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Algorand partnerships a boon, ALGO not so sure?


One of the harder things a blockchain must figure out how to do is gain the interest of investors in its native token. The PoS blockchain and cryptocurrency, Algorand (ALGO) has had a particularly difficult time  in doing this. 

Algorand has been trying to save its otherwise failing network in the forms of strategic and technical partnerships with other organizations. Despite these efforts, recent market trends have kept ALGO price from reaching its full potential. 

ALGO hit $.29 on June 20th. Following its index price of $1.66 in the beginning of the year, ALGO has dropped by 80%. The last six months has seen Algorand enter into numerous partnerships with FIFA, Keon Foundation, the Nigerian government, Developing Africa Group, and Koibanx. 

 Starting the year with a market cap of 10.57 billion, the market cap is now at $1.98 billion. The RSI was forced to spike because of a high magnitude of coin accumulation between the end of March and the beginning of  April, although a retracement followed soon after which was provoked by the bear run that began in the month of April. Since mid May, the indicator has shown below the neutral line.

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