Algorand (ALGO) Shows Strong Bullish Momentum, Eyes $0.6 Breakout

Algorand (ALGO) has proven to be one of the most resilient altcoins this week, recording a 7.15% gain and signaling a potential bullish reversal. Currently trading at $0.3047, ALGO is up 5.05% in the past 24 hours, with a market cap of $2.64 billion and daily trading volume reaching $180.81 million.

A double bottom pattern NEAR the $0.15-$0.20 resistance levels indicates a market shift, with analysts targeting a $0.6 breakout. The token successfully broke through a consolidation zone between $0.275-$0.290, briefly retested $0.285 due to profit-taking, but now holds firmly above the key $0.30 psychological level.

Growing institutional interest, alongside retail demand, is being driven by roadmap updates and strong technical performance. The consistent formation of higher lows suggests sustained buying pressure, positioning ALGO for potential upward momentum in the near term.