The Algorand ($ALGO) layer-1 blockchain token has officially broken out of a multi-month resistance, crossing $0.27 with strength. With the entire crypto market turning bullish and Bitcoin hitting new highs of over $123k, all signs point to more upside for the Algorand price.
As of July 14, ALGO is trading around $0.298, up over 33% in 24 hours, placing it at the top of CoinMarketCap’s daily gainers list.
The explosive move follows a confirmed double-bottom breakout and technical close above both the 78.6% Fibonacci retracement level ($0.2168) and 200-day EMA ($0.245).
ALGO Price Technical Breakout
Crypto analyst Cas Abbé pointed out a classic double bottom pattern with a neckline at $0.27. Now that the ALGO Coin has broken this key level and closed a two-day candle above it, the pattern’s measured move points to a conservative target near $0.34–$0.36.
Another trader, Teresa, highlighted an even broader weekly cup & handle pattern, setting breakout targets at $0.3345, $0.4559, and $0.5739, levels that would mark a full recovery from 2023’s slump.
Momentum indicators also back the bullish case. The MACD histogram flipped green (+0.00865), and RSI-7 spiked to 92.33, signaling extreme but confident buying pressure.
While ALGO may be overbought in the short term, during a parabolic breakout phase, which often fuels higher highs.
Algorand Network Growth Explodes
Price action aside, Algorand’s fundamentals are quietly gaining strength. According to DeFiLlama, total value locked (TVL) in Algorand DeFi has surged to $121.85 million, a 23% increase in 24 hours. Major protocols like Folks Finance and Reti Pooling are driving this growth, with daily changes as high as +29.72%.
Additional data also shows that the Algorand network is growing and becoming increasingly active. Transactions increased by 30% in one week, reaching 5.8 million per day. Active addresses rose by 22%, totaling 78,766. There was also a $120 million inflow of USDC, showing renewed interest in decentralized finance (DeFi).
Additionally, futures open interest (OI) increased by 66% since June, reaching $110 million, the highest level since February.
Even more telling is the 77% increase in stablecoin supply, indicating that liquidity is returning and traders are preparing for deeper engagement in DeFi.
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