Algorand (ALGO) Defies Bearish Sentiment with 4.6% Surge – Can Bulls Push Past $0.31 Resistance?
Algorand's ALGO token has demonstrated resilience with a 4.6% surge to $0.24, despite Tether's planned withdrawal of USDT from its blockchain by September 1. This recovery follows last week's 5.25% gain, signaling underlying strength in ALGO's market structure.
Technical indicators show a neutral RSI at 47.74 as ALGO approaches a critical resistance level NEAR $0.31. Chart patterns suggest a potential 40% upside following a double bottom formation, though liquidity concerns persist due to Tether's exit.
The market appears to be pricing in Algorand's fundamental advantages beyond stablecoin support. Traders are closely watching for a decisive break above key technical levels, which could validate the bullish pattern and attract new capital into the ecosystem.
