Algorand

Hedera

Date: Sun, Dec 15, 2024, 02:47 PM GMTIn the cryptocurrency market, since Donald Trump&#39;s victory in the U.S. elections, we have been witnessing a strong bullish momentum that propelled Bitcoin (BTC) to its all-time high of $103K. Following this massive surge, altcoins have also experienced significant rallies, including Algorand (ALGO) and Hedera (HBAR). ALGO recorded an impressive 155% gain, while HBAR saw massive gains of over 350% in the last 30 days.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bce7d380486c43b688a86f1e99cc5ae0.png" />Source: CoinmarketcapHowever, after such strong rallies, both tokens experienced a correction last week, retracing over 10% in the past 7 days. Today, both ALGO and HBAR are showing signs of recovery and appear to be back on track, as seen in the charts.<h3 id="algorand-algo">Algorand (ALGO):</h3>Algorand (ALGO) has been on a bullish ride with monthly gains exceeding 150%. After hitting a high of $0.6144 on December 6, the price entered a correction phase, retracing down to the lower support of a falling wedge pattern.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/eef09c64dc2d498b859ee58c67a3447a.png" />As highlighted in the chart, ALGO is now showing signs of a reversal from the support level and is currently trading around $0.4315. It is now approaching its upper resistance trendline and the nearby horizontal resistance zone at $0.44.What’s Next?If ALGO successfully breaks out from this key resistance level, it could target higher levels:<ul><li>First Resistance: $0.48</li><li>Second Resistance: $0.5250</li></ul>These targets would represent an additional 20% potential upside from the current price.<h3 id="hedera-hbar">Hedera (HBAR):</h3>Hedera (HBAR) has dominated the altcoin space with its 300% rally over the past month, reaching a peak of $0.3923 on December 3. Following this surge, HBAR experienced a correction, dropping to the lower support of a descending channel pattern.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ba6cb923db6a4dae8fe268e8026ebf0b.png" />Currently, as shown in the chart, HBAR has started its recovery and is trading at $0.2939.What’s Next?If HBAR can sustain its current upward momentum, it is likely to test the upper descending resistance level around $0.33.<h3 id="conclusion">Conclusion:</h3>Both ALGO and HBAR are exhibiting recovery signals after their recent corrections. Traders and investors will closely watch key breakout levels:<ul><li>For ALGO: Above $0.44 for confirmation of further upside.</li><li>For HBAR: Sustaining above $0.29 to approach $0.33.</li></ul>These recovery signs suggest both tokens could resume their upward trajectory in the coming days, provided the overall market sentiment remains favorable.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/helium-hnt-and-ethereum-name-services-ens-eyeing-for-key-resistance-breakouts-are-more-gains-on-horizon/" rel="noopener noreferrer nofollow">Helium (HNT) and Ethereum Name Services (ENS) Eyeing For Key Resistance Breakouts: Are More Gains On Horizon?</a>

ALGO and HBAR Showings Signs Of Recovery Following Correction: What's Next?

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