Algorand/Tether Market Overview

• Algorand/Tether (ALGOUSDT) declined to a 24-hour low of $0.2105 before reversing with late-day buying.
• Price remains below key 50-period moving average, suggesting bearish bias.
• Volatility spiked after 16:00 ET, with over $3.5 million in turnover in a single 15-minute window.
• RSI bottomed below 30 on 09/24, signaling potential oversold conditions and possible short-covering.
• Bollinger Band contraction before 20:00 ET preceded a sharp price move and breakout in early ET hours.

Algorand/Tether (ALGOUSDT) opened at $0.217 on 2025-09-23 12:00 ET, reached a high of $0.218 on 2025-09-24 15:00 ET, touched a low of $0.2105, and closed at $0.2165 by 12:00 ET on 2025-09-24. Total 24-hour volume reached 18,077,418 ALGO, with a notional turnover of $3.83 million. Price action suggests a continuation of a consolidation phase after a prior bearish trend.

Structure & Formations

Price action shows two key swing levels over the past 24 hours: a strong support at $0.2105 and a resistance at $0.2170–0.2180. A notable bullish engulfing pattern formed at 09:45 ET, indicating potential short-term buying interest. A doji appeared at 03:30 ET, signaling indecision. These patterns may hint at a short-term reversal if buying pressure continues to exceed the 0.2170 level.

Moving Averages, MACD, RSI & Bollinger Bands

On the 15-minute chart, the 20-period moving average is at $0.2145 and the 50-period at $0.2153, with price currently above both, suggesting a potential short-term reversal. MACD crossed into positive territory after 09:00 ET, supporting bullish momentum. RSI, having dipped below 30, may signal oversold conditions and a potential rebound. Bollinger Bands expanded after 09:45 ET, aligning with the bullish engulfing pattern, and price closed near the upper band, indicating a period of increased volatility.

Volume & Turnover

Trading volume spiked at 09:45 ET, with a 15-minute turnover of over $3.5 million, coinciding with the bullish engulfing pattern and the Bollinger Band expansion. This volume increase aligns with the price rebound and may support a short-term reversal. However, volume tailed off in the final hour, which could suggest waning conviction in the move higher.

Fibonacci Retracements

Applying Fibonacci to the 24-hour swing from $0.2105 to $0.2180, key levels include 38.2% at $0.2141 and 61.8% at $0.2163. Price closed near the 61.8% level, indicating a potential short-term ceiling and a possible pullback to test the 38.2% or $0.2141.

Backtest Hypothesis

Given the 15-minute chart's structure and volume confirmation at key Fibonacci and moving average levels, a potential backtest strategy could involve entering long positions on a close above the 61.8% Fib ($0.2163) with a stop-loss below the 38.2% Fib ($0.2141). A target could be set at the 20-period MA ($0.2145) for a short-term trade, with a take-profit at the next swing high. This approach would leverage the current reversal bias and volume confirmation while managing risk through defined stop and limit levels.