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Is it possible to buy Algorand before the World Cup if you have a sponsorship deal?

It is only 5 days until the World Cup begins. Big corporations will be trying to get their attention, even as the world gazes at their favorite football players. Algorand is an example of such an organisation. In May, Algorand became the first blockchain partner of the FIFA World Cup. This platform will offer a…


It is only 5 days until the World Cup begins. Big corporations will be trying to get their attention, even as the world gazes at their favorite football players. Algorand is an example of such an organisation.

In May, Algorand became the first blockchain partner of the FIFA World Cup. This platform will offer a blockchain-supported wallet to the event. Algorand is expected to be onboarded to help develop FIFA’s digital strategy. But as the World Cup kicks off on November 20, Algorand will feature strongly in the media and promotional materials.

While Algorand (ALGO/USD) responded positively to the news of sponsorship of this year’s event, it is trapped by a bear crypto market. However, recent price action signals a potential price recovery ahead of the November 20 kickoff.

ALGO attempts to break above the $0. 28 resistance

ALGO/USD Chart by TradingView

According to technical outlook, ALGO trades around the $0. 28 resistance, with a strong bullish push. The token has 13% gains in the day, signalling a potential bull rally.

Following the technical indicators would be disappointing for cryptocurrency. ALGO is resisted by the moving averages. Although the RSI is showing an increase in momentum, it remains below its midpoint. Bears still control cryptocurrency.

Should you buy ALGO now?

The closing of the daily candlestick will reveal if an ALGO breakout has been achieved. The price of the token will be affected by the World Cup, which is an important event.

A successful breakout will be confirmed if the daily candlestick closes above $0.28. You could buy ALGO if that happens, coupled with strong momentum.

On one side, the candlestick may close below resistance. The bear case should be avoided by buyers.

Where to buy ALGO

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.


Buy ALGO with eToro

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp, which is fully regulated, offers users an intuitive interface and high levels of security for digital assets. It also provides excellent customer support.


Get ALGO with Bitstamp


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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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