Algorand price surges as crypto pundit sees it hitting $1.25

Algorand price experienced a strong uptrend on November 29 as cryptocurrencies continued their uptrend.

Algorand (ALGO), the top layer 1 network, rose to $0.40, reaching its highest level since November 2022. The cryptocurrency has rallied for four consecutive weeks, up over 240% from its lows this year.

Crypto analysts are still optimistic about ALGO price. Steph is Crypto, a popular analyst, stated in her X post that the coin will jump to $1.26. He referred to a double bottom formation occurring on the weekly chart. If this prediction is correct, this means that the coin could jump by 300%.

Another analyst noted that the coin will recover due to its strong tokenomics, real-world adoption, and top technology. For example, Algorand has a partnership with FIFA, which uses its blockchain to manage the NFT market.

The total value locked in Algorand’s DeFi ecosystem also increased, reaching $170 million, its highest level since February. Folks Finance’s assets have increased by 200% in the last 30 days, while key dApps in its ecosystem have seen significant inflows. Lofty has $45 million in assets, while Tinyman has $34.6 million.

Algorand’s rally is in line with broader cryptocurrency market performance. Bitcoin surpassed $98,000 on Friday, pushing the total market cap of all cryptocurrencies to over $3.4 trillion. Other traditional cryptocurrencies in 2021, such as Theta Network, Stellar, and MultiversX (formerly Elrond), also recorded significant gains.

Algorand price analysis ALGO price chart | Source: crypto.news

The weekly chart supports ALGO’s bullish outlook and shows that the price could rise to $1.54 during the current bull run. The cryptocurrency recently completed a double bottom pattern at $0.10 and has not broken out since last year. It has now breached the neckline of this formation at $0.3348, which is a typical bullish indicator.

If this trend continues, ALGO could target $1.54, which represents a 287% upside from current levels and is in line with the 50% Fibonacci Retracement level. For this to happen, the coin must first surpass the 23.6% retracement point at $0.7745 and the 38.2% level at $1.20. However, a decline below the $0.20 support level could trigger downside momentum.