It’s a cautious start to Monday for Algorand (ALGO) as it holds steady after making gains in the previous session, buoyed by optimistic forecasts by experts and rising adoption of its ecosystem and projects in the market lately among investors and users. At the time of writing, ALGO/USD is trading at around $1.40.

During a recent interview, the founder of Skybridge Capital Anthony Scaramucci admitted that he has invested around $250 million in Algorand as he believes that it will be the Google of the crypto world. This is the second time in recent weeks that Scaramucci has praised the blockchain, after his prediction last month that it has the potential to surpass Ethereum in market cap in the future.

BTCS Adds Algorand to its Infrastructure Staking Operations

The FutureFi (future of finance) network does have what it takes to be called a potential Ethereum killer and its prospects in 2022 look bright, especially with the rising levels of activity seen lately. The ALGO token received another boost late last week after blockchain company BTCS added Algorand to its infrastructure staking operations. The firm added that they remain upbeat about its potential as an investment opportunity as it is one of the few ecosystems that has shared a long term roadmap that lays out plans till 2030.

According to COO at BTCS, Michal Handerhan, “More than 500 global organizations leverage Algorand’s technology – from university partners (MIT, UC Berkeley, Peking University), to ecosystem players (Orion Protocol, Chainalysis, Hummingbot), to key stakeholders (Union Square Ventures, Cumberland Advisors), to government enterprises (Marshall Islands). Given this, we believe ALGO is a great addition to our blockchain infrastructure effort.”

In other fundamentals, it looks like Algorand could be getting ready to take on Ethereum in the gaming space as well soon. The first GameFi ecosystem on the blockchain Zone recently secured $2.35 million worth of new funding before its IDO. Its developers tout the advantage of low transaction fees on the network as it can encourage more users to participate in the GameFi space.

Meanwhile, Algorand-based decentralized oracle network Algoracle recently announced a new partnership with Kaiko – a provider or institutional-greade cryptocurrency market data. The development will let dApps based on the blockchain access Kaiko’s wide variety of data within their smart contracts.

ALGO/USD Technical Analysis

On the H4 chart of ALGO/USD, most of the moving averages along with the momentum indicator are suggesting a bearish bias. However, the MACD offers hope that there are buyers in the market too.

Algorand’s price is coiling under the pivot point at $1.41 as buyers try to build up pressure to overcome this key level. If this level gets broken today, keep an eye on the immediate resistance at $1.52 next.