- ALGO is trading at $0.1888, down 0.86% in the past 24 hours, with continued selling pressure
- Price remains below the 9-period DEMA and Bollinger Band midline, showing bearish momentum
- Resistance at $0.2029 and $0.2040 continues to cap any rebound attempts
- Support lies at $0.1800 and $0.1773, with risk of further decline toward $0.1600
Algorand (ALGO) is priced at $0.1888, showing a 0.86% decline over the last 24 hours. The token continues to face selling pressure, remaining under key technical indicators and failing to break through resistance. Market sentiment surrounding ALGO stays weak, with no signs of a short-term recovery.
Algorand Needs Break Above $0.2040 to Shift Trend
On the 4-hour chart, Algorand trades below the 9-period DEMA, currently at $0.1867, and also remains under the Bollinger Band midline, suggesting sellers are in control. A recent attempt to push higher earlier this week was rejected near $0.2029, reinforcing that resistance zone. Stronger resistance is seen at $0.2040, and the last major peak near $0.2593 continues to stand as a long-term ceiling.
Support levels now rest around $0.1800 and $0.1773, where the price previously found buying interest. A drop below this range could lead to a further decline toward the $0.1600 area. These zones will be crucial in determining whether the current downtrend deepens.
The price structure has been consistently bearish since May, with ALGO forming a series of lower highs and lower lows. The failure to sustain any rebound attempts reflects weak bullish conviction and continued market uncertainty.
For the outlook to shift, Algorand would need to reclaim and hold above $0.1920, then target a breakout past $0.2040 with strong trading volume. Without this, downward momentum may persist.
However, the technical setup favors the bears, and the lack of bullish follow-through suggests further caution for traders. Until key resistance levels are flipped into support, any upward move may remain short-lived.
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