After a sluggish close for 2024, the crypto markets are trying hard to recover from the latest sluggish trend and as a result, the altcoins are trying hard to reclaim their dominance. Currently, the BTC price has also gained some strength and as a result, popular altcoins like Hedera & Algorand have displayed immense strength since the start of the year. Therefore, the prices of HBAR & ALGO are believed to remain elevated and reclaim $1 at the earliest.
Algorand (ALGO) Price Analysis
The Algorand price faced over 36% pullback from the December highs and with the latest rebound, the token has confirmed the possibility of a continued ascending trend. The price has reached the neckline of a bullish pattern and hence a breakout from the range may attract another 25% gain. However, the interim highs at $0.5 seem to have been capitulated by the bears and the question arises whether the ALGO price will manage to surpass these levels or not.
The ALGO price was juggling between 0.382 & 0.5 FIB at $0.3 and $0.36, which was breached after the latest rebound. With this move, the token completed a double-bottom pattern and reached the neckline. The RSI is incremental, while the conversion & baseline of the Ichimoku cloud is about to undergo a bullish crossover. Therefore, the Algorand price is expected to clear the resistance zone between $0.4 and $0.41 anytime from now and trigger a healthy upswing to 0.786 FIB at $0.5 shortly.
Hedera (HBAR) Price Analysis
The latest breakout seems to have induced significant momentum within the HBAR price rally as the price remains consolidated within a decisive phase. Moreover, the consolidation seems to have reached a peak that may result in a bullish breakout but only after another small outback to $0.28.
As mentioned above, the price is trading within the decisive symmetrical triangle, and as it is facing significant upward pressure, the possibility of testing the support. Meanwhile, the volume has dropped heavily, which appears to have been dominated by the sellers. However, a bullish reversal is expected to revamp as the RSI has bounced off from the average levels, which may head towards the upper threshold. Besides, the MACD could undergo a bullish crossover, which may help the token break the pattern and enter the resistance zone between $0.32 and $0.33.
Both the tokens are stuck within a decisive phase and hence the upcoming weekly close may have a huge positive impact over the Algorand (ALGO) & Hedera (HBAR) prices.
