- Algorand price analysis is bearish today.
- ALGO/USD saw a strong push lower yesterday.
- Closest support at $1.55.
Algorand price analysis is bearish today as we expect more downside to follow over the next 24 hours after a sharp drop was seen late yesterday. Likely ALGO/USD will retrace even further, with the next support seen at $1.55.
The cryptocurrency market has seen a decline over the last 24 hours. The market leaders, Bitcoin and Ethereum, declined by 3.23 and 2.95 percent. Meanwhile, Algorand (ALGO) is among the worst performers, with a drop of around 7 percent.
Algorand price movement in the last 24 hours: Algorand peaks below $1.80, moves into a retracement
ALGO/USD traded in a range of $1.63 – $1.78, indicating strong volatility over the last 24 hours. Trading volume has declined by 61.23 percent, totaling $352.5 million. Meanwhile, the total market cap trades around $10.54 billion, ranking the coin in 19th place overall.
ALGO/USD 4-hour chart: ALGO set to retrace to $1.55 next?
On the 4-hour chart, we can see bearish momentum returning for the Algorand price action, likely leading to the next major support at $1.55 next.
Algorand has seen strong advance continue this week with another strong higher high set. From the last swing low at $1.45, ALGO/USD gained more than 20 percent as it peaked below $1.80 yesterday.
After several attempts to move even higher, strong rejection was seen by the end of the day. ALGO quickly dropped below $1.65, with bearish momentum still in control.
Likely we will see the Algorand price continue even lower over the next 24 hours, with the closest support seen at $1.55. If support is found there, another strong higher low would be set, likely sending ALGO/USD to test more upside next week.
Algorand Price Analysis: Conclusion
Algorand price analysis is bearish today as we saw a strong push lower after a consolidation below the newly found swing high. Therefore, ALGO/USD is now ready to retrace, with the likely target to be tested located at $1.55.