Success for Algorand’s FIFA+ platform could mean this for ALGO

• Algorand revealed how much its FIFA+ Collect platform has grown since its launch
• ALGO has been flashing signs of a pivot after its latest downside although demand is low

The Algorand network announced a strategic partnership with FIFA in October. The goal of the collaboration was to leverage blockchain technology to facilitate an engaging fan experience during the FIFA World Cup.

Read Algorand’s (ALGO) Price Prediction 2023/2024

With the World Cup now well and truly underway, Algorand has released its initial update about FIFA+ Collect. The network revealed that the platform has already attracted tens of thousands of users in its first few weeks. While the figure is relatively small in the grand scheme of things, it represents a positive step in the right direction.

The network’s ability to secure a sizeable user base for the FIFA+ Collect platform is quite impressive during a bear market. It also confirmed that there is a market for such offerings from Algorand, thus validating its pursuits. Such partnerships have the potential to boost Algorand’s utility and demand for ALGO in the future.

Algorand was hoping that developments such as the FIFA+ Collect would stimulate the demand for NFTs in the network. In fact, zooming out on Algorand’s NFT metrics reveals that demand has slowed down significantly in the last 12 months.

Source: Santiment

Algorand did manage to maintain some levels, but low demand for NFT trade volumes and total NFT trades count. This outcome is a sign of the lower demand during the bear market, something that has also affected the performance of ALGO.

Where is ALGO heading?

Algorand’s native cryptocurrency ALGO is still among the top-30 cryptocurrencies by market cap. This, despite being heavily drawn down from its ATH by as much as 90% at its $0.23-price level.

Source: TradingView

While the FIFA+ Collect platform is unlikely to trigger a bullish reversal, a sentiment change might do just that. Algorand’s weighted sentiment revealed a noteworthy shift in the weighted sentiment over the last 3 days.

In fact, the slight uptick in weighted sentiment confirmed that investors are changing in favor of a bullish position.

Source: Santiment

Conclusion

While weighted sentiment may flash some bullish signs, the price action is not demonstrating anything like that. Nevertheless, the Money Flow indicator did register some upside, indicating accumulation at current lows.

This is a sign of a reversal in the second half of this week, especially if the overall crypto-market sentiment changes in favor of the bulls.