Algorand Price Rebounds 20% in June, Tests Key Resistance

Algorand (ALGO) price has shown signs of recovery in late June, reversing from key support levels after weeks of bearish pressure. Unlike many other altcoins, ALGO has taken the lead in upward momentum, reclaiming its short-term moving average and approaching a crucial resistance level.

In June, Algorand began trading above $0.19 but experienced a sharp decline mid-month, dropping to $0.157 by June 22. This marked the lowest point before the price began to rebound. By the end of the month, ALGO closed just below the $0.19 level, exhibiting a mix of sideways movement and volatility with a notable shift in momentum during the final week.

The primary reversal occurred at the $0.155–$0.162 support area, which initiated the bounce and helped ALGO reclaim its 50-period Simple Moving Average (SMA).

Analyzing the 4-hour chart, ALGO is forming an ascending channel with increasing highs and lows since June 23. The current uptrend is supported by a clear breakout above the 50-SMA, which now acts as dynamic support around $0.1774. At the time of writing, Algorand is holding steady just below the $0.196–$0.202 resistance zone, the same area that halted the rally in early June. If ALGO can break through this level, it could pave the way for a push toward $0.21 and beyond.

On the downside, the uptrend remains intact with the rising trendline near $0.18 providing support. However, if this line is breached, the price could slide back toward the $0.162 zone.

Technical indicators on the monthly timeframe show a mixed picture. The Average Directional Index (ADX) at 31.697 indicates a strong trend with bullish alignment. The Commodity Channel Index (CCI) at 25.6007 suggests a neutral stance with the price slightly above average. The Ultimate Oscillator at 48.777 shows a slight bearish lean with fading momentum, while the Rate of Change (ROC) at 3.062 indicates positive momentum and a monthly gain. The Bull/Bear Power (13) at 0.0027 suggests mild buying pressure with bulls slightly leading.

Three out of five indicators lean bullish, with ADX and ROC confirming an existing trend. However, the oscillator and CCI suggest that momentum is still soft.

For July, two scenarios are possible. In a bullish scenario, if ALGO breaks above $0.196 with volume, it could move toward $0.21–$0.215. Holding above the trendline and 50-SMA would support this path, potentially strengthening technicals across the board. In a bearish scenario, if ALGO fails to break through resistance, the price could slide back toward $0.177 or even dip to the $0.162 support zone. Losing the rising trendline would likely slow down the current bullish setup.

In summary, Algorand's price is showing early strength but remains in a challenging position. The critical test is the $0.196–$0.202 area, where bulls need to assert themselves. If momentum picks up, July could see a continuation toward higher levels. Otherwise, consolidation or a pullback is likely.