Can ALGO hold another support at $2.40?

TL;DR Breakdown

  • Algorand price analysis is bullish for today.
  • ALGO/USD saw another decline to $2.1.
  • ALGO is likely to reverse today.

Algorand price analysis is bullish today as the previous support at $2.00 still holds after another strong drop over the last 24 hours. Therefore, we expect ALGO/USD to reverse higher later today and look to test previous highs next.

Algorand price analysis
Cryptocurrency heat map. Source: Coin360

The overall market traded in with mixed signals after some coins recorded gains while others posted losses. Bitcoin and Ethereum gained 0.25 percent and 0.21 percent respectively. Market losers include XRP, ADA, BNB, and SOL.

Algorand price movement in the last 24 hours: Algorand drops to $18.5 support again

ALGO/USD traded in a range of $2.09 – $2.21, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 15.25 percent and totals $1.922 billion, while the total market cap trades around $11.36 billion, ranking the coin at position 18 overall.

ALGO/USD 4-hour chart: ALGO to reverse again?

On the 4-hour chart, we can see Algorand price action testing the $2.00 support again, which should lead to a reversal later today.

Algorand Price Analysis: Can ALGO hold another support at $2.40? 1
ALGO/USD 4-hour chart. Source: TradingView

Algorand price action has seen strong volatility over the last week. After peaking at $2.49 during the last days of August, a drop to $1.84 support followed until the first of September.

From the support, ALGO/USD attempted to rally higher again. The market price peaked at around the $2.49 mark, resulting in a sharp decline on the 7th of September. ALGO lost more than 25 percent until lower support was found at $1.85

Since then, ALGO has set a lower high twice, which retesting the $2.00 mark for the third time today, indicating an increasingly tighter consolidation range forming. Considering this price action development, we expect ALGO/USD to reverse higher again and look to break higher over the next 24 hours.

Algorand Price Analysis: Conclusion 

Algorand price analysis is bullish today as the market price has returned to the $2.00 support, where further downside was prevented over the weekend. Therefore, we expect ALGO/USD to reverse once more and look to break back towards the previous local highs.

While waiting for Algorand to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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