Published By NewsBTC
While large cryptocurrencies, such as Bitcoin and Ethereum, trade in the red, the Algorand price continues to see profits. Over the last day, this cryptocurrency has been one of the best-performing assets in the sector.
At the time of writing, Algorand price trades at $0.36 with a 14% profit and a 21$ profit in the last 24 hours and 7 days, respectively. The cryptocurrency’s performance over this period has only been surpassed by XRP with a 28% profit and Chiliz (CHZ) with a 29% profit.
ALGO’s price on a rally in the 4-hour chart. Source: ALGOUSDT Tradingview
Data from DeFi Llama indicates that the Algorand price short timeframe rally is supported by a spike in network activity and ecosystem growth. Over the past week, Algorand’s total value locked (TVL) has followed the price with a 13% spike or $250 million onboarding the network.
Algorand’s TVL growth has surpassed Binance Smart Chain, Stellar network, Arbitrum, Avalanche, and others. This trend seems to be rooted in a hike in development activity in Algorand.
Additional data from research firm Santiment indicates that Algorand has been the 4th blockchain in terms of activity on a weekly timeframe. Surpassed by Ethereum, Polkadot, and Solana, Algorand has seen over 70 projects build on its ecosystem.
Source: Santiment via Polkadot Insider
This coincides with a series of partnerships, and projects announced for the ecosystem. The most important seems to be a cooperation with the Federation International Football Association (FIFA) to host a non-fungible token (NFT) and marketplace.
In the coming months, FIFA will celebrate the world cup with the best football teams in the world. This event attracts the attention of millions of fans around the world. The Algorand-based project called FIFA Plus Collect will provide people with a unique experience by allowing them to “own the greatest moments in football history”.
Can ALGO Sustain Its Gains?
In addition to important partnerships and development activities, the Algorand price seems to be positively reacting to a mainnet network upgrade. Implemented with AVM 7, this update is said to bring quantum security to the blockchain with an improvement over its smart contract functionality.
The announcement seems to have captured the attention of market participants. The Algorand price’s performance seems to be a translation of the upgrade and network activity.
At the time of writing, Algorand’s price is coming into heavy resistance at its current levels. In order to sustain the current bullish momentum, the cryptocurrency must break above 3 critical levels: $0.36, $0.43, and $0.51.
Related Reading: Algorand (ALGO) Posts Double-Digit Price Drops In Last 30 Days
The current state of the crypto market might cap ALGO’s price upward trajectory. The market is reacting to macroeconomic force, but if Bitcoin and Ethereum can reclaim higher levels, Algorand might gather enough momentum for a breakout above resistance.