The price of Algorand (ALGO) began to recover in late June 2023, reversing from key support after a period of bearish pressure. We will look at how ALGO performed in June and what to expect in July.
ALGO Price Dynamics in June
At the beginning of June, Algorand's price was above $0.19, but it experienced a sharp decline to $0.157 by June 22. However, ALGO began to recover, closing the month just below the $0.19 level. The market behavior in June was characterized by sideways movement and volatility, with a clear change in momentum in the last week of the month.
Algorand Chart Analysis
On the 4-hour chart, ALGO is forming an ascending channel with higher highs and higher lows after June 23. The current uptrend is supported by a breakout above the 50-SMA, which is currently acting as dynamic support. As of now, the price of ALGO is hovering just below the $0.196–$0.202 resistance zone. A breakout of this level could open up the possibility for a move towards $0.21 and beyond.
Price Forecast for July
Let’s break it down into two possible scenarios. In the bullish scenario, if ALGO breaks above $0.196 with volume, a move towards $0.21–$0.215 is likely. In the bearish scenario, if ALGO fails to break through resistance, we might see the price slide back towards $0.177 or even dip to the $0.162 support zone.
Algorand's price is showing some early strength but is in a tough position. The key level to watch is the $0.196–$0.202 area. If momentum picks up, July may bring a continuation towards higher levels. If not, consolidation or a pullback is likely.
