CRYPTO NEWS

How bullish is Algorand after the latest surge?

  • Algorand has surged 7% in the past day on renewed strengths

  • The PoS network recently had a major network update

  • Native ALGO token has jumped from key support but faces immediate resistance

Algorand ALGO/USD has gained 7% in the past day, defying Monday’s crypto slump. The token currently exchanges for $0.3389 against the USD, with a market capitalization of $2 billion. At the start of the week, major cryptocurrencies tanked significantly. Bitcoin and Ethereum both dipped below $19,000 and $1,300, respectively.

While Algorand is one of the fastest blockchains, its pump is not tied to anything specific. However, it could partly be related to a recent introduction of a system upgrade. The update boosted the layer-one network to a speed of 6,000 transactions per second.

Algorand is a blockchain built for dApps with an emphasis on scalability, security, and decentralization. It differentiates itself with the use of randomness and pure proof-of-stake algorithm. The consensus model is based on Byzantine protocol. Algorand smart contracts are powered using Turing-complete languages.

Aside from the specifics, Algorand could also be deriving its bullishness from the upcoming FIFA World cup. The world football governing body has entered into a partnership with the blockchain. 

In the deal, the network will support soccer-themed digital collectibles. Nonetheless, like the rest of the cryptocurrencies, Algorand faces strong macroeconomic factors. A potential rate hike by the US Federal Reserve is one of them. On the technical chart, Algorand is on a strong bull run.

ALGO surges from $0.28 support

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.


Buy ALGO with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


Buy ALGO with Bitstamp today

Source: TradingView

According to the daily chart above, Algorand made a comeback after retesting support severally. Both the 20-day and 50-day have joined support. However, the Stochastic Oscillator is at the overbought zone, and ALGO is almost at the $0.3509 resistance level.

Concluding thought

The current price level is not a perfect buy entry point for Algorand. The token has surged considerably and may be due for a retracement. The immediate $0.35 resistance and an overbought market require patience before any decision can be made. In that case, it is ideal to wait for a price retracement.

The post How bullish is Algorand after the latest surge? appeared first on CoinJournal.

Why Mastercard Launched First NFT Card With This Crypto App

Per an official announcement, payment giant Mastercard partnered with crypto financial app Hi to launch the “world’s first non-fungible token (NFT) card. This new payment product will enable people to customize their avatars with an item from a collection comprised of these digital assets. According to the announcement, Mastercard and Hi will allow customers to::Listen

Per an official announcement, payment giant Mastercard partnered with crypto financial app Hi to launch the “world’s first non-fungible token (NFT) card. This new payment product will enable people to customize their avatars with an item from a collection comprised of these digital assets.

According to the announcement, Mastercard and Hi will allow customers to personalize their profiles once they verified them as owners of their NFT. This will allow the customer to use their card to spend funds at one of the millions of merchants accepting the company’s debit card.

How To Get Your Mastercard NFT Card

In a separate post from Hi, the company said that people interested in getting the card can join the waitlist. People simply need to download or update their apps and complete the sign-up process.

As seen below, the process to join the Mastercard and Hi NFT card can be completed in a couple of minutes. The app has been updated with a special section to complete the process. Therein, users will need to select a card tier, each one provides them with different benefits.

The crypto clarified that people will need to purchase and stake their native token HI to access one of the tiers and the NFT card benefits. In order to access the benefits, users will need to stake at least 100 HI tokens or 10 EUR and complete the platforms know your customer (KYC) requirements.

These include the capacity to spend funds from their IBAN accounts, in different fiat currencies, and different cryptocurrencies while having access to crypto rewards while purchasing items online. In addition, users will have access to several digital subscriptions, and travel rewards, such as hotel discounts, and more.

Members with Gold tier and subscriptions and above will have access to a wide variety of NFT avatar customization with support for CryptoPunks, Moonbirds, Bored Apes Yacht Club, and other popular collections in the sector.

When Will The Mastercard NFT Card Become Available?

The NFT card Mastercard and Hi clarified that the card will initially be available for customers in the European Economic Area (EEA) and the United Kingdom. The partners are yet to announce a rollout date for the product.

However, users can “jump the queue” and obtained additional benefits by staking more HI tokens. The more a user stake, the higher their membership tier, benefits, and their priority on the waitlist. Christian Ray, Senior Vice President, Crypto and FinTech Enablement at the payment company said:

As consumer interest in crypto and NFTs continues to grow, we are committed to making them an accessible payments choice for the communities who wish to use them. We are proud to be working with hi to continue to drive innovation in the market and enable these customizable cards together with the safety and security you’d expect from Mastercard.

ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

How bullish is Algorand after the latest surge?

Shopping cart
There are no products in the cart!
Continue shopping
0