Algorand Price Analysis: ALGO briefly spikes to $2.5 and retraces to $2.00 support

TL;DR Breakdown Algorand price analysis is indicating bullishness todayALGO/USD spiked to $2.5 overnight.ALGO saw retracement to $2.00 earlier today. Algorand price analysis is bullish for today as both a higher high and low were set over the last 24 hours. Therefore, as long as the $2.00 support holds, we expect ALGO/USD to rise and move towards further highs. Cryptocurrency heat map. Source: Coin360 The overall cryptocurrency market traded in the bearish zone over the last 24 hours as bears took over the market momentum overnight. The market leader, Bitcoin, has dropped by 0.96 percent, while Ethereum remains flat. Solana (SOL) is among the best performers, with a gain of 6.42 percent. Algorand price movement in the last 24 hours: Algorand retraces to $2.00 support ALGO/USD traded in a range of $2.0 – $2.5, indicating strong volatility over the last 24 hours. Trading volume has surged by 72.12 percent and totals $2.39 billion, while the total market cap stands at $10.64 billion, ranking the coin in 18th place overall. ALGO/USD 4-hour chart: ALGO prepares for another rally? On the 4-hour Algorand price analysis chart, the Algorand price action looks to close bullish in preparation for further upside over the next 24 hours.  ALGO/USD 4-hour chart. Source: TradingView Algorand price prediction is bullish today as a slightly higher low was set over the last 24 hours. Overall, ALGO/USD has gained more than 100 percent over ...