Market Overview for Algorand/Tether (ALGOUSDT) — 24-Hour Analysis as of 2025-10-29

• Algo/USDT declined from 0.1906 to 0.1848, breaking below key support levels with a 24-hour volume of ~33.6M.
• Volatility surged in late session as price hit 0.1816 before rebounding, indicating potential short-term instability.
• RSI and MACD signals show weak momentum, suggesting bearish pressure is still intact despite a minor recovery.
• Bollinger Bands show price currently trading near the lower band, hinting at oversold conditions in the short term.
• No strong reversal patterns formed during the session; Fibonacci levels remain key to watch for next 24 hours.

Algorand/Tether (ALGOUSDT) opened at 0.1906 on 2025-10-28 at 12:00 ET and closed at 0.1848 on 2025-10-29 at 12:00 ET. The pair traded between 0.1917 and 0.1816 over the 24-hour period, with a total volume of ~33.6 million contracts and a notional turnover of ~6.5 million USD.

On the 15-minute chart, the price formed a bearish continuation pattern with a clear breakdown below 0.1875 support. The 20- and 50-period moving averages both crossed below the price, confirming the downtrend. On the daily timeframe, the 50-period SMA is acting as a strong resistance at ~0.1865, with the 200-period SMA further above at ~0.1890. These levels remain critical to observe for reversal signals or a continuation in the current bearish bias.

MACD turned negative in the late hours of the session, with a bearish crossover forming around 0.1845. RSI dipped below 30 at 0.1816, signaling oversold conditions but not yet a confirmed reversal. Bollinger Bands indicate that the price is currently near the lower boundary of the channel, with a recent contraction in volatility before the break lower. This suggests that a period of consolidation or a rebound might be near but is not yet confirmed.

Fibonacci retracement levels from the 0.1917 high to the 0.1816 low show key support at 0.1850 (38.2%) and 0.1834 (61.8%). A rebound above these levels could signal a short-term bounce, but a break below 0.1816 would target 0.1800. Given the current momentum and volume distribution, a continuation of the bearish trend is likely unless a strong buying interest emerges around the 0.1850 level.

Backtest Hypothesis
The Bearish-Engulfing pattern is not currently accessible for this pair via the data feed. However, with raw OHLC data available, a local detection of this pattern is feasible. A potential backtest strategy would involve identifying Bearish-Engulfing candles and holding the short position for 5 days. This could provide a rule-based approach to assess the efficacy of the pattern within the current trend. Given the existing bearish bias and recent pattern behavior, this strategy may be viable, though further refinement with volume and RSI confirmation would improve its signal accuracy.