https://ift.tt/3pS8A7n Price Analysis: ALGO begins to retrace, $1.55 support tested next?

TL;DR Breakdown

• Algorand price analysis is bearish today.
• ALGO/USD saw a strong push lower yesterday.
• Closest support at $1.55.

Algorand price analysis is bearish today as we expect more downside to follow over the next 24 hours after a sharp drop was seen late yesterday. Likely ALGO/USD will retrace even further, with the next support seen at $1.55.

The cryptocurrency market has seen a decline over the last 24 hours. The market leaders, Bitcoin and Ethereum, declined by 3.23 and 2.95 percent. Meanwhile, Algorand (ALGO) is among the worst performers, with a drop of around 7 percent.

Algorand price movement in the last 24 hours: Algorand peaks below $1.80, moves into a retracement

ALGO/USD traded in a range of $1.63 – $1.78, indicating strong volatility over the last 24 hours. Trading volume has declined by 61.23 percent, totaling $352.5 million. Meanwhile, the total market cap trades around $10.54 billion, ranking the coin in 19th place overall.

ALGO/USD 4-hour chart: ALGO set to retrace to $1.55 next?

On the 4-hour chart, we can see bearish momentum returning for the Algorand price action, likely leading to the next major support at $1.55 next.

Algorand has seen strong advance continue this week with another strong higher high set. From the last swing low at $1.45, ALGO/USD gained more than 20 percent as it peaked below $1.80 yesterday.

After several attempts to move even higher, strong rejection was seen by the end of the day. ALGO quickly dropped below $1.65, with bearish momentum still in control.

Likely we will see the Algorand price continue even lower over the next 24 hours, with the closest support seen at $1.55. If support is found there, another strong higher low would be set, likely sending ALGO/USD to test more upside next week.

Algorand Price Analysis: Conclusion 

Algorand price analysis is bearish today as we saw a strong push lower after a consolidation below the newly found swing high. Therefore, ALGO/USD is now ready to retrace, with the likely target to be tested located at $1.55.

While waiting for Algorand to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.