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Will Algorand (ALGO) Price Hit $1 Soon?

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1 month ago

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Algorand (ALGO) price has seen a bullish rally in the last week with the price jumping over 40%. Following the price rally crypto analysts are suggesting a potential breakout, raising questions about whether ALGO price could reach the $1 mark soon.

Algorand Price Double Bottom Pattern 

Recent technical analysis of Algorand (ALGO) price charts reveals a double bottom pattern forming over the last two years. This pattern is often interpreted as a bullish indicator, signifying a potential shift from a downtrend to an uptrend.

On the charts, resistance levels have been identified around $0.3097 and $0.3017. If these levels are breached, analysts predict an upward trajectory, with price targets set at $1.2668 and $1.1345, respectively. Such a breakout could indicate strong bullish sentiment and pave the way for a sustained price rally.

 

Currently, ALGO price is trading at $0.2993, following a 5% price surge in recent sessions. This positions the token just below key resistance levels, fueling anticipation of a potential breakout.

Increased Trading Volume and Open Interest

Trading activity for Algorand (ALGO) has seen a sharp rise, with trading volume surging by 55.20% to $466.91 million. This uptick indicates heightened interest in the asset and increased market liquidity.

Open interest, a metric tracking active positions in derivatives markets, has also risen slightly by 0.41% to $83.27 million.

This suggests traders are maintaining positions or opening new ones in anticipation of future price movements. Together, these metrics point to growing engagement with ALGO among market participants, potentially contributing to price volatility in the short term.

Community Governance Updates and Ecosystem Changes

Algorand’s ongoing governance developments could also play a role in shaping market sentiment. The Algorand Foundation recently opened its latest governance voting period, which includes proposals to introduce an xGov council. If approved, the council would transition decision-making power from the Foundation to community-elected representatives.

Additionally, the governance model is evolving to phase out incentivized rewards for participation, marking a shift in how the Algorand ecosystem operates. These changes aim to improve the ecosystem’s decentralization and sustainability. As governance shifts align with broader adoption efforts, they may influence investor confidence and long-term value.

ALGO/USD (Source: IntoTheBlockALGO/USD (Source: IntoTheBlock
ALGO/USD (Source: IntoTheBlock

Despite current price levels, Algorand (ALGO) faces a mixed scenario regarding profitability among its holders. Data shows that 26.13% of ALGO holders are currently “in the money,” having purchased the token at prices below the current $0.2993. Conversely, 66.22% of holders remain “out of the money,” indicating they bought at higher prices.

With strong support around $0.2851 and resistance at $0.31, ALGO’s price could experience volatility as it approaches these levels. Analysts are closely monitoring whether the price will surpass the $0.31 resistance, which could open the path to higher price targets in 2024.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Reveals Timeline When Bitcoin Price Could Jump To $140,000

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21 minutes ago

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December 29, 2024

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Crypto analyst Jelle has provided a bullish outlook for the Bitcoin price for the remainder of this market cycle. The analyst predicted that the flagship crypto will reach $140,000 and revealed when this price surge could likely happen.

When The Bitcoin Price Will Jump To $140,000

In an X post, Crypto Jelle predicted that the Bitcoin price could rally to $140,000 in the next three months. This came as the analyst highlighted a cup and handle pattern, which put BTC’s price target at this level.

ImageImage

Crypto analyst Titan of Crypto also suggested that Bitcoin could rally to $140,000 in the next three months. In an X post, the analyst shared an accompanying chart, which he tagged as the ‘Bitcoin 2025 Roadmap.’

ImageImage

The accompanying chart showed that the Bitcoin price could reach $140,000 at the start of the new year. However, this price is unlikely to mark the top for Bitcoin, as it could still surge to $150,000.

Other market experts have even provided a more bullish outlook for the flagship crypto. Engineer Ted Boydston predicted that BTC could hit $225,000, the biggest bull run for the flagship crypto.

Meanwhile, renowned finance author Robert Kiyosaki predicted that the flagship crypto will hit $350,000 in 2025. While it remains to be seen if the flagship crypto could reach such heights, fundamentals such as Donald Trump’s inauguration support a bullish continuation.

A Price Rebound Is Imminent

In an X post, crypto analyst Ali Martinez stated that the Bitcoin price could be preparing for a rebound. The analyst mentioned that Bitcoin is showing a bullish divergence on the hourly chart against the Relative Strength Index (RSI).

The analyst added that the percentage of Binance traders going long on BTC has increased from 53.12% to 64%. These traders are said to have a solid record of being right.

Martinez further stated that the Bitcoin price needs to break above $94,800 to confirm this rebound. A break above this level could send BTC to $95,300 or even $96,000.

On the flip side, the analyst warned that if Bitcoin drops below $93,600, the bull case is off the table as the flagship crypto could drop to $84,000 or even $70,000.

However, the bullish case is looking more likely. In another X post, the analyst revealed that there was a spike in Bitcoin’s Taker Buy/Sell ratio on the top crypto exchange OKX. This indicates a surge in aggressive buying, which is a sign of upward momentum ahead.

ImageImage

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Dogecoin Price Hit $20 On Its Next Leg Up?

Published

6 hours ago

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December 29, 2024

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Analyst Javon Marks forecasts that Dogecoin (DOGE) price is poised for a major rally, potentially reaching $20 during the ongoing bull cycle. Marks’ analysis is based on historical performance trends, which have shown progressively larger price gains in Dogecoin’s previous cycles. Current market activities, including a rebound in DOGE price and increased whale transactions, suggest a promising outlook for the meme coin.

