Algorand ($ALGO) is back in the spotlight this week after its founder, Silvio Micali, unveiled a new blockchain initiative—the “Fiat Chain”—designed for institutional adoption and stablecoin transactions. The news, announced during Paris Blockchain Week, comes as the Algorand price is testing key technical levels that could signal a bullish breakout.
Micali described the Fiat Chain as a “Peer Chain,” a new blockchain architecture that will run alongside Algorand. Unlike traditional Layer-2 solutions or bridged chains, the Peer Chain will integrate deeply with Algorand and share its developer tools, enabling seamless cross-chain dApps and new decentralized finance (DeFi) use cases.
Algorand Price Recovers From Lows, Eyes $0.185 Breakout
On the price charts, Algorand is showing signs of life after a rough start to April, falling about 47% year to date. Data from CoinMarketCap shows that $ALGO is trading at $0.1781 at the time of writing, up 11.92% in the past 24 hours, and has a market cap of $1.52 billion.
A tweet from Crypto Target, an analyst, highlights that Algorand grabbed liquidity below recent lows, only to bounce back strongly into the support/resistance (S/R) zone around $0.1650–$0.1850.
This is a classic bullish setup. Price-action traders often interpret this kind of move as a liquidity sweep, designed to shake out traders without strong positions before a higher low formation and potential continuation to the upside.
According to Crypto Target, a clean reclaim of the $0.185 level would confirm the bullish continuation of $ALGO, opening the door for a rally toward $0.22 and beyond.
Traders and investors are focusing on three crucial price levels for Algorand ($ALGO).
The first level is $0.1650, which has recently been a support point. The price could drop to $0.14 if this level does not hold.
The second key level is $0.1850. This is an important support and resistance zone. If $ALGO breaks above this level, it could move toward $0.22.
The third level is $0.22, which is another major resistance zone. If $ALGO can hold above this level, analysts believe the price may rise further to the $0.26 to $0.30 range.
Fiat Chain Announcement Could Be the Game-Changer
The timing of the Fiat Chain release couldn’t be better for Algorand’s price. The new chain is expected to significantly boost institutional adoption. It uses the same developer toolkit as the main Algorand chain, meaning that developers on Algorand can launch applications on both chains with minimal friction.
This strategic shift could increase demand for the Algorand crypto token, especially if the project gains new partnerships and moves forward with enterprise adoption.
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