Algorand price prepares for recovery through sports partnership with British motor racing team

Algorand price is on track to start an uptrend with the latest partnership announcement with Blocsport.one AG and Envision racing.
Eight limited edition NFTs from different race locations worldwide will be released to commemorate the green partnership.
Analysts have predicted the Algorand price comeback above $1, revealing a bullish outlook.

Algorand price is poised to recover, as analysts set a target of $1 for the altcoin. A sports partnership with the British motor racing team has fueled a bullish narrative among investors.

Algorand price on track to breakout

Algorand price crossed $1 in its recent uptrend before a pullback to $0.88. Analysts believe the pullback is a healthy correction, and the altcoin could begin a recovery soon.

The pure Proof-of-Stake (PoS) blockchain protocol recently announced its new sports partnership with Blocsport.one AG and Envision racing.

Blocsport.one AG powers NFT collectibles, sports money on the blockchain, alongside crypto transfers and tokenization. Envision racing is a British motor racing team. Algorand’s partnership with Blocksport.one AG and Envision racing is a significant milestone.

Historically sports partnerships have fueled the altcoin’s adoption and increased the number of investors. Therefore, partnering with a British motor racing team could drive up Algorand adoption and increase on-chain activity on the blockchain.

The partnership is marked by the drop of eight unique limited edition NFTs from different race locations that would be released to commemorate the occasion.

Experience Formula E through the
greenest #NFT series.

Powered by Algorand Foundation & @blocsport1 in partnership with @Envision_Racing.

8 limited-edition NFTs from the different race locations around the globe will be released to commemorate the greenest partnership. pic.twitter.com/EkBibCuRrR
— Algorand Foundation (@AlgoFoundation) April 2, 2022

Analysts have evaluated the Algorand price trend and predicted a recovery in the altcoin.

@Engineeringhere, a pseudonymous crypto analyst, observed the daily Algorand price chart and revealed there is a better entry point below $1 at the current price of $0.88. Analysts have identified a falling wedge pattern in the Algorand daily price chart, which is considered bullish. Upside targets for the token lie at $0.92, $1, and $1.7.

#ALGO (Update)

Forming Falling Wedge Pattern in 1d Timeframe

Expecting Breakout Upside & Next Target is 1.700#ALGOUSDT $ALGO #USDT pic.twitter.com/zvX96SZ6xF
— Clifton Fx (@clifton_ideas) April 3, 2022

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