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Algorand Price Analysis: ALGO slowly targets $1.90 after a higher low set yesterday

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  • Algorand price analysis is bullish for today.
  • ALGO/USD set a new higher low.
  • Algorand is likely to break past $1.90 today.

Algorand price analysis is bullish today as a new higher low was set yesterday at $1.60, indicating bullish momentum slowly forming again. Therefore, we expect ALGO/USD to move higher later today and likely set a new higher high next.

Algorand Price Analysis: ALGO slowly targets $1.90 after a higher low set yesterday 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, gained 0.94 percent, while Ethereum was up by 3.75 percent. Meanwhile, Algorand (ALGO) is among the best performers, with a gain of more than 6 percent.

Algorand price movement in the last 24 hours: Algorand sets higher low at $1.60

ALGO/USD traded in a range of $1.60 – $1.85, indicating strong volatility over the last 24 hours. Trading volume has increased by 20 percent and totals $604.2 billion, while the total market cap trades around $10.7 billion, ranking the coin in 17th place overall.

ALGO/USD 4-hour chart: ALGO ready to breach $1.90?

On the 4-hour chart, we can see the Algorand price action starting to rally this morning as bulls look to finally set higher high this week.

Algorand Price Analysis: ALGO targets $1.90 after a slightly higher low set yesterday
ALGO/USD 4-hour chart. Source: TradingView

The overall market traded within a bearish momentum over the past weeks as several lower highs were set. After a strong rally during the first days of the month, a new all-time high was set around $2.5.

From there, ALGO/USD saw a several-week consolidation above $1.90 support. The trading range slowly tightened during the middle of September, resulting in a break higher last Monday.

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Support was found above $1.50 this time, with the following reaction setting a lower high at $2.05. Over the weekend, the Algorand price declined again, resulting in a higher low set at $1.60 yesterday.

Algorand Price Analysis: Conclusion 

Algorand price analysis is bullish for today as a new higher low was set yesterday above $1.60, and bulls have started to push the market higher since. Therefore, we expect ALGO/USD to continue higher today and potentially breach the $1.90 resistance.

While waiting for Algorand to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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Garlinghouse Speaks About XRP Based ETF ! XRP Price Sees no Action!

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Ripple Price Action

The price of Ripple has been static for the previous week, disappointing investors. The price of XRP bounced between $1 (support) and $1.16 (resistance) multiple times, forming a descending triangle. 

Nonetheless, due to the compression against the downtrend resistance line, the approaching week offers more intriguing price movement. The anticipation is that price will break away from the blue apex of this formation, signalling a shift in trend.

Until then, XRP will be caught between the resistance and support levels. Due to the MACD moving to the negative side this week, the indicators predict a bearish bias. 

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However, it is too early to predict that XRP would plummet to lower levels unless the price breaks below the $1 support level. 

At the time of writing, XRP is trading at $1.08 down by 2.3% in the last 24 hours. 

An XRP based ETF?

The chief executive, while speaking to Fox Business with Charles Gasparino, among other things also spoke about the possibility of having an XRP based ETF.

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When asked about the possibility of an XRP ETF in the United States, he simply stated

Garlinghouse, on the other hand, gave an indirect response to the issue rather than explicitly answering it.

The Securities and Exchange Commission (SEC) has finally approved Bitcoin Futures ETFs in the United States. More ETFs of this type are expected to appear in the near future, according to experts. 

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According to Garlinghouse, because Bitcoin consumes so much energy, prioritising it is incompatible with the SEC Chair’s climate objective. The executive, who has often criticised Bitcoin’s energy use, believes that XRP is 100,000 times more energy efficient than Bitcoin.

Finally, Garlinghouse expressed his dissatisfaction with Gensler’s reticence on Ethereum’s regulatory status. Particularly considering Ether ETFs are expected to be popular once they are legalised. 

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Bitcoin Price Flash Crashed 87% to $8200 on Binance US

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Several flash crashes occurred in the crypto markets today, with the most considerable one being BTC dropping to $8,200 on Binance.US.

