The crypto space might shift how everything works. If you are a football fan, you may soon own a special jersey of your best footballer as a virtual collectible.
That’s because of the craze for digital collectibles and the upcoming FIFA World Cup. Meanwhile, Algorand and FIFA announced a technical and sponsorship partnership move.
The announcement meant a lucrative response by ALGO coin. The token reacted to the news with an approximately 19% uptick. Does the collaboration represent a shift of narrative for Algorand holders to expect impressed days this month following gloomy price movements in April? Let’s dig deeper.
ALGO Price Action
While publishing this blog post, ALGO traded near $0.7275. The alt saw its trading volume exploding by 301.78% following the announcement, hovering around $570,912,139.
For now, actions on ALGO price charts suggest bullishness. The FIFA sponsorship deal announcement saw investors on steady ALGO accumulation.
The Relative Strength Index supports the narrative as it gradually dips into an overbought level, standing at 52. Also, the MFI (Money Flow Index) appeared northbound at this publication, hovering at 39.72.
Though these indicators suggested a bullish picture for Algorand, enthusiasts should beware that the 50-Exponential Moving Average stayed beyond the price at this publication. That might reflect bears stepping up to trigger price reversals.
Also, the sharp surge in ALGO’s market capitalization within the previous 24 hours is worth consideration. The altcoin surged more than 75% as far as market cap is concerned. The metric hovered around $4.03 billion before the announcement.
The Social Front
The social metric shows ALLGO on impressive performance within the previous day. Algorand’s social dominance hovered a 0.5186% on May 1. Meanwhile, the metric climbed by more than 400% on May 2, exploring the 2.696% index.
Also, ALGO’s social volume saw a substantial surge of 76% over the past 48 hours. These upticks reflect increased social media engagement about Algorand after the latest announcement.
Moreover, evaluating development activity shows no considerable traction made for ALGO. However, this might improve as the 2022 world cup approaches. Meanwhile, the collaboration between Algorand and FIFA might see digital collectibles flourishing in the coming future.