Algorand Price Analysis: Can ALGO Price Hit $1 Amid Breakout Rally?

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.

TradingView: ALGO/USDT

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!

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