Algorand Market Overview: 24-Hour Breakdown on 2025-08-06

• Algorand (ALGOUSDT) formed a bearish engulfing pattern near 0.2384–0.2379 before a sharp downward move below 0.2353.
• Volume spiked during early recovery attempts but faded as price tested key support near 0.2333.
• RSI entered oversold territory late in the session, suggesting potential near-term buying interest.
• Price closed near the lower Bollinger Band, signaling increased volatility and bearish bias.
• Daily volume of 11.6 million ALGO marked a moderate increase, but turnover failed to confirm bullish momentum.

Algorand (ALGOUSDT) opened at 0.2349 on 2025-08-05 12:00 ET, reached a high of 0.2386, and closed at 0.2317 on 2025-08-06 12:00 ET. Total volume traded 11.6 million ALGO, with turnover amounting to $2.78 million over 24 hours.

Structure & Formations

A bearish engulfing pattern formed around 0.2384–0.2379, signaling short-term rejection of higher prices. The asset then broke below a key support at 0.2353 and tested the lower end of the Bollinger Band near 0.2333, which briefly held before a further decline. A double-bottom configuration may be forming in the 0.2330–0.2337 range, suggesting potential for a near-term rebound.

Moving Averages

On the 15-minute chart, price closed below both the 20- and 50-period moving averages, reinforcing the bearish tilt. On the daily chart, the 50- and 200-period averages remain in a flat alignment, suggesting no clear long-term directional bias at this time.

MACD & RSI

The MACD line turned negative and crossed below the signal line during the late-night sell-off, confirming bearish momentum. RSI dropped below 30 near the session close, indicating oversold conditions and hinting at a possible short-term bounce. However, without a decisive close above 0.2365, bullish sentiment remains constrained.

Bollinger Bands

Volatility expanded during the early recovery phase but contracted sharply during the final 6 hours of the session. Price closed near the lower Bollinger Band, which may either act as a floor or trigger further selling pressure if broken.

Volume & Turnover

Volume increased during early attempts to push price above 0.2375 but declined as buyers faded. Notional turnover peaked at ~$700k during the 19:30–20:15 ET window but failed to sustain a rally. The divergence between volume and price action during the final hours suggests waning selling pressure.

Fibonacci Retracements

From the 0.2333–0.2386 swing on the 15-minute chart, price found initial support at 0.2366 (38.2%) and 0.2353 (61.8%), both of which were broken during the session. On the daily chart, the 0.2340–0.2390 move is being retraced, with 61.8% (0.2363) offering a near-term pivot.

Price could test the 0.2330–0.2335 support cluster over the next 24 hours, with a rebound potentially targeting 0.2360–0.2375 if short-covering gains traction. However, a break below 0.2330 may invite further downside to 0.2315 or lower. Investors should remain cautious of thin liquidity and divergent volume dynamics.