- Algorand price analysis is indicating bullishness today
- ALGO/USD spiked to $2.5 overnight.
- ALGO saw retracement to $2.00 earlier today.
Algorand price analysis is bullish for today as both a higher high and low were set over the last 24 hours. Therefore, as long as the $2.00 support holds, we expect ALGO/USD to rise and move towards further highs.
The overall cryptocurrency market traded in the bearish zone over the last 24 hours as bears took over the market momentum overnight. The market leader, Bitcoin, has dropped by 0.96 percent, while Ethereum remains flat. Solana (SOL) is among the best performers, with a gain of 6.42 percent.
Algorand price movement in the last 24 hours: Algorand retraces to $2.00 support
ALGO/USD traded in a range of $2.0 – $2.5, indicating strong volatility over the last 24 hours. Trading volume has surged by 72.12 percent and totals $2.39 billion, while the total market cap stands at $10.64 billion, ranking the coin in 18th place overall.
ALGO/USD 4-hour chart: ALGO prepares for another rally?
On the 4-hour Algorand price analysis chart, the Algorand price action looks to close bullish in preparation for further upside over the next 24 hours.
Algorand price prediction is bullish today as a slightly higher low was set over the last 24 hours. Overall, ALGO/USD has gained more than 100 percent over the past month after a new swing low was set around $1.20 on the 20th of July.
Since the previous major swing high at $2.50 was broken earlier this month, the overall market structure has turned bullish again, and we can expect a lot more upside past the current high of $2.70 set yesterday.
However, after a strong rally early yesterday, buyers were exhausted, failing to see much further upside above the $2.7 mark. Over the past few days, Algorand’s price has established strong support, from which we should see a rally higher over the next 24 hours, with the $2.65 resistance as the next target.
Algorand Price Analysis: Conclusion
Algorand price analysis is bullish for today as a slightly higher low was set overnight after a brief spike higher. Since buyers have regained control today, we expect ALGO/USD to continue moving higher and try to reach the next resistance at $2.65 next.
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