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Algorand Price Analysis: ALGO above $1.64 support, bearish movement to follow?

Algorand Price Analysis

TL;DR Breakdown

  • Algorand price analysis is bullish for today, up by 7%. 
  • Price action moved from $1.55 low to $1.749 high.

Algorand price analysis is bullish for today as the coin moves towards the resistance present at $1.683. The current resistance has not been broken, and bulls seem to lack the momentum to carry the price upwards. The biggest gains today include Binance Coin that rose by 9%, and DYDX, gaining 28%.

The sudden ALGO/USDT price surge is also the result of an announcement made by the Algorand Foundation today. The Foundation tweeted that it is collaborating with DLA Piper, one of the largest business law firms. The partnership involves DLA Piper leveraging the Algorand token for its unique platform TOKO.

The overall market remains bullish today as Bitcoin rose from $41K to $42K price levels. The buying pressure has been high for the entire market. If the bulls keep up, we can expect ALGO/USDT to reclaim the $1.7 support level.

Algorand Price Analysis: ALGO/USDT Price action in the last 24-hours

Algorand price analysis in the last 24-hours has seen a surge in trading volume by 1.62%, at $582 million. This data shows the increased interest of investors in the Algorand token which resulted in an increase in the market cap by 0.79%, at $9.9 billion. Its dominance rate is at 0.53% with a rank of 17.

The price of the coin started today at $1.56, reached a low of $1.55, while a high of $1.749 was witnessed. This price spike gave bullish momentum to the coin, as shown in the chart below. 

The 50-day and 100-day Moving Averages are above the price momentum, creating a bearish scenario for the trading pair.

Algorand Price Analysis: ALGO above $1.64 support, bearish movement to follow? 1

ALGO/USDT 4-hour price chart: The bulls aim at $1.683 resistance

The nearest resistance is at $1.683, which the bulls are now eyeing. Currently, we see a bearish retracement from the above resistance level. 

On 28th September, we saw the coin drop down by 6.48%, and it seems that has all been regained. If Bitcoin continues its upward journey, so will the rest of the altcoin market. 

Algorand price analysis: Conclusion

On 22th and 23rd September, we saw the ALGO/USDT pair rise by 17.09% and 8.53%, respectively. The highest price reached was $2.49 on 23rd September. Considering that scenario, this could be the perfect time to capitalize and place buying orders. There are strong indications of rising buying pressure that makes the price momentum bullish.

If you are new to investing in crypto, visit our guides. These guides will bring you much insight and knowledge about the crypto world.

 

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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