Algorand Price Analysis: Can ALGO hold another support at $2.40?

TL;DR Breakdown Algorand price analysis is bullish for today.ALGO/USD saw another decline to $2.1.ALGO is likely to reverse today. Algorand price analysis is bullish today as the previous support at $2.00 still holds after another strong drop over the last 24 hours. Therefore, we expect ALGO/USD to reverse higher later today and look to test previous highs next. Cryptocurrency heat map. Source: Coin360 The overall market traded in with mixed signals after some coins recorded gains while others posted losses. Bitcoin and Ethereum gained 0.25 percent and 0.21 percent respectively. Market losers include XRP, ADA, BNB, and SOL. Algorand price movement in the last 24 hours: Algorand drops to $18.5 support again ALGO/USD traded in a range of $2.09 – $2.21, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 15.25 percent and totals $1.922 billion, while the total market cap trades around $11.36 billion, ranking the coin at position 18 overall. ALGO/USD 4-hour chart: ALGO to reverse again? On the 4-hour chart, we can see Algorand price action testing the $2.00 support again, which should lead to a reversal later today. ALGO/USD 4-hour chart. Source: TradingView Algorand price action has seen strong volatility over the last week. After peaking at $2.49 during the last days of August, a drop to $1.84 support followed until the first of September. From the support, ALGO/USD attempted to rally highe...