The crypto markets faced notable bearish pressure during the past week, which raised concerns over the upcoming price action. Meanwhile, the latest recovery suggests the tokens are on a bullish track as the global market capitalisation surged over $3.5 trillion while the sentiments have again become greedy. In the meantime, Algorand (ALGO) is among the top performers for the day, attracting over double-digit gains, which has raised hopes for an extended bullish action of over 60% in the next couple of weeks, which could elevate the ALGO price above $0.5.
Will ALGO price reclaim $1 in 2025?
The latest collaboration of Algroand with Mastercard is believed to be the classic move that may attract massive liquidity. The adoption is expected to increase with higher changes of ALGO being used as a mode of payment, wherever Mastercard is accepted. Moreover, the latest upgrade, Algorand 4.0, which is expected to be deployed any time from now, could attract the required liquidity with its staking feature. As per the X post shared by Algorand CTO John Woods, the consensus upgrade is expected to consume a week. The staking rewards will go live after 6.5 days (208,000 rounds), achieving over 90% of stake votes. With the beginning of a new era, ALGO’s demand could increase, which may eventually impact its value over time.
After rebounding from the support zone between $0.32 and $0.3278 for the third consecutive time, the price surged to the resistance, completing a triple-bottom pattern. The technicals have turned bullish, suggesting a breakout in the next few hours. Chaikin money flow, which is used to measure money flow volume, has just surged above ‘0’ which is a sign of market strength with an increased buying pressure. On the other hand, the +Di & -Di are about to undergo a bullish crossover, which suggests the momentum has shifted to bullish.
Besides, the RSI has been varying in and out of the average range, suggesting the bulls to have held a significant strength. Besides, the MACD underwent a bullish crossover after overcoming a small bearish action, hinting towards a bullish continuation.
Hence, all the factors, fundamental and technical, point towards the continuation of a bullish trend beyond the resistance zone between $040 and $42. This may further push the price above $0.5. However, after withstanding minor bearish activity, the price is expected to revamp a strong rise to $0.6, which may open the doors to $1 later this year.
