After a sluggish close for 2024, the crypto markets are striving to recover from the latest downtrend, with altcoins aiming to reclaim their dominance. The current strength in BTC price has also contributed to the resilience of popular altcoins like Hedera and Algorand, which have shown impressive performance since the beginning of the year. It is anticipated that the prices of HBAR and ALGO will continue to rise and potentially reclaim the $1 mark in the near future.
Algorand (ALGO) Price Analysis
The price of Algorand experienced a significant 36% pullback from its December highs, but the recent rebound has indicated the potential for a continued uptrend. The price has reached the neckline of a bullish pattern, suggesting a breakout could lead to a further 25% gain. However, the interim highs at $0.5 have been challenged by bearish pressure, raising questions about whether ALGO will surpass these levels.
The ALGO price had been fluctuating between the 0.382 and 0.5 FIB levels at $0.3 and $0.36, but the recent rebound breached this range. This move completed a double-bottom pattern and brought the token to the neckline of a bullish pattern. With the RSI showing incremental movement and the Ichimoku cloud’s conversion and baseline on the verge of a bullish crossover, it is likely that the Algorand price will break through the resistance zone between $0.4 and $0.41 and rally towards the 0.786 FIB level at $0.5.
Hedera (HBAR) Price Analysis
The latest breakout has injected significant momentum into the HBAR price rally, leading to consolidation within a crucial phase. The consolidation appears to have reached a peak, potentially setting the stage for a bullish breakout after a minor pullback to $0.28.
The price is currently trading within a decisive symmetrical triangle, facing upward pressure and likely to test support levels. Despite a decrease in volume dominated by sellers, a bullish reversal is anticipated as the RSI rebounds from average levels towards the upper threshold. Additionally, the MACD could signal a bullish crossover, aiding the token in breaking the pattern and entering the resistance zone between $0.32 and $0.33.
Both Algorand (ALGO) and Hedera (HBAR) are at critical junctures, with the upcoming weekly close expected to have a significant impact on their prices. Investors are closely monitoring these altcoins as they navigate through this decisive phase in the crypto market.