- Tether halts USDT minting on Algorand, dampening liquidity outlook, though 2B transactions and Python integration show development traction.
- Bull flag and inverse head and shoulders patterns spotted; oversold RSI suggests bounce, but breakout above $0.20–$0.26 needed.
Algorand (ALGO) is currently trading at $0.1772, showing no change in the last 24 hours. Over the past month, it has declined by 21.57%, and its six-month performance shows a steep fall of 57.15%.
Year-to-date, ALGO is down 46.93%, although it still maintains a positive 1-year change of +17.13%. Long-term, however, the token remains far below its all-time high of $3.27, with an overall drawdown of -94.6%.
On the development and news front, Algorand has seen both highlights and setbacks. In positive news, the network recently surpassed 2 billion transactions, signaling strong on-chain activity. However, a major blow came with Tether’s decision to stop minting USDT on the Algorand blockchain, which could negatively impact liquidity and usage. The project has remained active with technical updates and even plans for Python integration, aiming to attract more developers.
From a technical standpoint, ALGO is hovering near key support levels around $0.17. Traders have noted potential bullish patterns like a bull flag and inverse head and shoulders, although these remain unconfirmed.
Momentum indicators such as RSI and Stochastic RSI suggest the coin is oversold, implying a possible short-term bounce. Still, a significant move above the $0.20–$0.26 range is required to shift sentiment toward a confirmed bullish reversal.
