Algorand’s report card – 22 days after the announcement of the partnership with FIFA

Raising the coin price ahead of the 2022 World Cup may require more than a sponsorship and technical partnership agreement with FIFA.

more than 22 days after presentation Under the partnership between FIFA and Algorand, the network’s native token is still struggling to defeat the bear.

So, this is the token’s performance since the announcement of the partnership.

out on injury

Shortly after the announcement of a partnership with FIFA, Algorand’s native token, ALGO rose 19%. However, in the last 22 days, the token has dumped all its gains and hit new lows. From $0.4185 at press time, the token is down 30% within the time under review.

Source: CoinMarketCap

The price movement also shows that the last 22 days were marked by significant bearish activity. On May 7th, to extend into overbought territory, the bears forced a downward movement of the Relative Strength Index (RSI), a position it has held since. At the time of reporting, at 36, the RSI appeared to curve downward into oversold territory.

Similarly, after hitting a high of 70 on May 8, the Money Flow Index (MFI) free-falled below the 50 neutral zone. Deep in the overbought zone, the MFI for the ALGO token was in the 24 index at press time. From the beginning of the month, it was clear that selling pressure had increased as the 50 EMA was positioned above the price.

ALGOUSD 2022 05 24 09 35 01

Additionally, the market cap of ALGO tokens decreased during the review period. Its market capitalization fell more than 25% from $3.99 billion on the day of the announcement to $2.84 billion at the time of the report.

ALGO 1651446000 1653433199 graph coinmarketcap 1

Source: CoinMarketCap

still nothing?

After the announcement, the hype surrounding the ALGO token seemed to have subsided as it performed optimally on the social front. On 3 May, ALGO’s social dominance peaked at 2.17%. However, this was soon corrected and pushed in the opposite direction.

At 0.538% at press time, tokens shed more than 70% of social dominance within 30 days. It was the social volume of these tokens that suffered the same fate. It peaked at 1674 on May 3, and has since moved downward leaving the figure at 482 at the time of writing.

Algorand ALGO 09.48.23 24 May 2022

Source: Santiment

Interestingly, the token’s development activity index showed an upward trend during the review period. Standing at 101 at press time, it has grown 4% in the last 22 days.

This growth may be due to the network’s evolution as the FIFA World Cup competitions draw closer.

Algorand ALGO 09.51.56 24 May 2022

Source: Santiment

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