Algorand (ALGO) prices are at a pivotal support point after forming a bullish double bottom pattern. With new transaction data, a 40% growth potential appears feasible.
Current ALGO Situation
ALGO is currently in a breakout retest phase, trading just above the neckline of a confirmed double bottom pattern. Key lows are at $0.15 and $0.16, with the neckline at $0.26. After decisively breaking out in mid-July, ALGO price reached a local high of $0.34 before pulling back and is now consolidating at this neckline level.
Technical Analysis and Patterns
The RSI has cooled significantly from its overbought peak and is currently around 53. This reset without dipping into bearish territory indicates healthy consolidation. If support at $0.26 holds, the next immediate target is the $0.34 level, with a measured move target from the double bottom pattern pointing toward $0.37, representing a potential 40% upside from current levels.
Fundamental Growth Factors
The Algorand Foundation's Q2 2025 Transparency Report reveals record-breaking transaction volumes, surpassing 3 billion lifetime transactions, alongside a 7.5% QoQ increase. Staking surged by 28.7%, reaching 1.95 billion ALGO, reinforcing the progress of decentralization. Additionally, RWA TVL on Algorand increased 12.7% in Q2, driven by tokenization initiatives like the launch of mTBILL.
Current technical formations and strong fundamental metrics support ALGO's position. Holding the $0.26 level presents opportunities for growth, making the current scenario noteworthy.
