long-term upward motion. There are three fundamental causes for this: 

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

This means that an upward motion in the direction of the $0.75 resistance space is more likely to happen. 

In order for the bullish pattern reversal to be totally confirmed, the weekly RSI has to interrupt out above its bearish divergence trendline (black) and transfer above 50. However, an upward motion in the direction of $0.75 appears seemingly in any case.

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