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Algorand Price Analysis: ALGO bounces back from  downtrend and tests $1.79

Algorand

TL;DR Breakdown

  • Algorand price analysis is bullish for today.
  • ALGO/USD saw a retest of the $1.50 support again overnight.
  • Alogrand starts to move higher today.

The price analysis for Algorand is bullish today, as another rejection for more decline was noted at the $1.50 support level overnight. Since then, ALGO/USD has advanced, suggesting more upside to come later today.

Over the last 24 hours, the market has been in decline. Bitcoin and Ethereum are both down by 1.81 percent and 2.7 percent, respectively. Meanwhile, Solana (SOL) is still the worst performer with a loss of 6.76%.

Algorand price movement in the last 24 hours: Algorand rejects the $1.50 support again

Last week, the price of ALGO/USD reached a high of $1.834 before retracing slightly to test the crucial region between $1.53 and $1.78 during today’s action. Volatility has been rather high over the past 24 hours, with trading volume declining by 22 per cent and totaling $711 billion.

ALGO/USD 4-hour chart: ALGO ready to break above $1.90 resistance?

On the 4-hour chart, we can observe that the Algorand price is beginning to gather momentum once again, as bulls attempt to recoup some of the losses incurred earlier this week.

Algorand price analysis
ALGO/USD 4-hour chart. Source: TradingView

The Algorand price has been under significant bearish pressure for the previous weeks. ALGO/USD made a new swing high at $2.5 in early May, after a promising start to the month.

ALGO followed a similar trend, which resulted in an additional higher high and the start of consolidation within an increasingly tighter range above $1.90 support. On Monday, the Algorand price action sank once more, this time to $1.50.

After this time frame, ALGO/USD found strong support at $1.80 and moved to consolidate above the level for several days, before once again attempting to break through it. Overall, this price action development may lead ALGO/USD higher later in the week as bulls eye a return above the $1.90 major support, which could

Algorand Price Analysis: Conclusion 

Today’s Algorand price analysis is bullish, as a new swing low has almost certainly been established following a third resistance rejection at $1.50. As a result, we anticipate ALGO/USD to rally over the next seven days and return above $1.90.

While waiting for Algorand to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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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