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Algorand ALGO Rebounds to $0.25 as Bulls Regain Footing Post-USDT Withdrawal Announcement
Algorand ALGO Rebounds to $0.25 as Bulls Regain Footing Post-USDT Withdrawal Announcement
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[TRADE_PLUGIN]ALGOUSDT,ALGOUSDT[/TRADE_PLUGIN]
Algorand ALGO News -
Algorand's ALGO token has surged 5.25% to $0.25, showcasing resilience following Tether's decision to withdraw USDT support from its blockchain. This recovery comes after a 6% dip caused by liquidity concerns, with technical indicators now approaching neutral levels.
Traders are cautiously optimistic, viewing the $0.26 stabilization as a potential accumulation phase. The RSI at 49.11 indicates the asset remains in technical equilibrium, poised for either trend continuation or reversal.
Tether's scheduled September 1 exit looms over Algorand's DeFi ecosystem, where USDT has been a liquidity cornerstone. The next few weeks will determine whether competing stablecoins can compensate for the market leader's departure.
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