After yesterday’s new all-time high at $67,000, bitcoin corrected today with a steep decline to below $64,000. On some exchanges, though, the crash was significantly more violent as BTC dropped as low as $54,000 on Kraken and to four digits on Binance.US.

  • October 20th was a historic day for the primary cryptocurrency as it finally skyrocketed above its previous all-time high and peaked at $67,000. It happened on the wings of the recently approved Bitcoin Futures ETF in the US.
  • After a brief correction hours later, BTC was closing down on its new record earlier today, when the situation rapidly changed.
  • In a matter of minutes, bitcoin went from $66,700 to $63,600 on most exchanges (including Bitstamp).
  • On others, though, such as Kraken and FTX, the price decline was significantly more severe.
  • In an apparent flash crash event, meaning the price of the asset dumped by a large percentage and spiked back up immediately, BTC went to a low of $58,500 on FTX.
  • On the veteran US trading venue, Kraken, bitcoin dumped all the way down to $54,100 before recovering to its current level of roughly $65,000.
  • However, none had it worse than Binance.US. The American branch of the largest crypto exchange saw BTC nosediving to $8,200 – a massive 87% drop in a matter of seconds.
BTC/USD on Binance US
BTC/USD on Binance US
  • Overall, the entire market retraced in a matter of minutes. Ethereum was closing down on its own ATH at $4,400 before losing more than $200.
  • Somewhat expectedly, the enhanced volatility in a short period of time caused pain for overleveraged traders. Data from Bybt shows that the liquidations have jumped to $500 million on a 24-hour scale.
  • The largest single BTC liquidation order occurred on Bitmex and was worth $10 million.

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VeChain Price Analysis: VET swiftly moves above the previous high, targets $0.135 next?

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  • VeChain price analysis is bullish today.
  • VET/USD saw further advance today.
  • Closest resistance at $0.135.

VeChain price analysis is bullish today as more upside was seen over the past hours after a slight pause overnight for the rally that started yesterday. Therefore, we expect VET/USD to continue higher and reach the $0.135 mark next.

VeChain Price Analysis: VET swiftly moves above the previous high, targets $0.135 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the past 24 hours, with Bitcoin up by 3.36 percent. Ethereum saw an even better result, with a gain of 11.82 percent, while Solana (SOL) is the top performer, with a 21 percent increase.

VeChain price movement in the last 24 hours: VeChain breaks above the previous high at $0.128
VET/USD traded in a range of $0.1164 – $0.1321, indicating strong volatility over the last 24 hours. Trading volume has increased by 94.63 percent and totals $640.6 million, while the total market cap trades around $8.46 billion, ranking the coin in 23rd place overall.

VET/USD 4-hour chart: VEt targets $0.135 next?
On the 4-hour chart, we can see the VeChain price action still pushing higher, likely leading to a test of $0.135 resistance later today.

VeChain Price Analysis: VET spikes above the previous high, targets $0.135 next?
VET/USD 4-hour chart. Source: TradingView
VeChain price action has slowly moved higher over the past weeks as bearish pressure frequently has returned, preventing clear higher highs set. After an initial rally on the 1st of October, VET/USD reached $0.115.

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From there, a week-long consolidation was seen around $0.11 until a quick spike higher to $0.123 was followed by a sharp retracement of more than 15 percent to the $0.103 mark.

Early last week, VeChain price rallied back to the $0.123 high, with further slight higher highs set over the week. Over the weekend, VET/USD retraced and set a higher low, around $0.115.

Consolidation followed until a rapid push higher began yesterday, resulting in a move towards $0.128. After a slight pause overnight, more upside followed today, quickly pushing VET to a new higher high above $0.128.

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VeChain Price Analysis: Conclusion
VeChain price analysis is bullish today as a strong advance over the last 24 hours pushed VET above $0.128 previous high without much hesitation. Therefore, we expect VET/USD to test the $0.135 next resistance later today.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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