TL;DR Breakdown Algorand price analysis is bullish for today.ALGO/USD saw another test of the $1.50 support overnight.ALGO started today with a slight upside movement. Algorand price analysis is bullish for today as a new major swing low has likely been established above $1.50. Since the support prevented further downside twice over the last 24 hours, we expect a reversal to follow next. Cryptocurrency heat map. Source: Coin360 The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.84 percent, while Ethereum has lost 1.91 percent. Meanwhile, Solana and Cardano are among the best performers, with around a 2 percent increase. Algorand price movement in the last 24 hours: Algorand retests the $1.50 support, further downside heavily rejected ALGO/USD traded in a range of $1.53 – $1.82, indicating substantial volatility over the last 24 hours. Trading volume has increased by 29.72 percent and totals $1.087 billion, while the total market cap trades around $9.88 billion, ranking the coin in 18th place overall. ALGO/USD 4-hour chart: ALGO looks to test $1.90 previous support next? On the 4-hour chart, we can see the Algorand starting today bullish as it’s headed to test the $1.90 previous support as a resistance. ALGO/USD 4-hour chart. Source: TradingView Algorand price action traded in a relatively large but decreasing range over the past weeks. After setting a n...
