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Algorand Price Analysis: ALGO rallies above $2, a slow retracement to follow before further upside?

Algorand Price analysis

TL;DR Breakdown

  • 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.

Algorand Price Analysis: ALGO rallies above $2, a slow retracement to follow before further upside? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: ALGO rallies above $2, a slow retracement to follow before further upside?
ALGO/USD 4-hour chart. Source: TradingView

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.

While waiting for Algorand to move further, read our guides on Mycelium Wallet, Next Cryptocurrency to Explode in 2021, as well as our BitMEX review.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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