Algorand Foundation, the non-profit organization that’s looking after the development of Algorand’s (ALGO) blockchain, just unveiled a crucial expansion move. In collaboration with Pera Card, a MasterCard-like debit card payment solution, this will reduce the need to convert crypto to fiat currencies in order to spend it in-shop.
Instead, Algorand’s debit card uses the Circle USD (USDC) stablecoin, which is regulated both in the United States (USA) and the European Union (EU). Already available in the United Kingdom (UK), Italy, Germany, Spain, New Zealand, now this USDC-powered debit card is adding Poland, Portugal & The Netherlands.
All customers are able to spend $1,000 of USDC on every-day groceries per day, while Pera reported a total spend of $140K in USDC so far since the inception of the Algorand Pera Card. “We’re not done yet, more countries coming soon”, – stated the official message on X, teasing Algorand’s adoption in the same way in the United States.
Presently trading at $0.2222, the altcoin has bounced off the mid-level Bollinger Band (BOLL) at $0.22 on the 4-hour charts. The market indecision will continue unless ALGO price breaks the upper-level Bollinger Band of $0.2266, highlighted in red color. However, one red flag might stall the rebound rally.
The OG altcoin had plunged over 60% in trading volume since the previous day. Right now, Algorand’s Spot market trading consumed $14.67 million, while the average daily rate this month is $33.55 million. With a 5.57% monthly price drop, the upswing potential isn’t supported by crypto whales either.
Currently sitting at a negative territory of -0.11, the Chaikin Money Flow (CMF) delivers a strong profit-taking message, which could also imply the largest crypto investors’ disbelief in the token’s imminent rebound. The Parabolic Stop & Reverse (SAR) was also unfavorable for Algorand’s (ALGO) price, flashing a ‘sell’ signal.
