Algorand (ALGO) Faces Bearish Pressure as Key Support Levels Come Under Threat

Algorand's ALGO token is experiencing increased selling pressure, currently trading at $0.1888 with a 0.86% drop in the last 24 hours. The cryptocurrency remains below crucial technical indicators, including the 9-period DEMA and Bollinger Band midline, indicating continued bearish dominance.

The $0.2029-$0.2040 resistance zone continues to limit recovery attempts, while support between $0.1800-$0.1773 appears vulnerable. A breach below these levels could trigger further declines toward $0.1600, with current market sentiment providing no immediate relief.

4-hour chart analysis shows repeated rejections at key resistance areas, with the $0.2593 peak remaining a distant target. The technical setup suggests sellers maintain control until ALGO can decisively break above the $0.2040 level.