Algorand Price Analysis: ALGO retraces to $1.79, bearish momentum persists

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  • Algorand price analysis is bearish for today.
  • ALGO/USD saw large volatility again over the past 24 hours.
  • ALGO resists further upside at $2.00.

The price of Algorand is bearish for today, as the market was unable to move past the $2.00 mark after a rapid climb during the last hours. As a result, we believe that ALGO/USD will retreat and attempt to test the $1.60 support base after setting a daily low of $1.7.

Over the last 24 hours, the cryptocurrency market has largely been declining. Bitcoin dropped 4.15%, while Ethereum went down by 6.6%. Cardano lost 7% to become the worst performer of the day. 

Algorand price movement in the last 24 hours: Algorand sets lower low

Algorand has been on an uptrend lately and topped charts as the best performer coin multiple times.  With the price climbing to heights not seen since early April. The ALGO/USD pair fluctuated between $1.79 and $2.02 throughout today’s session, showing significant volatility over the last day.

ALGO/USD 4-hour chart: ALGO set to reverse again?

On the 4-hour chart, we can see that the Algorand price is rejecting further upside, suggesting a reversal may be on the way.

Algorand Price Analysis: ALGO retraces to $1.79, bearish momentum persists 1
ALGO/USD 4-hour chart. Source: TradingView

The Algorand price has been consolidating in a wide range over the past week. After an incredible rise to $1.05 on September 7th, ALGO/USD began a several-day ascent.

On the 9th of September, resistance was discovered at $2.5, resulting in a profit of more than 140% in a few days. A steep drop to the $1.90 followed, with support being re-established and tested repeatedly over the following week.

On Monday, the price of Algorand rose once again, with the $2.5 only briefly broken, revealing that bears remain in command. The following decrease to the $2 level was followed by a consolidation period yesterday.

Algorand Price Analysis: Conclusion 

The Algorand price analysis is bearish for the next 24 hours, with a quick drop taking place to $1.79 followed by uncertainty in the past hours. As a result, we anticipate ALGO/USD to reverse once more and aim to test the $1.90 support again over the next 24 hours.

Source: cryptopolitan.com

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