Algorand’s adoption surges 62% – Is a $0.19 breakout possible?

Key Points

1. Algorand's New Adoption Rate hit 62.02% in July, the highest since January, up from an average of 32.22%, with user onboarding exceeding $294 million.

2. The Algorand Foundation introduced multichain functionality, xGov testnet deployment, and staking on Binance and Crypto.com to enhance network utility.

3. ALGO's price is currently in a descending triangle pattern, with a potential bullish breakout above $0.19 targeting $0.23-$0.30, or a decline to $0.15-$0.13 if resistance holds.

4. The MACD shows a small bullish signal, but the price remains at $0.1758, needing momentum to confirm a trend reversal.