- The price of Algorand is currently bullish.
- The cryptocurrency market performed well overnight, with ALGO/USD posting a significant gain.
- The $1.90 resistance has been broken, and the bulls are in control!
The price of Algorand is presently bullish, as a significant advance was achieved during the previous 24 hours, and the prior 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.
Cryptocurrency heat map. Source: Coin360
Over the past 24 hours, the overall market has traded with mixed results. Bitcoin increased by 1.11%, while Ethereum dropped by 1.8%. Meanwhile, Solana (SOL) is one of the worst performers, with a drop of more than 9%.
Algorand price movement in the last 24 hours: Algorand breaks $1.90 major resistance
Currently, the Binance Coin/USD pair is trading in a range of $1.77-$1.969, suggesting significant volatility over the past 24 hours. Volume has increased by 91.11 percent and stands at $1.24 billion. The market capitalization is around $11.9 billion, placing the cryptocurrency 16th on the list
ALGO/USD 4-hour chart: ALGO to retest $1.90 as support?
On the 4-hour chart, we can see that the Algorand price is retracing over the past several hours as the market tests the $1.90 previous resistance and rises from there.
ALGO/USD 4-hour chart. Source: TradingView
Algorand’s price action has been trading in a steadfast bearish trend for weeks. On September 20, support was discovered above $1.50 after a steep decline below the $1.90 barrier.
The price of ALGO/USD moved in a tighter range over the following week, with two apparent lower highs established. In the meanwhile, $1.55 provided support, preventing additional losses.
Finally, the price action resulting from this development led to a reversal over the weekend. Yesterday, the Algorand price approached the $1.90 resistance level, with a breakout following during the second half of the day.
Algorand Price Analysis: Conclusion
The Algorand price analysis is bullish right now, as a strong rally continued overnight and lifted the market above the $1.90 resistance level. At present, a minor retracement can be observed as the $1.90 support mark is revisited. We should then see ALGO/USD rise over the next 24 hours or more.
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