Hedera and Algorand strong Rebound—can they reach $1 in this Bull Market season?

After a slump in 2024, the cryptocurrency market is striving to recover from the latest downtrend, so altcoins are striving to regain dominance. Currently, BTC price has also gained some strength, so popular altcoins like Hedera and Algorand have shown tremendous strength since the beginning of this year. Therefore, the prices of HBAR and ALGO are expected to remain high and recover to $1 sooner.

Algorand (ALGO) price analysis
The Algorand price has fallen by more than 36% from its high in December, and with the recent Rebound, the token has confirmed the possibility of continuing to rise. The price has reached the neckline of a bullish pattern, so breaking this range may bring another 25% increase. However, the mid-term high of $0.5 seems to have succumbed to the bears, the question is whether the ALGO price can break through these levels.

ALGO price hovers between the 0.382 and 0.5 FIB levels, at $0.3 and $0.36, breaking through after the latest Rebound. With this move, the token completes a double bottom formation and touches the neckline. RSI is bullish, and the conversion and base lines of Ichimoku cloud are about to experience a bullish cross. Therefore, it is expected that Algorand price will soon clear the resistance zone between $0.4 and $0.41 and initiate a healthy rise towards the 0.5 FIB level at $0.5.