Algorand (Algo) Surges 23% After Hiring Top CMO

    Algorand (Algo) is showing long-term bullish signs, although it has yet to confirm a breakout above the short-term resistance zone.

    Algorand, the Layer-1 blockchain network, has announced the appointment of Michele Quintaglie as Chief Marketing Officer (CMO). Quintaglie has a strong background in corporate communications in several Fortune 100 companies such as Visa Inc, United Technologies and Fidelity Asset Management. She is tasked with improving Algorand’s position in the market through key partnerships, sponsorships, and influencer interactions.

    That’s not the only positive news from Algorand. In September, the firm’s NFT sales hit an all-time high, although there are still eight days left until the end of the month. This indicates a growing interest in the NFT market and could positively affect the price.

    Continuing pump

    At a time on September 22, Algo was up 23.54% within a day, hitting a high of $0.407, which is likely to cause a breakout above the $0.37 resistance zone.

    However, the price was unable to sustain the upward movement and created a long wick above, falling below the aforementioned resistance level.

    Despite the failure to sustain the hike, the daily RSI is still bullish, supporting the possibility of a future breakout. The indicator made a decisive move above 50 and hit a high of 65, its highest value since March.

    ALGO/USDT daily chart (Source: TradingView)

    Weekly movement

    Following the momentum of the short-term bullish, the weekly chart shows signs of a long-term uptrend. There are three main reasons for this:

    • A bounce at the $0.30 long-term area
    • A breakout from a long-term descending resistance line
    • Bullish divergence in the weekly RSI

    This suggests that a move towards the $0.75 zone is probable.

    To confirm a reversal trend, the weekly RSI must break above its bearish divergence (black) and move above 50. However, an upward movement toward $ 0.75 is likely to happen in any case.

    ALGO/USDT weekly chart (Source: TradingView)

    Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. 

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