ALGO Price Surges 106%: Is $1 on the Horizon for 2024?

With a bullish recovery in the altcoin segment, Algorand is back on the list of top performers. Over the last 7 days, the ALGO price has increased by 60% and is inching closer to a $2 billion market cap. Furthermore, the 24-hour trading volume of Algorand has crossed above the $300 million mark, supporting the bull run.  

With a bullish recovery at play, will the Algorand price surge to $0.30? Let's find out in our latest ALGO price analysis. 

ALGO Price Analysis

In the weekly chart, the ALGO price trend shows a massive bullish reversal, undermining the long-term bearish influence. The ALGO price has increased by 106% with three consecutive bullish candles in the last 16 days. 

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The ALGO price has surpassed the 23.60% Fibonacci level at $0.1905. Starting the recovery from the $0.10 psychological mark, the altcoin is now trading at $0.225. 

With the resistance trendline breakout, the bull run in ALGO prices is now heading to challenge the 38.20% Fibonacci level at the $0.30 psychological mark. The trendline breakout rally is facing a bullish closure above the 100-week EMA. 

Technical indicators:

MACD: As the bullish trend gains momentum, the MACD and signal lines have diverged to regain the bullish alignment. Furthermore, the bullish histograms have resurfaced in the MACD indicator, signaling a surge of trend momentum. 

EMA: The ALGO price has surpassed the 50-week EMA line and is now challenging the 100-week EMA. Meanwhile, the uptick in the 50-day EMA has increased the chances of a bullish crossover with the 100-week EMA if the uptrend continues. 

Will ALGO Price Recover $0.20?

As the broader market recovers, the uptrend in Algorand's price could reach the 61.80% Fibonacci level at $0.6733. This will increase the chances of the altcoin reclaiming the $1 psychological mark to reach 78.60% Fibonacci level at $1.17. Hence, with an upside of 411% in 2024, this is one of the best breakout tokens to buy in the market. 

However, the downside risk in the ALGO price is as significant as the returns. In case of a bearish pullback, the downfall could reach the $0.14 mark near the broken resistance line or take a quick plunge to the $0.10 psychological mark, negating the bullish improvement. 

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