Crypto Market: Algorand and Hedera Show Signs of Recovery

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by Giorgi Kostiuk

2 years ago

Since Donald Trump's victory in the U.S. elections, the cryptocurrency market is experiencing a bullish momentum. Bitcoin hit a record high of $103K, while altcoins like Algorand and Hedera have seen significant rallies.

Algorand (ALGO) Dynamics

Algorand (ALGO) has seen monthly gains exceeding 150%. After reaching $0.6144, the price corrected to the lower support of a falling wedge. ALGO is now nearing resistance and trading around $0.4315. Breaking resistance could target $0.48 and $0.5250.

Hedera (HBAR) Movement

Hedera (HBAR) dominated with a 300% rally last month, hitting $0.3923. A correction followed, dropping to the support of a descending channel. HBAR is now recovering, trading at $0.2939. It may test the resistance level at $0.33 if the upward momentum continues.

Conclusion and Prospects

Algorand and Hedera show recovery signs post-correction. Key levels to watch are $0.44 for ALGO and $0.29 for HBAR, indicating potential for further upside. Recovery is possible if market sentiment remains positive.

Both ALGO and HBAR indicate recovery trends after recent corrections. Investors watch key breakout levels, suggesting further upward potential if conditions remain favorable.

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