Algorand surges 27% as FIFA launches its NFT marketplace
- FIFA+ Collect went live on September 22, providing collectors with historic FIFA moments in the form of NFTs.
- Launched with 532,980 copies, the Genesis Drop will allow collectors to own and trade these NFTs.
- Algorand, which is the official blockchain platform, noted an increase in buying pressure, which rose by 12% in 24 hours.
The FIFA World Cup 2022 is one of the most anticipated events ever, and with worldwide crypto adoption spreading rapidly, it was certain for the World Cup to integrate it as well. FIFA leaned into crypto through NFTs and with the marketplace going live, Algorand is enjoying a good run up the charts.
FIFA makes history for NFTs
Under the FIFA+ umbrella, the International Federation of Association Football launched its NFT marketplace FIFA+ Collect. This is set to create a new medium of fan interaction for World Cup enthusiasts and allow FIFA to access a new form of audience.
Since these NFTs (also known as “highlights”) will have value thanks to both rarity and history, they will find takers among niche as well as mainstream individuals.
When the marketplace went live on Thursday, FIFA introduced the Genesis Drop which features highlights from the defining moment in FIFA history. The Drop has been released with 532,980 editions, with each edition containing three such highlights.
While it may be too early to analyze the response to the launch, the impact noted on Algorand appears to have been positive.
Algorand welcomes the bulls
As the official blockchain platform partner of FIFA World Cup 2022, Algorand observed increasing bullishness in the hands of investors. In the last 24 hours, ALGO advanced 12%, bringing its week-long rally to 27.68%.
The price rise was triggered by the increasing buying pressure, the highest in six months, which is evident from the rise in the Relative Strength Index (RSI). However, by trading at $0.373, ALGO is also approaching the possibility of a trend reversal. If the RSI crosses the 70.0 mark, it will enter the overbought zone, which may lead to a change in an active uptrend and eventually result in corrections.
Algorand 24 hour price chart
Also, ALGO is not too far away from its June crash lows when the altcoin fell to $0.29, which happens to be the next critical support for ALGO. To maintain this bullishness, ALGO must avoid going back to this level.
