Algorand ALGO Shows Resilience: Rebounds to $0.26 Amid USDT Withdrawal Concerns

Algorand's ALGO token has rebounded to $0.26 after initial market volatility caused by Tether's decision to withdraw USDT support from its blockchain. This recovery highlights strong confidence in the network's fundamentals despite regulatory challenges.

Technical indicators present a mixed outlook. The RSI at 54.96 indicates neutral momentum with potential upside, though profit-taking persists following earlier overbought conditions. Bulls have successfully defended key support levels, showcasing resilience after an initial 6% drop.

With the September 1 deadline for USDT's departure approaching, Algorand's price action suggests the market may have already priced in this liquidity reduction. Continued investor interest appears driven by the network's utility beyond stablecoin transactions.