- Algorand price analysis is bullish today.
- ALGO/USD is currently trading at $1.97.
- Bulls aim to break above $2.
Today, the Algorand price analysis is positive since a solid advance was observed over the past 24 hours, and the previous resistance at $1.90 was broken in a clear manner. As a result, we anticipate ALGO/USD to continue to rise later today, most likely after a retest of the $1.90 support level.
Alogrand price analysis has broken out of its descending channel solidly and is also trading well above the 50-day EMA. Further resistance is located at the 100-day EMA, which currently hovers around $2.50. Within the Ichimoku cloud, several support levels for Algo/USD will be encountered along with the rise today, most notably at $1.90 and $1.55.
The hourly chart of ALGO/USD shows that the market may be just about to retrace slightly. A potential area of support lies near $2.05, representing a 61.8% Fibonacci retracement of the advance witnessed over the past 24 hours. This is also close to the 100-hour SMA (blue).
Algorand price movement in the last 24 hours: Algorand breaks $1.90 major resistance
ALGO/USD has made a very sharp advance in the past 24 hours. This advance really took off once it broke through the major resistance level at $1.90, which had been in place for most of November and early December. Resistance at this price point is now only established through the break of the 100-day EMA.
ALGO/USD 4-hour chart: ALGO to retest $1.90 as support?
On the 4-hour chart, we can see the Algorand price retracing over the past hours as the market looks to retest the $1.90 previous resistance as support and move higher from there.
ALGO/USD 4-hour chart. Source: TradingView
The 4-hour chart of ALGO/USD below illustrates the strong bullish pressure observed over the past 24 hours. The advance has taken place in a very clean manner. We can see that the market is currently located at $2.25, representing the next resistance level for Algorand price analysis today. We expect the market to retest the $1.90 support level before moving higher, and thus we hold a bullish Algorand price forecast for today.
The price of Algorand tumbled in a persistent bearish trend over the past weeks. On September 20th, support was discovered above $1.50 after a sizable drop beneath $1.90.
Finally, as the situation progressed, a reversal occurred over the weekend. The Algorand price approached $1.90 resistance yesterday, with a breakout following during the second half of the day.
Algorand Price Analysis: Conclusion
The price of Algorand is up today, as a strong advance was maintained overnight and led the market above the $1.90 resistance level. The $1.90 mark is now being tested as support, and a minor retracement can be observed at this level. ALGO/USD should then rise in value over the next 24 hours.
We anticipate ALGO/USD to continue to rise later today after testing the $1.90 support level. A retracement is then expected before the market moves higher again in value.
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