The cryptocurrency market has started to show signs of a recovery as Bitcoin’s price strengthens, waking up altcoins that were previously suppressed under bearish pressure. Among the tokens gaining traction are Hedera (HBAR) and Algorand (ALGO), which have displayed considerable strength since the beginning of the year. These altcoins, once battling a downtrend, are now on a path to potentially reclaim the $1 mark this bullish season.

Algorand (ALGO) Price Analysis: A Strong Rebound

Algorand’s price experienced a steep pullback of over 36% from its December highs, but the token has recently demonstrated signs of a strong recovery. As the price approached a critical neckline in a bullish pattern, it hinted at the possibility of further upward momentum. A breakout from this level could propel ALGO’s price by another 25%, potentially surpassing interim resistance levels.

Previously, ALGO had been stuck between the 0.382 and 0.5 Fibonacci retracement levels, ranging from $0.30 to $0.36. With its recent rebound, the token successfully breached these levels, completing a double-bottom pattern. As a result, the RSI has been on an upward trend, indicating increasing buying pressure. Additionally, the Ichimoku cloud indicators suggest a bullish crossover is imminent, adding to the optimism surrounding the price movement. A successful breakout above the resistance zone between $0.40 and $0.41 could set the stage for a rise to the 0.786 Fibonacci level at $0.50 in the short term.

Hedera (HBAR) Price Analysis: Consolidating for a Breakout

Hedera’s price has also been showing significant momentum, especially following a recent breakout. The token appears to be consolidating within a decisive phase, likely forming a symmetrical triangle pattern. While this consolidation phase could trigger a minor pullback to $0.28, it ultimately sets the stage for a potential bullish breakout.

The recent price movement has shown signs of upward pressure, but volume has decreased, suggesting that sellers are currently in control. However, a bullish reversal could be on the horizon as the RSI starts to climb back toward the upper threshold, signaling growing buyer interest. Additionally, the MACD is hinting at a potential bullish crossover, which could enable HBAR to break out of the consolidation phase and push into the resistance zone between $0.32 and $0.33.

What’s Next for HBAR and ALGO?

Both Hedera (HBAR) and Algorand (ALGO) are navigating through critical consolidation phases. The upcoming weekly close for these tokens will play a crucial role in determining their near-term price action. If the tokens successfully break out of their current resistance levels, they could experience significant price gains, possibly aiming for the $1 mark during this bullish cycle.

While Hedera and Algorand both face resistance in the near term, the technical indicators suggest that a breakout could be imminent. If this happens, both altcoins may establish themselves as strong contenders for the upcoming bull season, potentially seeing substantial gains. For now, investors are eagerly watching the price movements of HBAR and ALGO, as the market sets up for what could be a thrilling period of growth.

As the crypto space continues to evolve, it’s clear that these altcoins are positioning themselves to take advantage of the broader market recovery, but it remains to be seen whether they can maintain their momentum and reach the $1 mark this season.