Algorand price has bounced back this month as the crypto market rally accelerated and its network growth continued.
Algorand (ALGO) rose to a high of $0.2075, its highest swing since May 30 and 17% above the lowest point this month. It remains 66% below its highest point since December last year.
Nansen data shows that Algorand was the best-performing blockchain in the crypto industry over the last seven days. The network handled 13.69 million transactions during that period, a 54% increase from a week earlier. Similarly, active addresses rose by 54% to 1.264 million.
More data shows that the stablecoin supply on Algorand is slowly bouncing back. The stablecoin market cap has jumped by 12% in the last seven days to $53.8 million, up from $41.5 million on May 28.
In a recent X post, the Algorand Foundation said that online stake jumped to 7.1%, crossing the 2 billion milestone for the first time.
Its Real World Asset tokenization total value locked rose by 2.64%, while monthly active users increased by 4.14%. Most of the RWA growth is on Lofty, a tokenized real estate marketplace that has surpassed $50 million in TVL.
Algorand has been in the spotlight after losing a FIFA deal on NFT to Avalanche (AVAX).
Algorand price technical analysis
The daily chart shows that the ALGO price bottomed at $0.1462 on April 7 before bouncing back. It has formed an ascending channel, connecting the higher highs and higher lows since April 7. This channel is part of a bearish flag pattern, a common continuation signal.
Algorand price remains below the 50-day and 100-day Exponential Moving Averages. It is also consolidating at the 78.6% Fibonacci Retracement level at $0.2083.
Therefore, the token will likely resume the downtrend and potentially retest the key support level at $0.1462, its lowest point on April 8. A move above the psychological level at $0.25 would invalidate the bearish outlook.
