Date: Sun, June 08, 2025 | 03:10 PM GMT
The cryptocurrency market is bouncing back strongly after Thursday’s sharp sell-off, which briefly dragged Bitcoin (BTC) to a low of $100,430 and Ethereum (ETH) to $2,387. However, the tide has turned—BTC has reclaimed levels near $106,000, while ETH has recovered to around $2,510. This broader rebound is now lifting sentiment across altcoins, including Algorand (ALGO).
However, ALGO is still trading in the red, and but now a closer analysis of the chart reveals that the asset may be preparing for its upward movement following a breakout and successful retest.
Falling Wedge Breakout and Retest
On the 4-hour chart, ALGO recently broke out of a falling wedge pattern, which had kept its price locked in a steady downtrend since late May. The breakout occurred on June 7, when ALGO managed to push above the upper boundary of the wedge and touched a local high of $0.1936.
But the momentum was short-lived as the broader market faced a temporary dip, pulling ALGO back down for a retest. This retest landed right on the former resistance-turned-support trendline near $0.1862, and impressively, the bounce held. ALGO has now reclaimed levels above $0.19 and is attempting to break past its next key hurdle—the 50-day moving average and the previous high around $0.1936.
If this momentum continues, the next targets would be the $0.2031 zone and then the 200-day moving average at $0.2161. A move toward this level would represent a 13% upside from current prices and could confirm the end of the downtrend structure that dominated the past two weeks.
What’s Next for ALGO?
ALGO is currently at a technical crossroads. If it successfully clears the $0.1936–$0.20 resistance, backed by strong volume and a broader market push, the next leg toward the 200-day moving average could play out swiftly.
As long as ALGO holds above its breakout level and benefits from overall crypto market strength, the bullish scenario remains in play.
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