Algorand price analysis is bullish: ALGO/USD expected to hike to $2

TL;DR Breakdown

• Algorand price prediction is bullish for today.
• ALGO/USD traded in a range of $1.70 – $1.85, indicating substantial volatility over the last 24 hours.
• Algorand is likely to break past $1.90 today.

Algorand Price Prediction: General price overview

The price of Algorand is moving higher today, as indicated by a new higher low set yesterday at $1.60, which shows bearish momentum waning again. As a result, we anticipate ALGO/USD to rise further today and likely establish a fresh high later.

Algorand’s price found support at $1.59 yesterday – a new low for this period, but an increase from the last three days of trading, which have all seen lows around the $1.50 mark. The higher low has confirmed that Algorand will continue to rise after the recent bearish momentum has turned.

The Ichimoku cloud is green and indicates that the direction of the trend will remain positive for Algorand during today’s session. The dots in the chart still show a weak upward momentum, and we see this through an uptrend line across the last 5 hour’s candlesticks.

Algorand price movement in the last 24 hours: Algorand sets higher low at $1.60

ALGO/USD traded in a range of $1.60 – $1.85, indicating substantial volatility over the last 24 hours. Trading volume has increased by 20 percent and totals $604.2 billion, while the total market cap trades around $10.7 billion, ranking the coin in 17th place overall.

A look at the trade volume shows that Algroid was traded heavily yesterday when it moved away from the $1.60 high price and found support near to slightly above the $1.60 low price, where the market has been trading for most of this week. 

To validate this scenario, we will need to see ALGO/USD trade above $1.90 and the hourly Ichimoku cloud at $1.92 for about three hours, which would indicate a push towards $2.00.

Until then, we expect the price to test the resistance level today at around $2 before increasing further later this week.

The Ichimoku cloud is green and indicates that the direction of the trend will remain positive for Algorand during today’s session. The dots in the chart still show a weak upward momentum, and we see this through an uptrend line across the last 5 hour’s candlesticks.

ALGO/USD 4-hour chart: ALGO ready to breach $1.90?

ALGO/USD 4-hour chart. Source: TradingView

The price of Algorand is moving higher today, as indicated by a new higher low set yesterday at $1.60, which shows bearish momentum waning again. As a result, we anticipate ALGO/USD to rise further today and likely establish a fresh high later.

Algorand’s price found support at $1.59 yesterday – a new low for this period, but an increase from the last three days of trading, which have all seen lows around the $1.50 mark. The higher low has confirmed Algorand’s subsequent rise after the recent bearish momentum faded.

From there, ALGO/USD saw a several-week consolidation above $1.90 support. The trading range slowly tightened during the middle of September, resulting in a break higher last Monday.

Algorand Price Prediction: Conclusion 

Algorand’s price prediction is bullish today, as a new higher low was established yesterday above $1.60, and bulls have begun to push the market higher since. As a result, we anticipate that ALGO/USD will continue to rise today and perhaps break the $1.90 resistance.

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