Algorand (ALGOUSDT) Market Overview: 24-Hour Technical Summary

Algorand (ALGOUSDT) opened at $0.2712 on 2025-07-28 at 12:00 ET, reaching a high of $0.2719 and a low of $0.2629 before closing at $0.2656 on 2025-07-29 at 12:00 ET. Total 24-hour volume was 20,784,050 ALGO, with a notional turnover of approximately $5,503,672.

Summary

• Price consolidated between $0.2650 and $0.2719, with a bearish bias evident after a failed retest of the 24-hour high.
• A key support level emerged around $0.2650, with a strong rejection candle observed at 22:45 ET.
• Volume spiked during the evening session, aligning with the price decline, suggesting accumulation.
• RSI dipped below 30 into oversold territory, while MACD showed bearish divergence, signaling potential short-term reversal.
• Bollinger Bands widened during the late session, indicating increased volatility and a possible trend continuation.

Structure & Formations

Price action over the 24-hour period showed a clear bearish bias after a failed bullish attempt near the 24-hour high of $0.2719. A large bearish candle at 22:45 ET confirmed a rejection of higher levels, forming a potential bearish continuation pattern. A key support level appears to have formed at $0.2650, with multiple candles closing near this level. A potential bullish engulfing pattern may form if price breaks above the 24-hour high with confirmation.

Moving Averages

On the 15-minute chart, the price closed below both the 20-period and 50-period moving averages, indicating a bearish bias in the short term. The 20-period MA is currently at $0.2675, while the 50-period MA is at $0.2680. On the daily chart, the 50-period MA is at $0.2660, and the 200-period MA is at $0.2700, suggesting the price is below its longer-term trend.

MACD & RSI

The 15-minute MACD is in bearish territory with a negative histogram, reflecting weakening bullish momentum. RSI has dipped below 30, indicating oversold conditions, but divergence between the RSI and price suggests caution—while the RSI is rebounding, price remains in a downward trend. This could signal a short-term bounce but not a reversal.

Bollinger Bands

Bollinger Bands expanded during the late session, particularly between 22:45 ET and 00:00 ET, indicating heightened volatility. The price closed near the lower band at $0.2650, suggesting oversold conditions and a potential bounce. However, the wide bands also suggest increased uncertainty and potential for a continuation of the bearish trend.

Volume & Turnover

Volume spiked during the late evening and early morning sessions, particularly between 22:45 ET and 00:45 ET, with the largest volume recorded at 22:45 ET (1.98 million ALGO). This high volume coincided with a sharp price decline, suggesting accumulation by larger players. Notional turnover also rose during these periods, confirming the price action. No significant divergence between volume and price was observed, indicating strong conviction in the bearish move.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $0.2719 to $0.2629, the 38.2% level is at $0.2669, and the 61.8% level is at $0.2649. Price has found support near the 61.8% level, suggesting this area may hold in the near term. A break below $0.2649 could target the next Fibonacci level at $0.2629, reinforcing the bearish outlook.

While the near-term technicals suggest a continuation of the bearish trend, a rebound from the 61.8% Fibonacci level could offer a short-term opportunity for buyers. Investors should remain cautious, as divergence in the MACD and RSI may signal an overextended bearish move. A break above $0.2675 could challenge the 20-period MA and suggest a potential reversal.