based on materials from the site - By crypto.news

Algorand (ALGO) is showing signs of life again. The token has risen more than 58% from the June lows thanks to the classic 'double bottom' pattern and renewed momentum in the network.
As daily transactions, active addresses, and stablecoin activity show double-digit growth, traders anticipate a potential breakthrough to key resistance levels, although there are still obstacles on the path to full recovery.

ALGO has risen for five consecutive days, reaching its highest value since May 23. It has increased by more than 58% from the June lows and is slowly approaching the neckline of the double bottom.

The price of the Algorand token surged as external experts reported that the Algorand network is gaining popularity among users. According to Nansen, the number of transactions in Algorand has increased by 30% over the last seven days, reaching 5.8 million. Similarly, the number of active addresses has grown by 22% to 78,766, while fees generated in the network soared by 25% to $3.6 thousand. These figures are quite encouraging, although still significantly lower than those of competitors.

Another notable metric that sharply increased over the week was the supply of stablecoins, which rose by more than 77% over the last seven days to $120 million. Most of these stablecoins are USD Coin, with a volume of $118 million.

The price of Algorand has also risen sharply as open interest in futures reached a peak not seen since February. It exceeded $110 million compared to $66 million in June.

However, the price of Algorand remains significantly below its all-time high, while its role in the cryptocurrency market has diminished. For example, AlgoFi, a DeFi protocol that accounted for more than 55% of assets, shut down in July 2023, and no new major player has emerged.

Similarly, Algorand recently lost a deal with FIFA, the governing body of football. Now FIFA will launch its NFT initiatives using Avalanche, and the recently released game FIFA Rivals was launched on Polkadot.

The daily chart shows that the price of ALGO fell to $0.1447 in June and formed a 'double bottom' pattern with a neckline at $0.2580. The double bottom is one of the most common signs of a bullish reversal.

The token has risen above the 78.6% Fibonacci retracement level at $0.2168. It has also risen above the 50-day and 100-day exponential moving averages.

The relative strength index and MACD indicators suggest growth. Thus, the price of Algorand is likely to continue rising as bulls target the key resistance level at $0.2580. Movement above this resistance will indicate further growth to the 50% retracement level at $0.3612.

$BTC , $XRP , $BNB

#Сryptomarketnews , #TrumpTariffs

Welcome to us! There are enough news for everyone!!! 😉