On Nov. 29, Algorand price witnessed a strong bullish breakout as the broader cryptocurrency market continued its upward trend. Algorand, a leading layer-1 network, soared to $0.40, reaching its highest level since November 2022. The cryptocurrency has been on the rise for four consecutive weeks, climbing more than 240% from its lowest point this year.
Crypto analysts remain optimistic about the ALGO price. Steph is Crypto, a well-known analyst, stated in an X post that the coin could jump to $1.26, citing a double-bottom pattern on the weekly chart. If this prediction comes true, it would mean a 300% increase. Another analyst pointed out that ALGO is likely to rally due to its strong tokenomics, real-world adoption, and advanced technology. For instance, Algorand has a partnership with FIFA, which utilizes its blockchain for its NFT marketplace.
The total value locked in Algorand’s DeFi ecosystem has also increased, hitting $170 million, the highest since February. Key decentralized applications (dApps) in its ecosystem have seen significant inflows. Folks Finance’s assets grew by 200% in the last 30 days, Lofty has $45 million in assets, and Tinyman holds $34.6 million.
Algorand’s rally is in line with the overall performance of the cryptocurrency market. Bitcoin surpassed $98,000 on Friday, and the total market cap of all cryptocurrencies exceeded $3.4 trillion. Other traditional coins from 2021, like Theta Network, Stellar, and MultiversX (formerly Elrond), also achieved notable gains.
The weekly chart backs the bullish outlook for ALGO, indicating it might climb to $1.54 during the current bull run. The coin recently completed a double-bottom pattern at $0.10, which it hadn’t breached since last year. It has now surpassed the neckline of this pattern at $0.3348, a typical bullish sign.
If the trend persists, ALGO could aim for $1.54, which would be a 287% increase from current levels and align with the 50% Fibonacci Retracement level. For this to occur, the coin must first break through the 23.6% retracement point at $0.7745 and the 38.2% level at $1.20. However, if it drops below the support level at $0.20, downside momentum could be triggered.
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Tags: Bitcoin
