Algorand (ALGO) Slides Down Despite Strong Fundamentals – FX Leaders

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Algorand (ALGO) is reversing its bullish moves from the previous session, giving back some of its gains from the recovery in the market sentiment amid profit taking by investors as the week draws to a close. At the time of writing, ALGO/USD is trading around $1.74.Algorand has had a busy few days in terms of fundamental developments lately, striking a $100 million deal for acquiring the title rights with the Drone Racing League (DRL) for a period of five years. This latest deal comes a week after the blockchain became one of the official series partners of Le Mans Virtual and a few weeks after it sponsored the 2022 World Chess Grand Prix Series.Beyond the world of sports sponsorships, the ALGO token is enjoying support from eToro’s recent launch of a DeFi portfolio. The world’s leading social trading platform announced the portfolio consisting of 11 DeFi crypto assets including Algorand. This development could spur further interest in the cryptocurrency among investors, es
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