Algorand (ALGO) Surges 23% After Hiring Former Visa & Fidelity Executive

By Kevin • September 25, 2022 11:21 am • Comments

Recently, Algorand seems to have regained investor optimism as the price of ALGO was recorded to have surged 23% after it hired a former Visa and Fidelity executive.

The company announced that it has hired Michele Quintagile as its chief marketing officer where she will be involved in establishing key partnerships in order to boost the position of Algorand within the crypto marketplace.

This continues a well-observed trend where executives of traditional financial firms are joining the digital asset space at an alarming rate.

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Additionally, Algorand had also recorded a new all-time record for the sales of its NFTs for the month of September.

This new record was recorded even though there is still roughly a week before the month ends and indicates the fast growing adoption of NFTs.

BeInCrypto reports:

The positive news for Algorand does not stop here. Algorand Non-Fungible Token (NFT) sales reached a new all-time high in September, even though there are eight more days left until the end of the month.

This shows an increasing interest in the Algorand NFT market and could be a sign of positive things to come.

At one point on Sept. 22, ALGO increased by 23.54% on the day, reaching a high of $0.407 in the process. This seemingly caused a breakout above the $0.37 resistance area.

However, the price failed to sustain the upward movement and created a long upper wick, falling back below the aforementioned resistance.

Despite the failure to sustain the upward movement, the daily RSI is bullish, supporting the possibility of a future breakout. The indicator has moved decisively above 50 and reached a high of 65, the highest value since March.

Based on the recent movement of ALGO, analysts are predicting that the weekly charts are pointing to a potential long-term upward movement.

Whether or not this movement will sustain despite the current overall crypto bear market is still to be determined.

If the upward movement continues, the next resistance area would be around the 75 cent mark as that has traditionally been a major resistance zone that has persisted for a long period of time.

In order for the movement to be confirmed though, the weekly RSI would have to break out of its bearish divergence.

Additional positive news for the digital asset could potentially be the catalyst that Algorand needs to get this new confirmation.

BlockWorks.co concludes:

“With an extensive track record of proven success in global communications and marketing across the corporate, agency and UN development world, Michele will continue to strengthen Algorand’s profile as a leading provider of Web3 infrastructure,” Algorand Interim CEO Sean Ford said in a statement.

Algorand Foundation CEO Staci Warden told Blockworks in February the blockchain was seeking to bolster its marketing efforts by quadrupling the size of its community engagement team and expanding its developer relations unit.

Algorand revealed in May that it would become the official blockchain platform of FIFA, serving as a regional supporter in North America and Europe for the FIFA World Cup — which begins in Qatar in November — as well as a sponsor for the FIFA Women’s World Cup in Australia and New Zealand.

The CMO hire comes after Algorand appointed Ford, formerly the company’s chief operating officer, as its interim CEO in July. He replaced Steven Kokinos, who is set to stay with Algorand as a senior advisor until mid-2023.

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