Algorand price analysis: ALGO looks to retrace after resistance found at $1.05
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TL;DR Breakdown
- Algorand price analysis is bearish today.
- ALGO/USD set a higher high yesterday.
- Selling pressure has returned overnight.
Algorand price analysis is bearish today as we have seen rejection for further upside at the $1.05 mark and a reaction lower. Therefore, we expect ALGO/USD to retrace and set a higher low over the next days.
The market has seen bullish momentum continue over the last 24 hours, with Bitcoin gaining an additional 2.75 percent. Meanwhile, Ethereum follows with 1.78 percent and Algorand (ALGO) with 2.76 percent gain.
Algorand price movement in the last 24 hours: Algorand begins to reverse
ALGO/USD traded in a range of $0.9846 – $1.03, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 19.7 percent, totaling $218.26 million. Meanwhile, the total market cap trades around $6.69 billion, ranking the coin in 26th place overall.
ALGO/USD 4-hour chart: ALGO retest upside for the last time
On the 4-hour chart, we can see the Algorand price action briefly retesting upside earlier today, likely reading to retracement over the next couple of days.
Algorand price action has seen slight bullish momentum over the last weeks. After consolidation between $0.9 support and $1 resistance, ALGO/USD set substantially higher high yesterday around the $1.05 mark.
Therefore, the market structure has turned bullish again and we can expect more upside to come. However, retracement should follow first as further upside was rejected for now.
Likely we will see the Algorand price retracing over the next days. Once a higher low is set again, ALGO/USD will likely be ready to post much more substantial gains by the end of next week.
Algorand price analysis: Conclusion
Algorand price analysis is bearish today as we have seen the market peak below the $1.05 mark yesterday and start to pivot since. Therefore, we expect ALGO/USD to move into retracement early next week.
While waiting for Algorand to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
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