Algorand price experienced a strong bullish breakout on Nov. 29 as cryptocurrencies continued their uptrend.
Algorand (ALGO), a top layer-1 network, surged to $0.40, marking its highest level since November 2022. The cryptocurrency has risen for four consecutive weeks, climbing over 240% from its lowest level this year.
Crypto analysts are still optimistic about the ALGO price. In an X post, Steph is Crypto, a popular analyst, noted that the coin would jump to $1.26. He cited a double-bottom pattern that happened on the weekly chart. If this forecast is correct, it means that the coin may jump by 300%.Â
Another analyst noted that the coin would rally because of its strong tokenomics, its real-world adoption, and the best technology. For example, Algorand has a partnership with FIFA, which uses its blockchain to run its NFT marketplace.
The total value locked in Algorand’s DeFi ecosystem has also risen, hitting $170 million, the highest since February. Key dApps in its ecosystem have seen significant inflows, with Folks Finance’s assets rising by 200% in the last 30 days. Lofty has $45 million in assets, while Tinyman holds $34.6 million.
Algorand’s rally aligns with the broader cryptocurrency market performance. Bitcoin surpassed $98,000 on Friday, and the total market cap of all cryptocurrencies reached over $3.4 trillion. Other traditional coins from 2021, such as Theta Network, Stellar, and MultiversX (formerly Elrond), also recorded significant gains.
Algorand price analysis
The weekly chart supports the bullish outlook for ALGO, suggesting it may climb to $1.54 during the current bull run. The coin recently completed a double-bottom pattern at $0.10, which it has not breached since last year. It has now surpassed the neckline of this pattern at $0.3348, a typical bullish indicator.
If this trend continues, ALGO could target $1.54, representing a 287% increase from current levels and aligning with the 50% Fibonacci Retracement level. For this to happen, the coin must first break through the 23.6% retracement point at $0.7745 and the 38.2% level at $1.20. However, a drop below the support level at $0.20 could trigger downside momentum.
