The post Algorand Price Analysis: Can ALGO Price Hit $1 Amid Breakout Rally? appeared first on Coinpedia Fintech News
Story Highlights
- The ALGO price soared ~320% in November and recorded a multi-year high.
- The technical indicators record increased bullish sentiment, hinting at a higher price target.
- A sustained bullish rally could push the price toward its upper price target of $0.60.
The Algorand price has displayed a massive price action by outperforming the top crypto tokens of this industry. Moreover, with increased volatility, this altcoin is on the path of achieving a new high.
Will the ALGO price maintain its price sentiment and record a 2X rally this month? Or will this altcoin experience a major price correction? In this article, we have covered the Algorand price analysis to answer your questions.
ALGO Price Retests Its Multi-month High!
Despite recording a drop of ~3% in 24 hours, the Algorand token has surged 74.73% in the last seven days and 319.65% during the last 30 days. Moreover, with a market cap of $3.988 billion, it has secured the 36th position in the cryptocurrency list.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the daily green histogram. On the other hand, its averages show a significant uptrend. This suggests that the price of Algorand may continue rising this week.
Furthermore, the EMA 50/200-day has experienced a Golden Cross during the second half of November, highlighting an increase in the bullish price action.
Will ALGO Price Hit $1?
If the market favors the bulls, the Algorand price may retest its resistance level of $0.50. Moreover, if the bulls dominate the cryptocurrency market, this altcoin could prepare to retest its upper price target of $0.60.
On the flip side, if a trend reversal occurs, the ALGO price may retest its support level of $0.40. Further, if the bears outrun the bulls, this altcoin could plunge toward its low of $0.33 this month.
Concerned about the long-term price prospects of this crypto token? Read CoinPedia’s Algorand Price Prediction and subscribe to us for the latest news of the crypto world!
FAQs
If the bullish sentiment sustains, this altcoin may reach a maximum of $1 in 2025.
The ATH of Algorand was $3.28 and was recorded on 21st June 2019.
With bullish price action, this cryptocurrency may record an annual high of ~$7 by 2030.
