Algorand, or ALGO, currently experiences significant momentum with immediate resistance levels marked at 0.4799 USD, 0.5421 USD, and 0.5946 USD. If ALGO breaches these levels, it could indicate further price appreciation, driven by increased investor interest and strong buying trends.

A notable technical indicator, the double bottom pattern, highlights a bullish reversal for ALGO at the 0.34 USD price level. This creates a solid support base and suggests a positive price trajectory. The breaking of the descending trendline reinforces the expected upward momentum.

ALGO has recorded a rise in active addresses, signaling heightened network interest. This spike aligns with global liquidity increase, indicating growing confidence in the asset. The MVRV ratio, noted at 0.45, suggests ALGO is undervalued, providing an attractive investment opportunity for potential upside.