Algorand Price Analysis: ALGO bounces back from downtrend and tests $1.79

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. The price analysis for Algorand is bullish today, as another rejection for more decline was noted at the $1.50 support level overnight. Since then, ALGO/USD has advanced, suggesting more upside to come later today. Over the last 24 hours, the market has been in decline. Bitcoin and Ethereum are both down by 1.81 percent and 2.7 percent, respectively. Meanwhile, Solana (SOL) is still the worst performer with a loss of 6.76%. Algorand price movement in the last 24 hours: Algorand rejects the $1.50 support again Last week, the price of ALGO/USD reached a high of $1.834 before retracing slightly to test the crucial region between $1.53 and $1.78 during today’s action. Volatility has been rather high over the past 24 hours, with trading volume declining by 22 per cent and totaling $711 billion. ALGO/USD 4-hour chart: ALGO ready to break above $1.90 resistance? On the 4-hour chart, we can observe that the Algorand price is beginning to gather momentum once again, as bulls attempt to recoup some of the losses incurred earlier this week. ALGO/USD 4-hour chart. Source: TradingView The Algorand price has been under significant bearish pressure for the previous weeks. ALGO/USD made a new swing high at $2.5 in early May, after a promising start to the month. ALGO followed a si...