There are speculations that the Algorand price is on its way to $1.26 after hitting $0.408, a level not seen since November 2022. The ALGO coin has surged by 31.66% over the last 24 hours, boasting a market capitalization of $3.22 billion.
There has also been a notable surge in Algorand’s trading volume. It has increased by 440.12% over the previous day and is currently at over $1.35 billion, reflecting the bullish market activity in the blockchain token.
ALGO/USD 24-hour price chart | TradingView
This performance, coupled with positive technical indicators and fundamentals, points to more gains, at least in the near term. Some cryptocurrency analysts predict the ALGO coin’s price will reach as high as $1.26 between now and 2025.
Algorand price is set to hit $1.26
According to “STEPH IS CRYPTO,” a crypto analyst with over 26k followers on X and 33.5k subscribers on YouTube predicted that the Algorand coin is breaking out. He stated that his technical target is roughly $1.26.
Moreover, on November 28, he initially shared an analysis video on his YouTube channel, maintaining that Algorand was trading on the sidelines and predicting a significant surge soon.
In the video, which has already garnered around 6,000 views, Steph Is Crypto predicted that the Algorand coin price has a substantial opportunity for growth and the potential to reach new all-time highs by 2025.
For context, Algorand (ALGO) hit an all-time high of $3.28 on June 21, 2019, 88.03% below that level. However, the crypto expert predicts that the current market position suggests a bullish trend for utility-driven cryptocurrencies like Algorand.
He further noted monitoring Bitcoin dominance is essential as it affects altcoin performance. A rise in Bitcoin dominance typically signals a bearish environment for altcoins like Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Ripple (XRP), impacting their growth potential.
ALGO/USD price outlook
Looking at the daily charts of ALGO/USD, we notice that the Bollinger Average is at $0.229, which the price has far exceeded, confirming a breakout.
Currently trading at $0.40, the coin would need to achieve more than a 220% increase to meet the $1.26 target. This growth is plausible, considering the increased investor interest and the breakout above crucial technical resistance levels, such as the Bollinger Bands and moving averages.
Breaking past $0.50–$0.60 would pave the way for more significant gains as the psychological $1 mark comes into focus.
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