- Algorand and IOTA prices have diverged this week.
- ALGO has surged to the highest point since 2022 while IOTA has pulled back.
- The two coins have more room to run as the crypto bonanza continues.
Algorand (ALGO) and IOTA prices have done modestly well in the past few weeks as the crypto rally intensifies. IOTA or MIOTA price peaked at $0.3720, which was 170% above its lowest point this year. It has now pulled back to $0.2800 as investors wait for the next catalyst.
Algorand price, on the other hand, has gone vertical and reached a high of $0.2525, which was 190% above its lowest point this year. Its total market cap has jumped to almost $2 billion even as its ecosystem growth remains under pressure.
IOTA’s and Algorand’s performance is mostly because of the ongoing crypto rally that has seen the total market cap surge to over $1.74 trillion. The industry is going through numerous tailwinds like hopes of rate cuts, spot Bitcoin ETF approval, and FOMO as the fear and greed index rises.
Algorand price forecast
Turning to the daily chart, we see that the Algorand price has been in a spectacular bull run in the past few months. It has risen by over 180% from its lowest point in September. Along the way, the coin has remained above the 50-day and 100-day Exponential Moving Averages (EMA).
The price is also along the upper side of the Bollinger Bands while the Average Directional Index (ADX) has moved to 40. This is a sign that the trend is extremely strong since it is above 20. At the same time, the Relative Strength Index (RSI) has moved to the extremely overbought level.
Therefore, the outlook for the ALGO price is still bullish, with the next point to watch being at $0.30. This trend will likely continue through Christmas Day as the Santa Claus rally gains steam.
Read more: How to buy Algorand.
IOTA price forecast
IOTA price surged to a high of $0.3720 as investors cheered the recent Shimmer news. The token has recently pulled back even as the crypto rally gained momentum. It remains above the 50-day Exponential Moving Average (EMA) while the Relative Strength Index (RSI) has formed a bearish divergence pattern.
IOTA token has also formed a bullish pennant pattern. In most cases, this pattern is one of the most accurate bullish signs in the market. Therefore, the outlook for IOTA is still bullish, with the next price to watch being the YTD high of $0.3720, which is over 31% above the current price.
