Can Algorand’s Clinton partnership end ALGO’s 80% price rally?
|- Algorand price rallied 10% on February 7 and is currently facing a resistance level at $0.280.
- Algorand Foundation partnered with Clinton Foundation to launch the Global Climate Resilience Fund and help women affected by climate change.
- A rejection at the $0.280 resistance level could trigger a 20% crash to $0.223.
Algorand price saw a minor uptick on February 7 as the announcement of a partnership was put out. The Algorand Foundation revealed its broad-reaching partnership with the Clinton Foundation in India. The collaboration allows Algorand “to act as a technology partner for the new $50 million Global Climate Resilience Fund,” which is “geared towards helping women micro-entrepreneurs address climate change.”
Additionally, the fund will also help “local entrepreneurs connect with the carbon markets and monetize carbon credits that their activities generate.”
Algorand price could end its ascent
Algorand price has rallied an impressive 79% in the last 40 days and is currently at a significant hurdle. February 7 saw a 10% daily candlestick, which tagged the $0.280 resistance level. This ascent on Tuesday can be attributed to the aforementioned partnership.
Going forward, Algorand price is unlikely to sustain its ascent due to the declining momentum as seen in the Relative Strength Index (RSI). ALGO has produced higher highs, while the RSI has produced lower highs, creating a bearish divergence. The non-conformity suggests that a trend reversal is likely to occur soon.
This partnership could mark the top for Algorand price and its nearly 80% gain. Investors should expect ALGO to correct 20% and retest the $0.223 support level.
ALGO/USDT 1-day chart
While things are looking exhausting for Algorand price, a spike in buying pressure for Bitcoin price could sidestep this trend reversal. A daily candlestick close that flips the $0.304 hurdle into a support floor will invalidate the bearish thesis for ALGO.
In such a case, Algorand price could rally 11% to retest the next barrier at $0.337.
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