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The price of Algorand is poised for a recovery, leading analysts to set a target for the altcoin at $1. The partnership with the British racing team appears to have spurred optimism.
Algorand price crossed $1 during the recent upside rally, then ALGO pulled back to $0.88. However, it is believed that this is a healthy correction, and the altcoin may begin to recover in the very near future.
The Proof-of-Stake (PoS) blockchain protocol team recently announced a new sports partnership with Blocsport.one AG and Envision Racing.
Blocsport.one AG is engaged in NFT collecting, as well as cryptocurrency transfers and tokenization. Envision Racing is a British racing team.
The collaboration will see the release of eight unique limited-edition NFTs from different racing venues.
Crypto analyst @Engineeringhere has been watching Algorand’s price chart and found the best entry point below $1 at the current price of $0.88.
Another analyst identified a falling wedge pattern on Algorand’s daily price chart, which is considered a bullish formation. In accordance with it, the goals for the growth of the token are $ 0.92, 1 and $ 1.7.
#Algorand #ALGO #Predicts #Rise