TL;DR Breakdown
- Algorand price analysis is bearish today.
- ALGO/USD set lower high at $1.90.
- The market continues to consolidate.
Algorand price analysis is bearish today as we expect another higher low to be set later today. Therefore, ALGO/USD should continue moving in an increasingly tighter range over the following days.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 3 and 3.8 percent, respectively. Meanwhile, Avalanche (AVAX) is among the top performers, with a gain of over 8.5 percent.
Algorand price movement in the last 24 hours: Algorand sets lower high as the consolidation continues
ALGO/USD traded in a range of $1.79 – $1.91, indicating mild volatility over the last 24 hours. Trading volume has declined by almost 60 percent, totaling $650 million, while the total market cap trades around $11.48 billion, ranking the coin in 20th place overall.
ALGO/USD 4-hour chart: ALGO set to retrace again?
On the 4-hour chart, we can see bears slowly taking over as the Algorand price action will look to set another higher low to continue the consolidation.
Algorand price has seen strong volatility this week. After a several-day decline from $2.30 to $1.55, a strong lower low was set on the 16th of November. From there, a sharp reversal followed on the 18th of November, quickly breaching the previous high and spiking to $2.82.
However, most of the gain was quickly retraced, with support found at $1.75 the same day. Since then, we have seen ALGO/USD set both lower high and higher low, indicating consolidation in an increasingly tighter range.
Yesterday, the Algorand price action tested the $1.75 mark, with a rally to $1.90 establishing another lower high. Since then, ALGO/USD has seen bearish momentum slowly return, likely leading to another retracement over the next 24 hours.
Algorand Price Analysis: Conclusion
Algorand price analysis is bearish today as we expect another drop lower to follow over the next 24 hours after another lower high set. Therefore, we should see ALGO/USD move towards $1.75 support, where a higher low will be set to continue the consolidation.
While waiting for Algorand to move further, see our guides on the Best crypto exchange, how to mine Algorand Classic, and Cardano vs Algorand.
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