This week has been eventful in the crypto market. Many cryptocurrencies have seen massive losses since Monday, September 19th.
The merger on September 15th sparked another downtrend in crypto prices. After that, CPI data prompted the Feds to hike interest rates by 75 basis points, pushing asset prices lower.
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But as these macro factors push many digital assets lower, others are resisting the pressure and moving forward instead.
Algorand ALGO is one of these assets and is recording gains on its 24-hour moves. But BTC and ETH have not fared well. For example, on September 20th and 21st, Bitcoin lost control above $19,000 and fell $18,000.
On September 22, BTC climbed back to $19,000, an intraday high, and failed to hold that level as of press time. Currently, BTC price is back up to $18,914, down 1.91% in 24 hours.
Algorands ALGO not affected by macros
While many cryptocurrencies are bleeding, ALGO is seeing positive price action. Currently, ALGO price is $0.3761 trading viewand CoinMarketCap shows a growth of 2.48% in 24 hours, while 27.98% in the last week.
So far, the ALGO price action is all green as seen in the chart above. The coin started an upward trend since the market close on September 17th. It surged from $0.2973 to $0.3109 on the same day.
On September 18th, ALGO lost some of its gains and closed the market at $0.2925. But a few hours later, the coin bounced again, closing the market at $0.3172 on September 19. Since then, ALGO has continued its upward trend as of press time.
It climbed to $0.698 on September 22 and is trading at $0.3767 today. So far, ALGO price action shows a continuous price increase for three consecutive days.
Analysts have also pointed out that the ALGO moving average convergence divergence is positive. Also, the RSI (Relative Strength Index) of the coin is at 58.18, which shows that ALGO is approaching the overbought territory.
Why is ALGO rising?
Even if the crypto market is negative, there is a lot happening in the ALGO ecosystem. Currently, the total volume of the ecosystem has grown significantly. The DeFi blockchain is seeing massive interest, evidenced by the $244 million worth of TVL.
That figure was data from Sept. 22 after TVL grew 4.09%. The data also shows that $100 million of that liquidity came from AlgoFi.
Alongside TVL’s growth, Algorand has entered into partnerships. The most prominent recently is the partnership between FIFA and Algorand, which allows the crypto network to collect FIFA+. On this platform, users buy many types of NFT items.
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According to FIFA+ Connect, the platform will function like NBA Top Shot. Its users can buy artworks, highlights, images, etc. from prestigious football competitions. The platform will be launched ahead of the World Cup scheduled for November.
Featured image from Pixabay and chart from TradingView.com