ALGO to spike to $2.5 today

TL;DR Breakdown

  • Algorand price analysis is bullish today.
  • ALGO/USD is currently trading at $1.97.
  • Bulls aim to break above $2.

Today, the Algorand price analysis is positive since a solid advance was observed over the past 24 hours, and the previous resistance at $1.90 was broken in a clear manner. As a result, we anticipate ALGO/USD to continue to rise later today, most likely after a retest of the $1.90 support level.

Alogrand price analysis has broken out of its descending channel solidly and is also trading well above the 50-day EMA. Further resistance is located at the 100-day EMA, which currently hovers around $2.50. Within the Ichimoku cloud, several support levels for Algo/USD will be encountered along with the rise today, most notably at $1.90 and $1.55.

The hourly chart of ALGO/USD shows that the market may be just about to retrace slightly. A potential area of support lies near $2.05, representing a 61.8% Fibonacci retracement of the advance witnessed over the past 24 hours. This is also close to the 100-hour SMA (blue).

Algorand price movement in the last 24 hours: Algorand breaks $1.90 major resistance

ALGO/USD has made a very sharp advance in the past 24 hours. This advance really took off once it broke through the major resistance level at $1.90, which had been in place for most of November and early December. Resistance at this price point is now only established through the break of the 100-day EMA.

ALGO/USD 4-hour chart: ALGO to retest $1.90 as support? 

On the 4-hour chart, we can see the Algorand price retracing over the past hours as the market looks to retest the $1.90 previous resistance as support and move higher from there.

Algorand price analysis: ALGO to spike to $2.5 today 1ALGO/USD 4-hour chart. Source: TradingView

The 4-hour chart of ALGO/USD below illustrates the strong bullish pressure observed over the past 24 hours. The advance has taken place in a very clean manner. We can see that the market is currently located at $2.25, representing the next resistance level for Algorand price analysis today. We expect the market to retest the $1.90 support level before moving higher, and thus we hold a bullish Algorand price forecast for today.

The price of Algorand tumbled in a persistent bearish trend over the past weeks. On September 20th, support was discovered above $1.50 after a sizable drop beneath $1.90.

Finally, as the situation progressed, a reversal occurred over the weekend. The Algorand price approached $1.90 resistance yesterday, with a breakout following during the second half of the day.

Algorand Price Analysis: Conclusion 

The price of Algorand is up today, as a strong advance was maintained overnight and led the market above the $1.90 resistance level. The $1.90 mark is now being tested as support, and a minor retracement can be observed at this level. ALGO/USD should then rise in value over the next 24 hours.

We anticipate ALGO/USD to continue to rise later today after testing the $1.90 support level. A retracement is then expected before the market moves higher again in value.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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