Algorand Price Analysis: ALGO starts to move higher after the second retest of $1.50 support

Algorand Price analysis

TL;DR Breakdown

  • Algorand price analysis is bullish for today.
  • ALGO/USD saw another test of the $1.50 support overnight.
  • ALGO started today with a slight upside movement.

Algorand price analysis is bullish for today as a new major swing low has likely been established above $1.50. Since the support prevented further downside twice over the last 24 hours, we expect a reversal to follow next.

Algorand Price Analysis: ALGO starts to move higher after the second retest of $1.50 support 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.84 percent, while Ethereum has lost 1.91 percent. Meanwhile, Solana and Cardano are among the best performers, with around a 2 percent increase.

Algorand price movement in the last 24 hours: Algorand retests the $1.50 support, further downside heavily rejected

ALGO/USD traded in a range of $1.53 – $1.82, indicating substantial volatility over the last 24 hours. Trading volume has increased by 29.72 percent and totals $1.087 billion, while the total market cap trades around $9.88 billion, ranking the coin in 18th place overall.

ALGO/USD 4-hour chart: ALGO looks to test $1.90 previous support next?

On the 4-hour chart, we can see the Algorand starting today bullish as it’s headed to test the $1.90 previous support as a resistance. 

Algorand Price Analysis: ALGO starts to move higher after the second retest of $1.50 support
ALGO/USD 4-hour chart. Source: TradingView

Algorand price action traded in a relatively large but decreasing range over the past weeks. After setting a new all-time high around $2.50, the market started to consolidate, with the $1.90 acting as support several times.

Late last week, the trading range for ALGO started to decrease as lower highs were set, while the $1.90 support held. However, yesterday, the support broke, resulting in a quick spike lower.

Support was finally found above the $1.50-$1.60 price area, with a second retest of the low overnight. Since further downside got rejected, we assume that bulls are ready to take over the Algorand price action momentum and look to test the $1.90 previous major support as a resistance next.

Algorand Price Analysis: Conclusion 

Algorand price analysis is bullish today as a new significant swing low has been established over the last 24 hours, and bulls are slowly taking over the market momentum again. Therefore, we expect ALGO/USD to move to $1.90 resistance next.

While waiting for Algorand to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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