Algorand Price Analysis: ALGO begins to retrace, $1.55 support tested next?

Algorand Price analysis

TL;DR Breakdown

  • 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.

Algorand Price Analysis: ALGO begins to retrace, $1.55 support tested next? 1
Cryptocurrency heat map. Source: Coin360

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 Price Analysis: ALGO begins to retrace, $1.55 support tested next?
ALGO/USD 4-hour chart. Source: TradingView

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.

While waiting for Algorand to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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.

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