- Algorand price analysis is bearish today.
- ALGO/USD continued to decline yesterday.
- Local support was found at $1.70.
Algorand price analysis is bearish today as we will likely see a continuation of the downside seen over the past days after a brief bounce from the $1.70 mark. Therefore, ALGO/USD will reverse back to the upside after some more bullish reaction over the next hours.
The cryptocurrency market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 2.52 and 3.24, respectively. Meanwhile, Terra (LUNA) is among the top performers, with a gain of more than 8 percent.
Algorand price movement in the last 24 hours: Algorand reacts from the $1.70 after a further selloff yesterday
ALGO/USD traded in a range of $1.69 – $1.76, indicating mild volatility over the last 24 hours. Trading volume has increased by 19.25 percent and totals $214 million, while the total market cap trades around $10.68 billion, ranking the coin in 20th place overall.
ALGO/USD 4-hour chart: ALGO to see further downside today?
On the 4-hour chart, we can see Algorand price action reacting higher after a brief bounce from the $1.70 mark. Likely a lower high will be set before further downside over the next 24 hours.
Algorand price action has traded in a bearish for most of October after a strong start during the first week. After a strong rally from the $1.55 support, ALGO/USD peaked at $2.10 on the 4th of October, leading to an initial retracement.
Support was found at $1.75, leading to another attempt to push higher. However, a clear lower high was set below $2, leading to another heavy push lower, this time to the $1.60 mark.
Last week, ALGO/USD retraced some of the loss and set another lower high below $1.90. After a second retest of the resistance on the 17th of October, another drop lower followed on Monday. Since then, the Algorand price action has seen further downside, with local support currently at $1.70.
Algorand Price Analysis: Conclusion
Algorand price analysis is bearish today as we will likely see another local lower high set over the next hours. From there, we expect ALGO/USD to continue lower later this week.
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