Market Overview for Algorand/Tether (ALGOUSDT)

Summary
• Price opened at $0.1203, tested $0.1214 high before retracting to $0.1148 low.
• A large bearish engulfing pattern formed near $0.1201, signaling potential reversal.
• Volume spiked during the $0.1148 low, confirming weakness and lack of buying interest.
• RSI dipped below 30, suggesting short-term oversold conditions.
• Bollinger Bands showed contraction before the sharp drop, signaling a potential break.

Algorand/Tether (ALGOUSDT) opened at $0.1203 on 12:00 ET − 1, reached a high of $0.1214, and a low of $0.1148 before closing at $0.1198 as of 12:00 ET. Total volume was 20,375,990 tokens, and notional turnover amounted to roughly $2,438,648 in the 24-hour period.

Structure & Formations

Price action displayed a bearish engulfing candle at $0.1201, indicating a potential reversal after a bullish phase. Key support levels appeared around $0.1187–$0.1190 and $0.1170–$0.1175, with resistance forming near $0.1200–$0.1205. A doji at $0.1195 suggested indecision, and the deep retracement to $0.1148 marked a likely 61.8% Fibonacci level from the prior high.

Moving Averages and Momentum

Short-term 20/50 EMA lines crossed bearishly into oversold territory, reinforcing bearish momentum. On the daily chart, the 50 EMA was near $0.1200, suggesting a key psychological level for near-term buyers. . The RSI dipped below 30, indicating oversold conditions, but divergence with price suggests weak bullish follow-through.

Volatility and Volume

Bollinger Bands showed a contraction before the steep drop to $0.1148, signaling a potential breakout. Volume spiked during the $0.1148 low, confirming bearish conviction. However, volume waned during the recovery from that level, pointing to a lack of buyer enthusiasm.

Forward-Looking Observations and Risk

Price appears to be forming a short-term base between $0.1175–$0.1195, but could test lower levels if support breaks. . A rebound above $0.1205 may attract near-term buyers, though risk remains skewed to the downside in the next 24 hours if sentiment remains bearish.