- •The Algorand price holds near $0.20 support, with buyers defending the level amid attempts to reclaim the $0.22 resistance zone.
- •A breakout above the $0.23 neckline could confirm a double-bottom pattern, signaling a move toward the $0.26–$0.27 price range.
- •Analyst Michaël van de Poppe expects a breakout above the 20‑week MA could drive Algorand toward $0.90–$1.00 on weekly charts.
Algorand continues to consolidate near the $0.20 level after a prolonged downtrend that pushed the token below crucial support around $0.22. Buyers have shown renewed interest at this area, leading to a modest rebound toward the short‑term resistance zone. Despite the recovery, the asset remains under pressure as broader market sentiment stays cautious.
The Relative Strength Index remains around 46, indicating a neutral but slightly bearish momentum. Consequently, traders are watching whether Algorand retests the $0.20 area again, which now acts as a new local support. Holding this level could shape a double‑bottom formation, a classic reversal pattern signaling potential trend exhaustion.
Potential Double-Bottom Pattern Near the $0.23 Neckline
If the price stabilizes above $0.20 and breaks above $0.23, the neckline of the possible double‑bottom pattern, a short‑term bullish signal may emerge. A breakout confirmation could set off a move toward $0.26 to $0.27, marking a potential transition phase from decline to recovery. This development would also suggest a strengthening technical structure on higher time frames.
On the weekly chart, Algorand’s price appears to be approaching its historical accumulation base, a zone where buyers have previously built long‑term positions. Analyst Michaël van de Poppe notes that revisiting this base often precedes a new growth cycle. According to his analysis, a breakout above the 20‑week moving average could confirm a broader reversal trend.
Analysts Eye $1 Target on Sustained Momentum
Van de Poppe highlights that surpassing the 20‑week MA may open the path to a rally toward the $0.90 to $1.00 range. This projection aligns with the 1.618 Fibonacci extension level, a metric often associated with major upward shifts following extended corrections. As long as the $0.20 support remains intact, Algorand could be positioning for a gradual recovery phase over the coming weeks.