Algorand (ALGO) is extending its gains into early trading on Tuesday, supported by a bullish mood among crypto investors as well as several interes
Algorand (ALGO) is extending its gains into early trading on Tuesday, supported by a bullish mood among crypto investors as well as several interesting fundamental developments. At the time of writing, ALGO/USD is trading at around $1.98.
One of the most exciting fundamentals that can boost the value of the ALGO token in the near-term is Sequoia Games’ decision to partner with Algorand to develop its new Flex NBA board game on its blockchain network. Licensed by the NBA, the Flex NBA is a turn-based board game designed on the lines of popular game Catan and uses augmented reality (AR). This move in the GameFi space is sure to bring more users to the blockchain and drive up the value of its native token over the coming weeks.
Investor Interest in ALGO Picks Up
Algorand’s recent rise in popularity has not gone unnoticed by investors. Leading crypto exchange Kraken has recently rolled out staking for ALGO holders, offering up to 4.75% annualized returns. The rewards will be distributed to stakers on a weekly basis, giving Kraken users an exciting reason to own and stake their ALGO holdings and generate earnings from them.
Meanwhile, Alabama-based investment firm Crimson Digital Capital has recently announced an Algorand fund, offering its clients investment-grade access to Algorand as well as venture exposure to popular projects operating within its ecosystem. It has started by investing in Algorand startup HEADLINE INC – the corporate front office of Aaron Martinez, a developer who has worked on some of the most popular projects operating on the blockchain.
More Fundamentals Offer Strong Support to Algorand
The blockchain also appears to be making an attempt to get in on the upcoming trend of decentralized social media, with the Algorand Foundation offering a $300,000 grant to GoSayHELLO App. The dApp aims to function as a localized community building platform by connecting people with shared interests located close to each other.
Another promising development that can boost Algorand’s prospects in the DeFi space is a grant to Applied Blockchain to integrate its SILENTDATA platform into the blockchain’s ecosystem. SILENTDATA will allow for off-chain private data verification on the blockchain without the need to share personal data with others, an opportunity that can vastly advance the network’s DeFi prowess.
ALGO/USD Technical Analysis
Technical analysis of the H4 chart of ALGO/USD reveals a strong bullish bias among moving averages and leading technical indicators MACD and momentum. Buyers remain in control at the moment, which means we can more upside in the near-term.
Algorand’s price is holding above the pivot point at $1.81 and has overcome one resistance level at $1.94. The next level of interest is the upcoming resistance at $2.06; however, before that, buyers could face some hurdle the key $2 level offers at the moment.
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