Algorand (ALGO), one of SEC Chairman Gary Gensler’s favorite cryptocurrencies, made a big splash with the influence of the United Nations cooperation.
Algorand (ALGO), which was once the apple of SEC Chairman Gary Gensler’s eye, has risen nearly 13 percent since December 1. ALGO’s rise comes as BTC is experiencing a sensational bull run.
On the other hand, ALGO managed to attract attention with a few important details. Gary Gensler mentioned ALGO in 2017, when he was not yet SEC Chairman. Gensler’s speech about ALGO was very complimentary.
Gary Gensler was SHILLING $ALGO and now he’s trying to call it a security.
This dude is all over the place, and he’s gotta go ➡️ pic.twitter.com/JmpL9xAZhq
— MASON VERSLUIS (@MasonVersluis) April 17, 2023
Additionally, Algorand has established cooperation with the United Nations. In particular, the United Nations cooperation contributed to the acceleration of the ALGO price. Looking at the one-week chart, ALGO rose from $0.1315 to $0.152.
Can Algorand (ALGO) maintain its momentum?
Layer-1 blockchain Algorand (ALGO) exhibits bullish price movement with significant strength behind it. ALGO price increased by 2.25 percent in the last 24 hours. However, ALGO has made a significant breakthrough from a broad perspective.
The United Nations news was effective in ALGO’s price stability. Algorand Foundation has partnered with the United Nations to launch the Development Program Blockchain Academy. Layer-1 blockchain will provide the United Nations with information and insight about the technology.
Algorand, which attracted attention with its collaborations, blockchain development and being the crypto project that even the SEC Chairman loves, is entering the bull run solidly. ALGO is among the cryptocurrencies that may experience a potential rise. So can ALGO maintain its momentum?
Looking at the ALGO chart, it seems that the price is moving steadily. ALGO price is trading above $0.15. This zone is quite close to a key resistance at $0.1540. ALGO could test $0.16 if it breaks the $0.1540 resistance. The reaction of the $0.16 resistance will be a significant break in the course of ALGO. Possible selling pressure from this area could push the ALGO price back down to $0.15. If it attracts buyers from this area, it will test $0.16 for another round. However, if buyers do not turn to ALGO this time, the price decline may intensify and $ 0.1465 support may be seen in a short time. Losing this support point may drop ALGO to $0.1388, which is one of the major supports.
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