Algorand/Tether (ALGOUSDT) 24-Hour Market Overview

• ALGOUSDT declined 7.6% over the last 24 hours, closing at 0.2379 after reaching a high of 0.2503.
• Price action formed multiple bearish engulfing and rejection patterns near key resistance levels.
• RSI entered oversold territory, suggesting potential near-term buying interest.
• Bollinger Bands expanded following a consolidation phase, indicating rising volatility.
• Notional turnover increased 15–20% during key bearish breakouts, reinforcing price action.

Market Summary

Algorand/Tether (ALGOUSDT) opened at 0.2483 on 2025-09-18 at 12:00 ET and closed at 0.2379 on 2025-09-19 at 12:00 ET. The pair reached a high of 0.2503 and a low of 0.2361, with a total volume of 41.8 million tokens and a turnover of $9.9 million over the period. The price action shows a significant bearish tilt with a series of rejection patterns at key resistance and bearish engulfing formations.

Structure & Formations

Price action over the last 24 hours revealed several bearish signals, including bearish engulfing patterns at the 0.2495–0.2503 level, and a rejection candle at 0.2507. A key support level appears at the 0.2463–0.2470 range, where price found repeated bids. A notable bearish divergence was observed in the late evening as volume surged during the breakdown from 0.2490 to 0.2463, suggesting strong bearish conviction.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed below the price in the afternoon of 2025-09-18, confirming a shift into bearish momentum. The 50-period moving average on the daily chart now sits above the 200-period line, suggesting a broader bearish bias in the short term. If price continues to trade below these averages, bearish continuation is likely.

MACD & RSI

MACD remained bearish for most of the 24-hour period, with the histogram expanding as bears gained control. RSI dropped into oversold territory below 30, potentially signaling a near-term buying opportunity, though caution is warranted as momentum is still bearish. The RSI divergence from price during the early morning hours hinted at potential exhaustion in the bearish move, suggesting a possible short-term bounce.

Bollinger Bands

Bollinger Bands expanded significantly following a consolidation phase between 0.2480 and 0.2490. Price has traded mostly below the 20-period moving average and within the lower third of the bands, indicating bearish pressure. A retest of the lower band at 0.2361–0.2370 could trigger further downward movement if bears remain in control.

Volume & Turnover

Volume surged during key breakdowns in the late evening and early morning, with the largest single candle (0.2470–0.2428) carrying a volume of 1.1 million tokens. Notional turnover also increased significantly during these sessions, confirming the bearish price action. However, recent volume during the 0.2361–0.2379 range was lower, suggesting waning bearish conviction and the potential for a near-term bounce.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from 0.2503 to 0.2361, key levels include 61.8% at 0.2395 and 38.2% at 0.2443. Price has found temporary support at the 0.2395 level, which may serve as a near-term pivot. A break below 0.2361 could extend the move to the 50% level at 0.2432.

Backtest Hypothesis

Based on the observed bearish engulfing patterns and key Fibonacci levels, a potential backtesting strategy could involve shorting upon a close below 0.2400 with a stop above 0.2432. A target of 0.2361–0.2370 aligns with the most recent support zone. This approach would leverage both pattern and level-based signals, with RSI and MACD confirming bearish momentum. A long entry could be considered upon a close above 0.2443 with a stop below 0.2400, capitalizing on potential overbought exhaustion in the short term.