- Algorand price analysis is bullish today.
- ALGO/USD saw a strong advance overnight.
- Resistance at $1.90 clearly broken.
Algorand price analysis is bullish today as a strong advance was seen over the last 24 hours, and the previous resistance at $1.90 was broken in a clear way. Therefore, we expect ALGO/USD to see further upside later today, likely after a retest of the $1.90 mark as support.
The overall market traded in the red over the last 24 hours. The market leader, Bitcoin, lost 1 percent, while Ethereum was down by 2.86 percent. Meanwhile, Algorand (ALGO) is among the best performers, with a gain of 11 percent.
Algorand price movement in the last 24 hours: Algorand breaks $1.90 major resistance
ALGO/USD traded in a range of $1.81 – $2.09, indicating strong volatility over the last 24 hours. Trading volume has spiked by 91.11 percent and totals $1.24 billion. The total market cap trades around $11.9 billion, ranking the coin 16th place overall.
ALGO/USD 4-hour chart: ALGO to retest $1.90 as support?
On the 4-hour chart, we can see the Algorand price retracing over the past hours as the market looks to retest the $1.90 previous resistance as support and move higher from there.
Algorand price action traded in a steady bearish momentum over the past weeks. After a sharp drop below the $1.90 support on the 20th of September, support was found above $1.50.
Over the following week, ALGO/USD traded in an increasingly tighter range, with two clear lower highs set. Meanwhile, the $1.55 mark offered support, preventing further downside.
Ultimately, this price action development resulted in a reversal over the weekend. Yesterday, the Algorand price approached the $1.90 resistance, with breakout following during the second half of the day.
Algorand Price Analysis: Conclusion
Algorand price analysis is bullish today as a strong advance continued overnight and took the market above the $1.90 resistance. Currently, a slight retracement can be seen as the $1.90 mark will be retested as support. From there, we should see ALGO/USD move higher over the next 24 hours.
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