Will Dogecoin Price Surge to $20? Analyst Predicts Monumental Bull Cycle Ahead

In a recent analysis shared on X (formerly Twitter), Javon Marks expressed confidence in Dogecoin’s potential to achieve unprecedented growth during the ongoing bull cycle. His observations highlighted a pattern of progressively larger price gains in Dogecoin’s previous cycles, with the current trajectory suggesting another monumental run.

According to Javon’s analysis, DOGE price cycles exhibit exponential growth during bull runs, with significant surges noted in 2017 (90x) and 2021 (306x). Based on these historical patterns, projections for 2024 suggest a potential surge exceeding 306 times, targeting prices above $20. 

The chart highlights consistent upward trends leading to explosive rallies, driven by market momentum and investor sentiment. If DOGE replicates past performance, the next cycle could see unparalleled highs. 

DOGE priceDOGE price
Source: X

Additionally, Dogecoin price recently rebounded to $0.3226 after touching a weekly low of $0.3097. This movement indicates that the $0.3097 mark could be a potential floor price signaling further upward momentum.

These analyses are in line with recent bullish predictions by Galaxy Research, which projects Dogecoin to reach $1 by 2025. The firm highlights key fundamentals like whale accumulation and Elon Musk’s D.O.G.E. initiatives as catalysts for this growth. While Dogecoin faces competition from other memecoins, its historical growth patterns suggest this target is achievable.

Whale Activity Boosts Dogecoin Ecosystem

The Dogecoin ecosystem has experienced a surge in whale activity, signaling increased interest among large-scale investors. Data from IntoTheBlock revealed that large transactions within the Dogecoin network have risen by 41% in the past 24 hours, with a cumulative transaction value exceeding $23 billion.

This uptick in whale transactions is a positive indicator for the meme coin rally, reflecting heightened market participation and liquidity. The sustained activity in this price range could provide the foundation for a stronger rebound in the midterm.

According to a recent Coingape report, Dogecoin price is signaling a bullish reversal as DOGE whales have accumulated an impressive 90 million DOGE in just two days. This surge in whale activity reflects growing interest among investors and suggests a meme coin rally. Positive on-chain indicators and increased market activity further support this sentiment.

At press time, DOGE price is trading at $0.3224, reflecting a 2.57% increase in the past 24 hours. The meme coin rally market capitalization stands at $47.52 billion, with a 24-hour trading volume of $1.43 billion.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Engineer Predicts Biggest Bull Run Coming Soon for Bitcoin; Here’s All

Published

10 hours ago

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December 29, 2024

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With an almost negligible recovery in the last 24 hours, Bitcoin has been stranding around $94k despite hitting the ATH of $108.2k a few days ago. The Bitcoin price performance is also impacting the crypto market, but most experienced investors argue that this is a momentary phase. Interestingly, an engineer believes that the biggest Bitcoin bull run is coming soon, considering the M2 marker.

Understanding the Biggest Bitcoin Bull Run Phase

In a recent tweet, a popular crypto analyst & engineer, Ted Boydston, presented an interesting BTC price analysis, predicting the upcoming Bitcoin bull run phase. According to Ted’s analysis, the price oscillator on the M2 has recently formed, which provides buy and sell signals.  As the M2 money stock analyses the liquid cash circulation, including physical cash (M1), checking deposits, and other near money instruments like saving, money markets, etc, it is a key economic indicator that influences all the financial markets, including the crypto market.

The engineer’s prediction also focuses on the same, as he talks about the Bitcoin price movements and the global liquidity trends. More importantly, the oscillator derived from the PPO of M2 sits at the lower panel. As a result, it flashed the buy signal and entered the green zone. More importantly, historical reports confirm that such signals often head to major money printing and Bitcoin’s manic phase. Eventually, this leads to the famous Bitcoin bull run.

Bitcoin Bull RunBitcoin Bull Run

During this time, investors often witness increased price volatility and rapid price appreciation. Although this signal works pretty well, there was one exception in 2016. It failed to flash a signal back then, as the Bitcoin halving event primarily drove the BTC price rally.

Interestingly, the investor’s expectations are still consistent to witness Bitcoin regaining support and surging past the current ATH of $108.2k.

Expert Bitcoin Price Predictions & Forecasts

Until recently, the biggest target for BTC price was $100k, but that has been achieved, so now the eyes are on what’s more coming. Many crypto analysts have claimed to see Bitcoin price at $150k or even $1M, but the most understandable one is that Bitcoin might reach $225k per Boydston’s analysis.

Boydston talks about the manic phase bull market, wherein each BTC cycle, a top is formed at around 0.382 Fibonacci retracement level. If the same data is put in the current cycle, the BTC price target is $225K with the Bitcoin bull run. Another crypto analyst has come with a similar outlook and predicted that Bitcoin price could reach $225k in June 2025. More importantly, he also predicted a major altcoin season beginning after that.

Bitcoin price predictionBitcoin price prediction

Such similar outlooks increased the probability of that happening for real. One other outlook focuses on Tether’s dominance, which is in a tough spot with its decreasing circulating supply with Europe’s Tether Ban. 

Final Thoughts

Ted Boydston’s analysts’ Bitcoin price prediction has presented a new image of the possible bull market for this cryptocurrency. As the M2 has flashed a buy signal, this has hinted that Bitcoin’s manic phase will begin soon. Interestingly, another crypto analyst has added the timelines to that as the Bitcoin bull run could result in the BTC price hitting $225k in June 2025 before handing over the bulls to the altcoins. This might make hundreds of investors’ dreams come true. However, careful investment and strategic planning are a must, as many factors could hinder this path. More importantly, running the technical analysis and making smart decisions are the keys to returns, not the internet analysts’ prediction, as they vary from time to time and from person to person.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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