- ALGO gained 155% and HBAR surged over 350% in the past 30 days following Trump's election victory and Bitcoin's rally to $103K all-time high.
- Both tokens corrected over 10% last week but are now showing signs of recovery from key support levels.
- ALGO is approaching resistance at $0.44 with potential targets of $0.48 and $0.5250, representing up to 20% additional upside.
- HBAR is recovering from its descending channel pattern and could test upper resistance around $0.33 if it sustains momentum above $0.29.
Date: Sun, Dec 15, 2024, 02:47 PM GMT
In the cryptocurrency market, since Donald Trump’s victory in the U.S. elections, we have been witnessing a strong bullish momentum that propelled Bitcoin (BTC) to its all-time high of $103K. Following this massive surge, altcoins have also experienced significant rallies, including Algorand (ALGO) and Hedera (HBAR). ALGO recorded an impressive 155% gain, while HBAR saw massive gains of over 350% in the last 30 days.
However, after such strong rallies, both tokens experienced a correction last week, retracing over 10% in the past 7 days. Today, both ALGO and HBAR are showing signs of recovery and appear to be back on track, as seen in the charts.
Algorand (ALGO):
Algorand (ALGO) has been on a bullish ride with monthly gains exceeding 150%. After hitting a high of $0.6144 on December 6, the price entered a correction phase, retracing down to the lower support of a falling wedge pattern.
As highlighted in the chart, ALGO is now showing signs of a reversal from the support level and is currently trading around $0.4315. It is now approaching its upper resistance trendline and the nearby horizontal resistance zone at $0.44.
What’s Next?
If ALGO successfully breaks out from this key resistance level, it could target higher levels:
- First Resistance: $0.48
- Second Resistance: $0.5250
These targets would represent an additional 20% potential upside from the current price.
Hedera (HBAR):
Hedera (HBAR) has dominated the altcoin space with its 300% rally over the past month, reaching a peak of $0.3923 on December 3. Following this surge, HBAR experienced a correction, dropping to the lower support of a descending channel pattern.
Currently, as shown in the chart, HBAR has started its recovery and is trading at $0.2939.
What’s Next?
If HBAR can sustain its current upward momentum, it is likely to test the upper descending resistance level around $0.33.
Conclusion:
Both ALGO and HBAR are exhibiting recovery signals after their recent corrections. Traders and investors will closely watch key breakout levels:
- For ALGO: Above $0.44 for confirmation of further upside.
- For HBAR: Sustaining above $0.29 to approach $0.33.
These recovery signs suggest both tokens could resume their upward trajectory in the coming days, provided the overall market sentiment remains favorable.
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