Algorand Price Analysis: ALGO retests $1.50 for the third time, ready to rally next?

TL;DR Breakdown Algorand price analysis is bullish for today.ALGO/USD saw a retest of the $1.50 support again overnight.Alogrand starts to move higher today. Algorand price analysis is bullish for today as another rejection for further downside was seen at the $1.50 support overnight. Since then, ALGO/USD has moved higher, indicating more upside to follow later today. Cryptocurrency heat map. Source: Coin360 The overall market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 1.81 and 2.7 percent, respectively. Meanwhile, Solana (SOL) is still the worst performer, with a loss of 6.76 percent. Algorand price movement in the last 24 hours: Algorand rejects the $1.50 support again ALGO/USD traded in a range of $1.53 – $1.78, indicating strong volatility over the last 24 hours. Trading volume has decreased by 22 percent and totals $711.3 billion, while the total market cap trades around $10 billion, ranking the coin in 17th place overall. ALGO/USD 4-hour chart: ALGO ready break above $1.90 resistance? On the 4-hour chart, we can see the Algorand price action gaining momentum again as bulls look to regain some of the loss seen earlier this week.  ALGO/USD 4-hour chart. Source: TradingView The Algorand price action has seen strong bearish pressure over the past weeks. After a strong rally at the beginning of the month, ALGO/USD found a new swing high at $2.5.  From t...