Key Takeaways
- Algorand (ALGO) continues to struggle as the price could retest key support in June.
- ALGO’s price must break above its $0.26 resistance for a bullish market shift as the price trades in a range.
- A breakout above $0.3 could show that the price of ALGO has shown a strong rally after a long time.
Algorand (ALGO) rose to a high of $0.258 in the early weeks of May following a strong price bounce from its lowest point since its strong rally towards a region of $0.6 in December, as the price continues to struggle to show signs of bullish price action.
Despite showing renewed strength, rallying towards a high of $0.258, the price of Algorand (ALGO) suffered a fresh price decline towards $0.17. The crypto market was affected by an over 10% crash for altcoins due to the Israeli-Iranian war, and the market remains uncertain about the next move.
The price of Bitcoin crashing towards its key support zone of $102,700 has also affected the potential price action of Algorand (ALGO) despite bulls trying to breakout to the highs of $0.2.
Following market uncertainty, what would Algorand’s (ALGO) June price prediction look like for bulls as the price could retest its key support of $0.15 for a second time? This will be worrying for traders and investors who believe in the potential of ALGO.
Algorand (ALGO) On-chain Data Looks Bullish
According to Nansen’s on-chain data for the Algorand (ALGO) ecosystem, it recorded over $1 million in transactions in May with over 108,000 active addresses, indicating strong on-chain activities in its ecosystem as Algorand continues to dominate.
Although Algorand may not be trending, these data from Nansen shows its healthy state despite the price of Algorand (ALGO) falling short and struggling to show strong bullish price action to the upside of $0.3, as this could signal a bullish market sentiment for price towards its key resistance of $0.6.
With Algorand’s ecosystem continuing to grow and plans to dominate the real-world asset (RWA) industry, it’s just a matter of time before the price of ALGO catches up with its ecosystem growth and development, as price has the potential to trade above $1.
Algorand (ALGO) June Price Prediction
Source – ALGO Price Chart From TradingView
The price of ALGO crashed from its high of $0.6 to a low of $0.15. Price formed strong support around this region, tapping into its liquidity zone, and rebounded towards its highs. Price formed swing highs, confirming its price rally to the upside.
Despite its attempt to continue its rally and break its key resistance of $0.3, ALGO’s price suffered another setback, crashing below $0.2 and trading below its 50-day and 200-day EMAs (Exponential Moving Averages), which act as support zones for the price.
With the price of ALGO trading below these EMAs, which are currently acting as resistance, the price needs to break above $0.26 with strong volume to the upside for a chance to regain its bullish price action.
If the price of ALGO breaks below its $0.15 support, there is a high chance of a downward price continuation, as traders and investors will be paying attention to how the price develops.
