Algorand Price Analysis: ALGO retests $1.50 for the third time, ready to rally next?

TL;DR Breakdown

  • Algorand price analysis is bullish for today.
  • ALGO/USD saw a retest of the $1.50 support again overnight.
  • Alogrand starts to move higher today.

Algorand price analysis is bullish for today as another rejection for further downside was seen at the $1.50 support overnight. Since then, ALGO/USD has moved higher, indicating more upside to follow later today.

Algorand Price Analysis: ALGO retests $1.50 for the third time, ready to rally next? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 1.81 and 2.7 percent, respectively. Meanwhile, Solana (SOL) is still the worst performer, with a loss of 6.76 percent.

Algorand price movement in the last 24 hours: Algorand rejects the $1.50 support again

ALGO/USD traded in a range of $1.53 – $1.78, indicating strong volatility over the last 24 hours. Trading volume has decreased by 22 percent and totals $711.3 billion, while the total market cap trades around $10 billion, ranking the coin in 17th place overall.

ALGO/USD 4-hour chart: ALGO ready to break above $1.90 resistance?

On the 4-hour chart, we can see the Algorand price action gaining momentum again as bulls look to regain some of the loss seen earlier this week. 

Algorand Price Analysis: ALGO retests $1.50 for the third time, ready to rally next?
ALGO/USD 4-hour chart. Source: TradingView

The Algorand price action has seen strong bearish pressure over the past weeks. After a strong rally at the beginning of the month, ALGO/USD found a new swing high at $2.5. 

From there, ALGO set another slightly higher high and started to consolidate in an increasingly tighter range above the $1.90 support. On Monday, the Algorand price action spiked lower again, this time reaching the $1.50 support level.

The support was retested again over the following 24 hours, resulting in a consolidation being slowly established. Overall this price action development could lead ALGO/USD towards more upside later this week as bulls look to return above the $1.90 previous major support, which now could act as a resistance.

Algorand Price Analysis: Conclusion 

Algorand price analysis is bullish today as a new swing low has likely been set after a third rejection from the $1.50 support. Therefore, we expect ALGO/USD to turn bullish over the rest of the week and look to return back above the $1.90 resistance. 

While waiting for Algorand to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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