ALGO price in danger of 25% correction despite Algorand–FIFA partnership hype

cointelegraph.com:

Algorand (ALGO) prices rallied higher on May 3 after becoming FIFA's official blockchain solution provider. Nonetheless, the ALGO/USD pair continues to face selloff risks.

ALGO's price jumped 20% to $0.74, its highest level since April 22. Its move upside came as a part of a broader rebound that started April 30, gaining 37.5% in just three days of trading.

As visible in the chart above, a large portion of the ALGO's upside move took cues from the FIFA's announcement. Late Monday, the official football governing body revealed that it had teamed up with Algorand to develop its "digital assets strategy," beginning with a wallet solution.

It also confirmed making Algorand its "regional supporter" in North America and Europe during the next football World Cup in Qatar in November and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor.

Just bought some more #algorand to celebrate the fifa news. Transferred to my wallet. Before I could even open the pera app is was already there. Smoothest blockchain I’ve been apart of. Algorand in the future.

The ALGO token is a native cryptocurrency within the Algorand blockchain ecosystem, incentivizing network participation and power transactions or state changes.

3.5 Billion people watched the 2018 #FIFA World Cup, with over 1 Billion tuning in to the final match. The most watched Super Bowl ever drew 114 Million viewers. Algorand is the first new American sponsor since 2011. $Algo #Algorand ⚽️ https://t.co/MKpEhiyEKP

The latest bout of buying in the Algorand market showed signs of faltering as ALGO reached a critical resistance confluence.

ALGO's price corrected by nearly 8% after hitting its intraday high near $0.74. Interestingly, the peak level is close to the token's