ALGO Price About To Breakout With Algorand’s Partnership With Blocsport.one AG and Envision Racing

April 5, 2022 9:41 pm

Although the prevailing trend since the beginning of the year has been largely bearish, ALGO holders may be ready to experience some good news.

Analysts expect ALGO to breakout into a positive trend with the new announcement between Algorand and Blocsport.one AG and Envision Racing.

As a result, the coin had broken past the $1 resistance for a short time and is now in a temporary pullback with the expectation that this is a healthy correction that will allow the coin to break past $1 again.

The new partnership with the British motor racing team indicates a new milestone for the blockchain project as Bloccsport.one AG is known for its involvement with popular NFT collectibles which allows for huge revenue generation opportunities in the sports enthusiast domain.

FXStreet reports:

Blocsport.one AG powers NFT collectibles, sports money on the blockchain, alongside crypto transfers and tokenization. Envision racing is a British motor racing team.

Algorand’s partnership with Blocksport.one AG and Envision racing is a significant milestone.

Historically sports partnerships have fueled the altcoin’s adoption and increased the number of investors.

Therefore, partnering with a British motor racing team could drive up Algorand adoption and increase on-chain activity on the blockchain.

The partnership is marked by the drop of eight unique limited edition NFTs from different race locations that would be released to commemorate the occasion.

The news serves as a strong catalyst for upward price movement which will allow it to continue to break past major resistance areas.

Crypto analysts see the recent recovery as a good opportunity to accumulate more of the digital asset at a cheaper price given the strong fundamentals of the project.

The project had recorded the addition of six million new accounts on the Algorand ecosystem since the beginning of the year.

That number indicated a network growth of 35% in only a span of a few months which boosted investor confidence in the organic growth of the ecosystem.

Currently, the estimated upside targets that are observed right now are 92 cents, $1, and $1.7 which shows possible significant upside for long term and medium term outlook.

NewsTextArea.com reports:

Algorand: “Experience Formula E, the newest NFT series! Partnership with @Envision_Racing powered by Algorand Foundation & @blocsport1. Eight limited edition NFTs from different racing locations around the world will be released to commemorate the greenest partnership.”

Analysts, evaluating the Algorand price trend, shared that they predict a recovery. Analyst alias @Engineeringhere studied the daily price chart of Algroand.

The current price of $0.88 is a pretty good entry point for a rise to $1. Analysts have identified a falling wedge pattern that is considered bullish on the Algorand daily price chart. The token’s upside targets are at $0.92, $1, and $1.7.

Clifton Fx: “A falling wedge pattern is forming on the one-day price chart. An upward breakout looks ready. algorand price his target is $1.7!”

So far, Algorand has been praised by industry experts as potentially being the “Google” of the blockchain world and has been undergoing developments that will allow Algorand projects to operate on other blockchains.

At the time of writing, ALGO has a current price of 82 cents and a total market cap of $5.5 billion.

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