Hedera & Algorand Revamp a Strong Upswing—Will They Make It to $1 This Bullish Season?
After a dismal close to 2024, altcoins are struggling to regain their dominance as the cryptocurrency market struggles to recover from its latest downtrend. at present, bitcoin price Also gaining some strength, popular altcoins like Hedera and Algorand have shown tremendous strength since the beginning of the year. Therefore, the prices of HBAR and ALGO are expected to remain high and return to $1 at the earliest.
Algorand (ALGO) Price Analysis
Algorand price is down more than 36% from its December highs, and with the recent rally, the coin has confirmed the possibility of a continued upward trend. Price has reached the bullish pattern’s neckline, so a breakout of this range could bring another 25% gain. However, the mid-term high of $0.5 appears to have been capitulated by the bears, and the question is, algorithmic price Whether it is possible to surpass these levels.
ALGO price is hovering between 0.382 and 0.5 FIB, with prices at $0.3 and $0.36, being broken out after the latest rally. With this move, the coin completed a double bottom pattern and reached the neckline. The RSI is incremental, while the Ichimoku Cloud’s transition and baseline are about to undergo a bullish crossover. Therefore, Algorand price is expected to clear the resistance area between $0.4 and $0.41 any time from now and make a healthy move towards $0.786 FIB (i.e. $0.5) soon.
Ivy (HBAR) Price Analysis
The latest breakout appears to have generated significant momentum in the HBAR price increase as the price remained consolidative for a decisive period. Furthermore, the consolidation appears to have peaked, which could lead to a bullish breakout, but only if there is another minor pullback towards $0.28.
As mentioned above, the price is trading within a decisive symmetrical triangle and is likely to test support levels as it faces significant upward pressure. Meanwhile, transaction volume has dropped significantly and appears to be dominated by sellers. However, as the RSI has bounced off its average levels, the bullish reversal is expected to reverse and may rise towards the upper limit. Additionally, there may be a bullish crossover on the MACD, which may help the coin break out of the pattern and enter the resistance zone between $0.32 and $0.33.
Both coins are stuck in a decisive phase, so the upcoming weekly close could have a huge positive impact on the prices of Algorand (ALGO) and Hedera (HBAR).
