NEWSLETTER
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
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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.
