Algorand Price Analysis: ALGO spikes to $2.2, another fast reversal to follow?

TL;DR Breakdown

• Algorand price analysis is bearish for today.
• ALGO/USD saw large volatility again over the past 24 hours.
• ALGO resists further upside at $2.20.

Algorand price analysis is bearish for today as the market could not move past the $2.20 mark after a rapid move higher over the past hours. Therefore, we expect ALGO/USD to retrace and look to retest the $1.90 support.

The cryptocurrency market traded mainly in the red over the last 24 hours. The market leader, Bitcoin, lost 0.25 percent, while Ethereum is up by 2.8 percent. Avalanche (AVAX) is still the best performer, with a gain of almost 27 percent.

Algorand price movement in the last 24 hours: Algorand spikes to $2.20 after a quick retest of $1.90 support

ALGO/USD traded in a range of $1.87 – $2.22, indicating strong volatility over the last 24 hours. The total trading volume has increased by 54.77 percent and totals $1.27 billion, while the total market capitalization trades around $11.34 billion.

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

On the 4-hour chart, we can see the Algorand price rejecting further upside, indicating an upcoming reversal.

Algorand price has seen a consolidation in a large range over the past week. After a quick spike to $1.05 on the 7th of September, ALGO/USD started a several-day rally higher.

Resistance was eventually found at $2.5 on the 9th of September, meaning a gain of more than 140 percent in a couple of days. What followed was a quick decline to $1.90 mark, where support was established and retested several times over the following week. 

On Monday, the Algorand price action gathered momentum for another spike higher, with the $2.5 only briefly broken, indicating that bears are still in control. What followed was a decline back to the $2 mark, with a consolidation Yesterday.

Algorand Price Analysis: Conclusion 

Algorand price analysis is bearish for the next 24 hours as the market saw a quick spike to the $2.20 mark, followed by indecision over the past hours. Therefore, we expect ALGO/USD to reverse again and look to retest the $1.90 support again over the next 24 hours.

While waiting for Algorand to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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