Algorand (ALGO) has been on a rally recently, but it has yet to reclaim the pre-FTX levels of $0.4500. However, it is possible that the asset could attempt to reach that level soon. The price of ALGO dropped to a low of $0.1616, shedding off over 60% of its value. But it could move closer to pre-FTX levels in the next few weeks.
One of the reasons for this potential rally is the recent U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data, which suggests easing inflation. This could lead the Federal Reserve to adopt a dovish approach in its next release, which is slated for the end of January. If that happens, it will trigger the markets positively, including the crypto sector.
Such a dovish approach by the Fed could see ALGO bulls target the resistance level at $0.4500. This level has been a key resistance point for the crypto in the past, and a breakthrough could signify a strong bullish sentiment among investors.
It is also worth noting that Algorand has been making steady progress in terms of partnerships and development. The blockchain platform has partnered with a number of companies in the crypto and finance space, including Circle and ChainGuardian, among others. These partnerships are likely to drive adoption of the Algorand blockchain and increase the demand for its native token, ALGO.
Furthermore, Algorand has also been working on several developments that could boost its performance in the future. For example, the platform is currently working on the Algorand 2.0 upgrade, which is expected to bring several new features to the blockchain, including smart contracts and tokens.
In conclusion, Algorand (ALGO) has been on a rally recently, and it is possible that the crypto could attempt to reclaim its pre-FTX levels of $0.4500 in the next few weeks. The recent U.S. Consumer Price Index (CPI) and Producer Price Index