Algorand (ALGO) Surges 23% Following Hiring of Former Comms Head at Visa & Fidelity

Algo­rand (ALGO) is show­ing bull­ish signs in the long-term, though it has yet to con­firm the move­ment with a break­out from a short-term resis­tance area.

Algo­rand, the Layer‑1 proof-of-stake blockchain net­work, announced the appoint­ment of Michele Quin­taglie as its Chief Mar­ket­ing Offi­cer (CFO). Quin­taglie has an exten­sive back­ground in cor­po­rate com­mu­ni­ca­tions in sev­er­al For­tune 100 com­pa­nies such as Visa Inc, Unit­ed Tech­nolo­gies, and Fideli­ty asset man­age­ment. She is tasked with improv­ing the posi­tion of Algo­rand in the mar­ket­place through key part­ner­ships, spon­sor­ships, and influ­encer marketing. 

The pos­i­tive news for Algo­rand does not stop here. Algo­rand Non-Fun­gi­ble Token (NFT) sales reached a new all-time high in Sep­tem­ber, even though there are eight more days left until the end of the month. This shows an increas­ing inter­est in the Algo­rand NFT mar­ket and could be a sign of pos­i­tive things to come.

Ongoing pump

At one point on Sept. 22, ALGO increased by 23.54% on the day, reach­ing a high of $0.407 in the process. This seem­ing­ly caused a break­out above the $0.37 resis­tance area. 

How­ev­er, the price failed to sus­tain the upward move­ment and cre­at­ed a long upper wick, falling back below the afore­men­tioned resistance. 

Despite the fail­ure to sus­tain the upward move­ment, the dai­ly RSI is bull­ish, sup­port­ing the pos­si­bil­i­ty of a future break­out. The indi­ca­tor has moved deci­sive­ly above 50 and reached a high of 65, the high­est val­ue since March.

ALGO weekly movement

On top of the short-term increase, the week­ly chart shows signs of a poten­tial long-term upward move­ment. 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 an upward move­ment towards the $0.75 resis­tance area is like­ly to occur. 

In order for the bull­ish trend rever­sal to be ful­ly con­firmed, the week­ly RSI has to break out above its bear­ish diver­gence trend­line (black) and move above 50. How­ev­er, an upward move­ment towards $0.75 seems like­ly in any case.

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