Over the last week, Algorand’s price rose by 36%. People are trading it much more too – volume is up 104%, showing lots of investors are buying and selling. At the time of writing, ALGO is worth $0.452. However, top analyst Cas Abbé shared on X that Algorand might reach $1 in early 2025.
He pointed to Algorand’s strong technical foundation and its U.S. base as key factors. Looking at the price charts, there are signs of an upward breakout, which backs up this prediction. More people have been paying attention to Algorand lately as its price has started climbing.
What you'll learn 👉
ALGO Chart Analysis
The chart shows the price of Algorand breaking free from a pattern it’s been stuck in since 2021. This pattern, called a descending wedge, shows up when the price keeps bouncing between two lines that slowly come together.
When prices break out of this pattern, it often means a change in direction is coming. The breakout was confirmed by a notable increase in price and trading volume, indicating strong buying pressure.
Key support for Algorand was established around $0.583, identified as Point A on the chart. This level served as a foundation for the recent rally. Resistance levels near $1.00 and $2.827 have been identified as potential price targets, with $1.00 acting as a psychological milestone. The analysis also highlights that resistance has now shifted to support, further supporting the bullish outlook.
Algorand Short-Term Correction Paves Way for Uptrend
Cas Abbé emphasized that Algorand’s short-term correction has ended, referring to the price dip to $0.583 before the current upward movement. Abbé described the asset as a “highly scalable L1,” underscoring the project’s technical capabilities and market potential. The ongoing rally is attributed to a combination of this technical recovery and broader confidence in the blockchain’s fundamentals.
The projected price target, outlined in the chart analysis, aligns with Abbé’s claim of Algorand reaching $1 by Q1 2025. While this target is conservative compared to the potential $2.827 level shown on the chart, the current trend suggests strong momentum.
Read Also: Will Polkadot (DOT) Price Hit $8 Soon? Analyst Weighs In!
Volume Surge Confirms Market Sentiment Shift
A substantial increase in trading volume coincided with the breakout, further validating the shift in market sentiment. Historically, volume spikes during breakouts signal growing investor interest and reinforce the potential for sustained upward movement.
This analysis, combined with the bullish tone of Abbé’s tweet, highlights Algorand as a blockchain project to watch in the coming months. The market will continue to monitor key support and resistance levels as the asset progresses toward the $1 milestone.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
