Algorand Price Rebounds as AlgoFi and Pact DeFi TVL Surges

Algorand price has been in a slow bullish trend in the past few days in sync with the performance of other cryptocurrencies. ALGO surged to a high of $0.2100, the highest point since December 15. This price was about 31% from the lowest point this year. 

Algorand TVL rises

Algorand is one of the biggest blockchains in the world. It is an Ethereum rival that makes it possible for developers to build dApps across all sectors, including DeFi, Non-Fungible Tokens (NFT), and other industries.

Algorand came in the spotlight a few months ago after the developers announced a partnership with FIFA. As part of the agreement, Algorand became the official partner of FIFA, which governs the world’s most popular sports. FIFA used its platform to launch its NFT collection. 

The agreement also saw Algorand advertise heavily in 2022 World Cup. It was one of the biggest crypto advertisers in the event. However, this advertisement did not boost Algorand’s price. Instead, the coin crashed to a record low since it also coincided with the collapse of FTX. 

This year, however, Algorand price has staged a strong recovery as investors bought the coin’s dip. This price also rose as investors reacted to the falling inflation and the likelihood that the Fed will pivot. Data showed that US inflation plunged in the past six straight months. 

Algorand price has also recovered as its DeFi TVL bounced back. Data compiled by DeFi Llama shows that the platform’s DeFi ecosystem has jumped by more than 85% in the past 7 days. Its TVL has surged to more than $143 million. The growth has been helped by a strong performance of Algofi, whose TVL has risen by more than $93 million. Other top platforms like Pactman and Humble DeFi have seen their TVL soar by more than 90%.

Algorand price forecast

The daily chart shows that the ALGO price has been in a rebound in the past few days. As it rose, it moved to the 50-day moving average. The Relative Strength Index (RSI) and MACD have all moved upwards. Therefore, there is a likelihood that the token will continue rising as buyers target the key resistance level at $0.2745.