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Algorand ALGO Faces Key $0.22 Support Test Amid Tether USDT Exit
Algorand ALGO Faces Key $0.22 Support Test Amid Tether USDT Exit
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[TRADE_PLUGIN]ALGOUSDT,ALGOUSDT[/TRADE_PLUGIN]
Algorand ALGO News -
Algorand's ALGO token is experiencing downward pressure at $0.24 as Tether prepares to withdraw USDT support from its blockchain. The 0.80% daily drop reflects market uncertainty, though technical indicators show signs of underlying strength.
With an RSI of 44.65 indicating neutral momentum and potential upside, price action is testing lower Bollinger Band support. Despite short-term volatility from the USDT news, Algorand's 3.24% rebound from $0.2675 on July 27th shows persistent demand at critical levels.
Traders are monitoring the $0.22-$0.24 range as a key battle zone between technical support and sentiment-driven selling. The September 1 deadline for USDT's departure stands as the next major price catalyst.
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