bullish

CRYPTO

DeFi

Algorand

MultiversX

Algorand price experienced a strong bullish breakout on Nov. 29 as cryptocurrencies continued their uptrend. 
Algorand (<a href="https://crypto.news/price/algorand/" target="_blank">ALGO</a>), 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%.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 https://twitter.com/Steph_iscrypto/status/1862421039289958404 
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Another <a href="https://x.com/EldarDRM/status/1862477515777810475" target="_blank" rel="nofollow">analyst noted</a> that the coin would rally because of its strong tokenomics, its real-world adoption, and the best technology. For example, Algorand has a <a href="https://crypto.news/fifa-inks-partnership-deal-with-algorand-algo-price-surges/" target="_blank">partnership with FIFA</a>, which uses its blockchain to run its NFT marketplace. 
 You might also like: <a rel="" href="https://crypto.news/how-high-can-ripples-xrp-price-get-in-december-2024/"> How high can Ripple’s XRP price get in December 2024? </a> 
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. 
<h2 class="wp-block-heading" id="algorand-price-analysis">Algorand price analysis</h2> 
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 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/11/Algorand-Price.png" alt="Algorand price" class="wp-image-14315018">
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 ALGO price chart | Source: <a href="https://crypto.news/price/algorand/" target="_blank">crypto.news</a>
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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. 
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Algorand price surges as crypto pundit sees it hitting $1.25

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