Algorand price saw a strong bullish breakout on November 29 as the cryptocurrency continued its bullish trend.
Algorand (ALGO), a top layer 1 network, rose to $0.40, marking its highest level since November 2022. The cryptocurrency has risen for four consecutive weeks, rising more than 240% from its lowest level this anus.
crypto analysts remain bullish on ALGO price. In a post by x, Steph is crypto, a popular analyst, noted that the coin would jump to $1.26. He cited a double bottom pattern that occurred on the weekly chart. If this forecast is correct, it means that the coin can jump 300%.
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Other <a target="_blank" href="https://x.com/EldarDRM/status/1862477515777810475″ target=”_blank” rel=”nofollow”>analyst noted that the currency would rebound due to its strong token economics, real-world adoption, and better technology. For example, Algorand has a partnership with FIFA, which uses its blockchain to run its nft marketplace.
The total value locked in the Algorand DeFi ecosystem has also increased, reaching $170 million, the highest since February. Key dApps in its ecosystem have seen significant inflows, with Folks Finance's assets increasing by 200% in the last 30 days. Lofty has $45 million in assets, while Tinyman has $34.6 million.
Algorand's rally aligns with the broader performance of the cryptocurrency market. bitcoin surpassed $98,000 on Friday and the total market capitalization of all cryptocurrencies reached more than $3.4 trillion. Other traditional coins of 2021, such as Theta Network, Stellar, and MultiversX (formerly Elrond), also posted significant gains.
Algorand Price Analysis
The weekly chart supports the bullish outlook for ALGO, suggesting that it may rise to $1.54 during the current bull run. The coin recently completed a double bottom pattern at $0.10, which it has not broken since last year. It has now broken through the neckline of this pattern at $0.3348, a typical bullish indicator.
If this trend continues, ALGO could target $1.54, which represents a 287% increase from current levels and aligns with the 50% Fibonacci retracement level. For this to happen, the coin must first overcome the 23.6% retracement point at $0.7745 and the 38.2% level at $1.20. However, a drop below the $0.20 support level could trigger downward momentum.