🚀 Algorand (ALGO) Breaks Out: Multi-Chain Expansion Fuels Bullish Surge

Algorand's ALGO token just smashed through key resistance levels—technical traders are piling in as the network embraces a multi-chain future.

The breakout play:
Chartists spotted a textbook bullish pattern forming on ALGO's daily, with volume confirming the upside move. No fancy indicators needed—just pure price action signaling momentum.

Behind the surge:
The chain's pivot to interoperability comes as institutional players demand cross-chain liquidity. 'Building in isolation is so 2021,' quipped one dev during the governance vote.

Reality check:
While the tech excites, ALGO still trades 80% below its ATH—a painful reminder that even elegant protocols get crushed in bear markets. But for now? The algos are buying.

Algorand integrates Wormhole's NTT for multi-chain transfers 

Algorand announced the debut of Wormhole's NTT standard on the blockchain, built in collaboration with Folks Finance, a renowned lending and liquid staking protocol in the ecosystem.

Wormhole supports more than 50 blockchains, boosting Algorand's competitive interoperable network. The upgrade targets developers who want to issue and transfer tokens between chains without needing to involve wrapped assets.

"This milestone future-proofs Algorand's DeFi ecosystem. Builders now have a trusted way to launch multi-chain tokens that preserve the native user experience and performance of Algorand," co-founder of Wormhole Foundation, Robinson Burkey, said.

For retail users in the ecosystem, the upgrade enables them to transfer assets directly between the Algorand network and other NTT-enabled protocols using established interfaces. 

The Algorand Foundation CEO, Staci Warden, emphasized that interoperability is a Core pillar of Algorand's long-term vision, especially when it comes to supporting Decentralized Finance (DeFi) protocols. 

Technical outlook: Algorand eyes double-bottom pattern breakout 

Algorand (ALGO) is trading at $0.1853, following a nearly 20% recovery from its recent lows of $0.1521 reached on June 22. A buy signal from the Moving Average Convergence Divergence (MACD) indicator indicates that ALGO could breach the immediate resistance at $0.1897. This hurdle falls NEAR the 50-day Exponential Moving Average (EMA).

Often, traders increase exposure when the blue MACD line crosses above the red signal line. Green histogram bars above the mean line could catalyze bullish momentum, predisposing Algorand to gains.

ALGO/USDT daily chart 

The Relative Strength Index (RSI) position, slightly above the midline, indicates a steady uptrend, particularly after falling to oversold territory in June. 

If ALGO extends recovery above the 50-day EMA at $0.1897, traders will likely expand their bullish scope to the 100-day EMA at $0.2042 and the 200-day EMA at $0.2192.

A larger 41% technical breakout cannot be ruled out, particularly due to the double-bottom pattern formation, as shown on the daily chart. The neckline resistance at $0.2598 could either delay the upswing or pave the way for an extended breakout to $0.3665.

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.