Algorand/Tether (ALGOUSDT) Market Overview: 24-Hour Price Action and Volatility

• Price drifted lower from 0.2380 to 0.2319 over 24 hours, closing at 0.2325.
• Volume remained steady but declined in afternoon ET, with bearish dominance in the morning.
• RSI entered oversold territory, suggesting potential near-term support.
• Bollinger Band contraction noted during midday low volatility.
• Key support at 0.2317–0.2325 and resistance at 0.2355–0.2361 identified.

Algorand/Tether (ALGOUSDT) opened at 0.2377 on 2025-09-20 12:00 ET and closed at 0.2325 on 2025-09-21 12:00 ET. The 24-hour period saw a high of 0.2383, a low of 0.2317, and a total volume of 11,672,758. Turnover (notional value) was 2,549,155.83 USD. Price action shows a steady bearish bias, with a consolidation attempt late in the period.

Structure & Formations

The price profile displayed a bearish drift, with 0.2351–0.2363 forming a key resistance zone and 0.2317–0.2325 forming a probable near-term support level. A bearish engulfing pattern was visible at 0.2332–0.2319 in the late morning, signaling a continuation of the downtrend. A doji formed near 0.2329 in midday, suggesting short-term indecision. The price has yet to reclaim 0.2351, which could trigger further bearish momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are positioned bearishly, with price hovering below both. The 50-period line sits at approximately 0.2352–0.2354, reinforcing the resistance zone. On the daily chart, the 50-period MA is at 0.2359–0.2361, and the 200-period MA is slightly higher at 0.2366–0.2368, indicating a bearish bias across all timeframes.

MACD & RSI

The RSI closed at around 27–30, signaling oversold conditions and suggesting that a near-term bounce is becoming likely. MACD remains negative, with the line below the signal line and bearish histogram bars. However, a divergence in MACD has formed as price hit new lows but MACD has not, hinting at a potential reversal. This divergence combined with the oversold RSI could support a short-term bullish bounce.

Bollinger Bands

Bollinger Bands tightened around midday as volatility decreased, forming a period of consolidation. Price closed near the lower band at 0.2325, with the middle band at 0.2348. The contraction suggests a potential breakout or reversal could be near. A close above 0.2352 would see price re-enter the upper half of the bands, which could validate a bullish reversal.

Volume & Turnover

Volume was highest in the early morning and again in the late afternoon, peaking at 1.7M+ in the 21:00–21:15 ET timeframe. Turnover mirrored volume closely, suggesting strong conviction during price declines. A divergence appears after 05:00 ET, where volume begins to wane despite continued price weakness—this may hint at reduced bearish conviction and a possible bottoming process.

Fibonacci Retracements

On the 15-minute timeframe, key retracement levels are at 0.2325 (38.2%), 0.2317 (61.8%), and 0.2310 (78.6%), with price currently resting just above 38.2% after a recent low. On the daily chart, 0.2355 marks the 38.2% retracement level from the recent swing high, and a break above it could see price retest 0.2375–0.2383. A failure to hold 0.2317 would open the door for further declines.

Backtest Hypothesis

A potential backtest strategy could utilize a combination of RSI oversold conditions and Bollinger Band reversion. For example, when RSI dips below 30 and price closes near the lower Bollinger Band for two consecutive periods, a long entry could be triggered. This strategy assumes that the oversold condition and volatility contraction are precursors to a bounce. The strategy would target a take-profit at the 38.2% Fibonacci level and a stop-loss at the next lower retracement level. Given the recent bearish momentum, it would be prudent to add volume and MACD divergence as confirmation filters to avoid false signals.