TL;DR Breakdown
- The price of Algorand is currently bullish.
- The cryptocurrency market performed well overnight, with ALGO/USD posting a significant gain.
- The $1.90 resistance has been broken, and the bulls are in control!
The price of Algorand is presently bullish, as a significant advance was achieved during the previous 24 hours, and the prior resistance at $1.90 was broken in a clear manner. As a result, we anticipate ALGO/USD to continue to rise later today, most likely after a retest of the $1.90 support level.
Cryptocurrency heat map. Source: Coin360
Over the past 24 hours, the overall market has traded with mixed results. Bitcoin increased by 1.11%, while Ethereum dropped by 1.8%. Meanwhile, Solana (SOL) is one of the worst performers, with a drop of more than 9%.
Algorand price movement in the last 24 hours: Algorand breaks $1.90 major resistance
Currently, the Binance Coin/USD pair is trading in a range of $1.77-$1.969, suggesting significant volatility over the past 24 hours. Volume has increased by 91.11 percent and stands at $1.24 billion. The market capitalization is around $11.9 billion, placing the cryptocurrency 16th on the list
ALGO/USD 4-hour chart: ALGO to retest $1.90 as support?
On the 4-hour chart, we can see that the Algorand price is retracing over the past several hours as the market tests the $1.90 previous resistance and rises from there.
ALGO/USD 4-hour chart. Source: TradingView
Algorand’s price action has been trading in a steadfast bearish trend for weeks. On September 20, support was discovered above $1.50 after a steep decline below the $1.90 barrier.
The price of ALGO/USD moved in a tighter range over the following week, with two apparent lower highs established. In the meanwhile, $1.55 provided support, preventing additional losses.
Finally, the price action resulting from this development led to a reversal over the weekend. Yesterday, the Algorand price approached the $1.90 resistance level, with a breakout following during the second half of the day.
Algorand Price Analysis: Conclusion
The Algorand price analysis is bullish right now, as a strong rally continued overnight and lifted the market above the $1.90 resistance level. At present, a minor retracement can be observed as the $1.90 support mark is revisited. We should then see ALGO/USD rise over the next 24 hours or more.
Check out some of our articles on cryptocurrency regulations, bitcoin mining, and creating a cryptocurrency wallet as you wait for ALGO to post a positive price change.
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.
