The new CFO's hiring was announced by Algorand. Sales of Algorand NFT surpassed previous records in September. The long-term declining resistance line for ALGO has been broken.
Long-term bullish indicators are there for Algorand (ALGO), but a breakout from a short-term resistance level is still needed to confirm the trend.
Sep. 23, 6:50 p.m. UTC update: On the Algorand network, Fifa has introduced digital artifacts with iconic moments. Now, football fans everywhere will be able to own the greatest moments in history.
The Layer-1 proof-of-stake blockchain network Algorand announced Michele Quintaglie's hiring as its Chief Marketing Officer (CFO). Quintaglie has worked in a number of Fortune 100 businesses, including Visa Inc., United Technologies, and Fidelity Asset Management, and has a strong history in corporate communications. She is in charge of strengthening Algorand's position in the market through significant collaborations, sponsorships, and influencer marketing.
The good news keeps coming for Algorand, though. Despite the fact that there are still eight days left in the month of September, Algorand Non-Fungible Token (NFT) sales hit a new record high. This demonstrates a growing interest in the Algorand NFT market and may portend promising future events.
On September 22, at one time ALGO rose by 23.54% for the day, hitting a high of $0.407 in the process. It appears that this led to a breakout over the $0.37 resistance region.
Price, however, was unable to maintain the upward trend and produced a lengthy upper wick, dropping back below the previously noted resistance.
The daily RSI is bullish, encouraging the prospect of a future breakout despite the inability of the upward rise to be sustained. The indicator has clearly risen above 50, peaking at 65, the highest reading since March.
In addition to the recent rise, the weekly chart indicates possible long-term upward trend. This is due to three key factors: a reversal at the long-term area of $0.30, an upward movement through a long-term declining resistance line, and weekly RSI divergence to the upward.
This means that there may be a rise towards the $0.75 resistance level.
The weekly RSI must climb above 50 and break out above its negative divergence trendline (black) in order for the bullish trend reversal to be fully confirmed. In any event, an increase in price toward $0.75 appears imminent.
