- Algorand price analysis is bullish today.
- ALGO/USD moved lower again overnight.
- Resistance found around $1.82
The price analysis of Algorand is bullish today, as we anticipate a lower high to be established above $1.72 in the coming hours. As a result, ALGO/USD should rise once again as bulls attempt to recoup some of the damage incurred over the past week.
Cryptocurrency heat map. Source: Coin360
Data from the overall cryptocurrency market indicates the majority of the coins are trading in the red zone. Solana and CRO are the only gainers in the last 24-hours with 3.56 and 12.56 percent respectively. Market leaders Bitcoin and Ethereum shed 2.97% and 4.2% of their value.
Algorand price movement in the last 24 hours: Algorand moved lower again after consolidation below $1.75
During the period, ALGO/USD fluctuated between $1.63 and $1.76, displaying significant volatility over the previous 24 hours. Trading volume has decreased by 5.96 percent, to %97 billion, while the overall market capitalization is currently about $10 billion, placing it in 22nd place worldwide.
ALGO/USD 4-hour chart: moving to retest the previous low
On the 4-hour chart, we can observe selling pressure returning overnight, which is likely to lead to a retest of the previous low at $1.55.
The Algorand price has seen significant selling in the last week. After a wild ride to $2.30 and a decline over the next several hours, a new high was established at $2.35 on November 12th.
The price dropped to around $2.50, but the market was slow to react and gave slight support after it drifted down past the $3 mark. Following that, a strong rejection for further gains was witnessed, which ultimately resulted in a sharp decline below the $3 level. Bearish pressure began to ease on subsequent days, eventually culminating in a rally.
The $1.90 barrier was broken early this morning, triggering a huge sell-off that continued yesterday, with support at $1.55. The Algorand price action has since consolidated below $1.75 before depreciating once again overnight. As a result, we anticipate the ALGO/USD to continue to the downside later today
Algorand Price Analysis: Conclusion
The Algorand price analysis is bearish today, as we anticipate a further decline later today. With additional losses a strong likelihood, we anticipate that ALGO/USD will retest the previous low of $1.72, with continued descent a distinct possibility.