Algorand ALGO Holds Key $0.24 Support Amid Tether Withdrawal Concerns
Algorand's native token ALGO is under pressure, currently trading at $0.24 as Tether's decision to withdraw USDT support from its blockchain creates bearish momentum. This development overshadows recent positive network growth driven by Wormhole integration and new staking features.
Technical analysis shows potential for rebound, with the RSI at a neutral 44.50 - indicating neither overbought nor oversold conditions. Traders are watching for Algorand's forthcoming roadmap announcement, which could shift current market sentiment.
Despite short-term challenges, Algorand's fundamentals remain robust. ALGO's 30% rally before this correction demonstrated strong underlying demand, though liquidity questions linger with USDT's scheduled departure in September 2025.
