Algorand Price Analysis: ALGO drops 30 percent, finally finds support at $1.55?
- Algorand price analysis is bullish today.
- ALGO/USD moved lower again overnight.
- Resistance found around $1.75
Algorand price analysis is bullish today as we expect a lower high to be set above $1.55 over the next hours. Therefore, ALGO/USD should head higher again as bulls look to regain some of the loss seen over the past week.
The cryptocurrency market saw a continuation of bearish momentum over the last 24 hours. The market leader, Bitcoin, dropped 1.14 percent, while Ethereum lost 1.99 percent. Meanwhile, Avalanche (AVAX) is among the top performers from the majors, with a gain of almost 10 percent.
Algorand price movement in the last 24 hours: Algorand moved lower again after consolidation below $1.75
ALGO/USD traded in a range of $1.63 – $1.76, indicating substantial volatility over the last 24 hours. Trading volume has declined by 5.96 percent, totaling %97 million, while the total market cap trades around $10.22 billion, ranking the coin in 22nd place overall.
ALGO/USD 4-hour chart: moving to retest the previous low
On the 4-hour chart, we can see selling pressure returning overnight, likely leading to a retest of the previous low above $1.55.
Algorand price action has seen strong selling over the past week. After a very volatile movement to the $2.30 high and a drop lower over the following hours, a new higher high was finally set at $2.35 on the 12th of November.
However, from there, a strong rejection for further upside was seen, quickly leading to a strong drop lower towards the $2 mark. Over the following days, bearish pressure slowed down, eventually leading to the $1.90 mark.
Once the $1.90 mark was broken, a massive spike lower followed yesterday, with support found at $1.55. Since then, the Algorand price action has consolidated below $1.75 before moving lower again overnight. Therefore, we expect ALGO/USD to continue to the downside later today.
Algorand Price Analysis: Conclusion
Algorand price analysis is bearish today as we expect further drop later today. Likely, ALGO/USD will retest the previous low at $1.55, with further downside a good probability.
While waiting for Algorand to move further, read our guides on eToro vs Coinbase, How to mine Algorand Classic, and Algorand vs Cardano.
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