Here’s How Ethereum Rival Algorand (ALGO) Can Definitively Break All-Time Highs, According to Coin Bureau

May 15, 2022 The Daily Hodl

Biggest Movers: LUNA Falls to 6-Week Low, as ALGO Surges 15% on Saturday

May 7, 2022 Bitcoin.com

Algorand (ALGO) Founder Makes 10-Year Prediction On Crypto Markets: Report

May 4, 2022 The Daily Hodl

Algorand (ALGO) Jumps on Massive FIFA Soccer Partnership To Become First Blockchain Sponsor

May 4, 2022 The Daily Hodl

Biggest Movers: ALGO Boosted by FIFA Partnership News, as AVAX and Near Rise Higher

May 3, 2022 Bitcoin.com

ALGO price in danger of 25% correction despite Algorand–FIFA partnership hype

May 3, 2022 Coin Telegraph

algo

ALGO price struggles to clear technical resistance despite the ongoing Algorand-FIFA partnership hype.

Algorand (ALGO) prices rallied higher on May 3 after becoming FIFA's official blockchain solution provider. Nonetheless, the ALGO/USD pair continues to face selloff risks.

High-profile partnership

ALGO's price jumped 20% to $0.74, its highest level since April 22. Its move upside came as a part of a broader rebound that started April 30, gaining 37.5% in just three days of trading.

*ALGO/USD daily price chart. Source: TradingView*

As visible in the chart above, a large portion of the ALGO's upside move took cues from FIFA's announcement. Late on May 2, the official football governing body revealed that it had teamed up with Algorand to develop its "digital assets strategy," beginning with a wallet solution.

It also confirmed making Algorand its "regional supporter" in North America and Europe during the next football World Cup in Qatar in November and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor.

Just bought some more #algorand to celebrate the fifa news. Transferred to my wallet. Before I could even open the pera app is was already there. Smoothest blockchain I’ve been apart of. Algorand in the future.
— Chris (@chris__aoki) May 3, 2022

The ALGO token is a native cryptocurrency within the Algorand blockchain ecosystem, incentivizing network participation and power transactions or state changes.

3.5 Billion people watched the 2018 #FIFA World Cup, with over 1 Billion tuning in to the final match. The most watched Super Bowl ever drew 114 Million viewers. Algorand is the first new American sponsor since 2011. $Algo #Algorand ⚽️ https://t.co/MKpEhiyEKP
— vanbrooks.algo (@Royal0ui) May 2, 2022

ALGO price fails to break key resistance

The latest bout of buying in the Algorand market showed signs of faltering as ALGO reached a critical resistance confluence.

ALGO's price corrected by nearly 8% after hitting its intraday high near $0.74. Interestingly, the peak level is close to the token's 50-day exponential moving average (50-day EMA; the red wave in the chart below) and a support-turned-resistance area.

*ALGO/USD daily price chart featuring resistance confluence. Source: TradingView*

Additionally, the $0.74-level also coincided with the upper trendline of a descending channel pattern, raising ALGO's possibility of undergoing a pullback move toward the channel's lower trendline (near $0.50 or lower) in Q2.

*ALGO/USD daily price chart featuring breakout setup. Source: TradingView*

Conversely, a break above the resistance confluence could have ALGO eye a run-up toward $1, which coincides with the 0.236 Fib line of the Fibonacci retracement graph, drawn from the $2.38-swing high to $0.56-swing low and the token's 200-day EMA (the blue wave in the chart above).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Algorand Surges 20% on FIFA Partnership News

May 3, 2022 The Crypto Briefing

Ethereum risks 35% drop by June with ETH price confirming ‘ascending triangle’ fakeout

May 2, 2022 Coin Telegraph

algo

Nearly $170 million left Ethereum-based investment funds in 2022, signaling a drop in institutional demand.

Ethereum's native token Ether (ETH) faces the possibility of a 35% price correction in Q2 as it comes closer to breaking below its "ascending triangle" pattern.

ETH price breakdown ahead?

Ether's price swung between profits and losses on May 2 while trading around $2,825, showing indecisiveness among traders about their next bias.

Interestingly, the Ethereum token wobbled in the proximity of a rising trendline that constitutes an ascending triangle pattern in conjugation with a horizontal line resistance.

To recap, ascending triangles are typically continuation patterns. That being said, Ether's price was trending lower before forming its ascending triangle, raising its chances of a breakdown in the next few weeks.

Another bearish sign comes from Ether's fake out move more than a month ago.

Notably, Ether broke above its ascending triangle on March 28 only to return to its range a week later — a fake breakout. Flipping the triangle's top to resistance, followed by a period of consistent selling, indicates strengthening bearish momentum, now nearing a breakdown moment.

*ETH/USD weekly price chart featuring 'ascending triangle' setup. Source: TradingView*

As a rule, breaking below the Triangle's lower trendline puts the downside target at a length equal to the triangle's maximum height, or the area between $1,820 (-35%) and around $2,160 (-30%), depending on the breakout point.

Institutional ETH outflows

Meanwhile, accredited investors have been withdrawing money out of Ethereum-based investment products in 2022, according to the latest CoinShares report.

In detail, about $169 million had already left Ethereum funds until April 22. In contrast, Ethereum's layer-1 competition, including Solana (SOL) and Avalanche (AVAX), alongside its rival for the top position, Bitcoin (BTC), witnessed capital inflows.

*Institutional flows (by assets) as of April 22. Source: CoinShares*

The Digital Trend, a pseudonymous analyst at Seeking Alpha, argues that investors have been repositioning their capital to gain exposure to funds associated with Ethereum's blockchain rivals, namely, Solana, Avalanche, Terra (LUNA) and Algorand (ALGO).