Algorand ALGO/USD has weakened from $0.42 to $0.27 since the beginning of June, and the current price stands around $0.35.

Algorand has become the official blockchain platform of FIFA

Algorand is a proof-of-stake (PoS) blockchain with a mission to create a world where everyone exchanges value transparently, efficiently, and securely. This project was created by computer scientist Silvio Micali and was officially launched in 2019.

Algorand can execute thousands of transactions per second and has technology that eliminates barriers to prosperity for all. In this way, Algorand reduces the time it takes transactions to be deemed final on its network, and it is important to mention that its code can be cloned, copied, and used on other blockchains.

Algorand also enables the simple creation of next-generation financial products, including tokens, NFTs, stablecoins, securities, and currencies.

Algorand has experienced tremendous growth in its user activity in a very short time period, and it has become the official blockchain platform of FIFA. FIFA Chief Business Officer Romy Gai said:

This agreement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications. At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable, and transparent means of increasing revenues to continue to support global football development.

As part of the agreement, Algorand will assist FIFA in further developing its digital assets strategy, and this proves the potential of what Algorand blockchain can achieve in the future.

Algorand will be a FIFA World Cup Qatar 2022 supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023 official sponsor.

Algorand tokens have the symbol ALGO and to interact with this proof-of-stake (PoS) blockchain, you should use ALGO tokens. ALGO is currently down more than 70% from the highest price level in 2022, and if you decide to buy this cryptocurrency in July 2022, you should consider that the price can weaken even more.

Technical analysis

The cryptocurrency market remains under pressure, the price of Algorand (ALGO) is trading below $0.40, and probably it is not the best moment to buy this cryptocurrency.

Data source: tradingview.com

The important support levels are $0.25 and $0.20, $0.60, and $1 represent strong resistance levels. If the price falls below $0.25 in July, it would be a strong “sell” signal, and the next target could be a support level at $0.20.

Falling below $0.20 supports the continuation of the bearish trend, and we have the open way to $0.15 or even below. On the other side, if the price jumps above $0.60, it would be a strong “buy” signal, and we have the open way to $0.80.

Summary

The last several months have been extremely taff for Algorand (ALGO), and according to technical analysis, the risk of further decline is not over. Falling below $0.20 supports the continuation of the bearish trend, and we have the open way to $0.15 or even below.

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