Algorand (ALGO) price refuses to bow to the pressure of the Chinese government, declaring cryptocurrency an illegal asset in the country. Algo became bullish today as it saw opposition to further declines overnight at the $1.50 support level.
Algorand (ALGO) Could See A Bullish Weekend
According to the TradingView chart, ALGO/USD has risen today, suggesting that there is more room for upside later in the day. The market has fallen in the past 24 hours. Bitcoin and Ethereum fell 1.81% and 2.7%, respectively. At the same time, Solana (SOL) was still the worst performer, down 6.76%.
Last week, ALGO/USD hit a high of $1.834 and declined slightly in today’s price to test the key area between $1.53 and $1.78. The volatility over the past 24 hours has been relatively high, with transaction volume falling 22% to a total of $711 billion.
On the 4-hour chart, we can see Algorand prices regain momentum as the bulls attempt to offset some of the losses earlier this week.
ALGO/USD 1H Chart. Source: TradingView
ALGO Price Analysis
ALGO followed a similar trend that resulted in higher highs and consolidation in a narrower area above the $1.90 resistance level. On Monday, Algorand’s price trend fell again, this time to $1.50.
ALGO/USD received strong support at USD 1.80 on the 1H timeframe and traded above that level for several days and then tried to break through again. Overall, the development of this price move could result in higher ALGO/USD later this week as the bulls target their target above the main resistance level of $1.90.
Algorand price analysis is bullish as a new swing low has almost certainly established itself after the third support at $1.50 was rejected. Hence, we expect ALGO/USD to rebound over the next seven days and return above $1.90.
Please note that this is not financial advice to buy or sell this asset, so fxcryptonews will not be responsible for any loss incurred by our viewers