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Algorand Price Analysis: ALGO retests the $1.70 support, bulls warm-up for a rise

TL;DR Breakdown

  • 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.Algorand Price Analysis: ALGO retests the $1.70 support, bulls warm-up for a rise 1

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.

Algorand price analysis
ALGO/USD 4-hour chart. Source: TradingView

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.

While waiting for Algorand to move further, read our guides on eToro vs Coinbase, How to mine Algorand Classic, and Algorand vs Cardano.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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