Algorand price rose for three consecutive days, reaching a high of $0.28 on Monday. ALGO has jumped by 85% from its lowest level this year. It has formed the highly bullish golden cross, pointing to an eventual rebound ahead of July 31st, when the developers will unveil their roadmap.
Algorand to Unveil Roadmap
Algorand, one of the oldest layer-1 networks, has faced pressure in recent years as it has lost market share to popular names like Ethereum, UniChain, Solana, and Sui.
It has suffered major events in the past few years. For example, AlgoFi, the largest player in its decentralized finance (DeFi) ecosystem with a 55% share, shut down. As a result, it has a total value locked of just $170 million and a stablecoin supply of only $76 million.
Most recently, FIFA, the soccer governing body, decamped and moved to Avalanche, another popular layer-1 chain. This was a big defection because FIFA governs the most popular sport globally.
Algorand is now working to reboost its ecosystem. It recently partnered with Zebec Network, one of the fastest-growing players in the payment industry.
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Additional data show that Algorand’s activity is increasing. The number of active transactions in the last seven days increased by 15% to 6.8 million, while the number of active addresses rose by 9.7% to 90,760.
The next crucial catalyst for the Algorand price is the upcoming release of its roadmap on July 31st. It is unclear what the team will announce, but they will likely unveil a strategy to expand their ecosystem.
The other potential catalyst for the ALGO price is the possible approval of the 21Shares Algorand Fund (ALGO). Such a move is likely to lead to increased demand from investors.
Algorand Price Technical Analysis
The daily chart shows that the ALGO price formed a double-bottom at $0.1500 on April 7 and June 22. It moved above the neckline at $0.2580 on July 13 and then retested it on July 24. A break-and-retest pattern is a common continuation sign in technical analysis.
Most importantly, the coin has formed the highly bullish golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other.
Therefore, the most likely scenario is where the token makes a bullish breakout, with the initial target being the year-to-date high of $0.3348.
A move above that level will point to more gains, potentially reaching the resistance point at $0.4156, which is 50% above the current level.
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