Market Overview: ALGOUSDT 24-Hour Volatility and Key Technical Levels

• ALGOUSDT dropped from 0.1789 to 0.1595, with a 24-hour low at 0.1538 following a sharp selloff.
• Momentum weakened, with RSI trending below 30 and MACD declining sharply after 03:00 ET.
• Bollinger Bands widened significantly during the selloff, signaling heightened volatility.
• Volume surged near the 0.1605–0.1595 zone, highlighting key liquidity pressure.
• A bearish engulfing pattern formed at 0.1775, followed by a breakdown below 0.1745 support.

24-Hour Summary and Context

Algorand/Tether (ALGOUSDT) opened at 0.1752 on 2025-11-02 at 12:00 ET, touched a high of 0.1789 and a low of 0.1538, and closed at 0.1599 at 12:00 ET on 2025-11-03. The pair traded a total volume of 17,133,380 ALGO, with a notional turnover of $2,661,713. The price experienced a sharp selloff in the early morning hours, breaking below key support levels.

Structure & Formations

The 24-hour chart features a distinct bearish breakdown below the 0.1745–0.1752 support zone, which had previously contained price action for much of the trading session. A bearish engulfing candle formed at 0.1775–0.1769, signaling strong selling pressure. Additionally, a bearish continuation pattern appears around 0.1680–0.1675, where price found repeated resistance after brief recoveries. A doji near 0.1643 at 11:45 ET suggests temporary indecision, but downward momentum quickly resumed.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have diverged significantly during the selloff, with the 50 MA falling below the 20 MA, indicating bearish momentum. Daily MA levels show the 50-day MA at ~0.1760, the 100-day at ~0.1775, and the 200-day at ~0.1785. Price is currently well below all these levels, reinforcing a bearish bias.

MACD & RSI

MACD turned negative sharply after 03:00 ET and remained bearish through the closing hour, indicating ongoing selling pressure. RSI has fallen well below the 30 level, signaling oversold conditions, though this may not trigger a rebound if institutional selling persists.

Bollinger Bands

Bollinger Bands expanded significantly during the selloff, particularly after 03:15 ET, as volatility spiked and price broke below the lower band. Price has remained within the bands since 07:30 ET, suggesting some consolidation after the initial drop.

Volume & Turnover

Volume surged during the 03:15–03:45 ET period, with a massive block of 2,789,125 ALGO traded at 0.1714, followed by 914,943 ALGO at 0.17. Turnover spiked to over $243,000 during these hours, confirming the breakdown in price. Later in the session, volume remained elevated, especially during the 15:00–15:45 ET selloff, where price fell from 0.1687 to 0.1595.

Fibonacci Retracements

Applying Fibonacci to the recent 0.1789–0.1595 swing, the 38.2% retracement level is at ~0.1689 and the 61.8% level at ~0.1641. Price briefly tested the 61.8% level before extending the decline to 0.1538. These levels may offer resistance on a rebound.

Backtest Hypothesis

Given the breakdown of key support levels and the bearish continuation pattern, a potential backtest hypothesis could involve a short entry strategy triggered by a close below the 0.1745–0.1752 support zone, with a stop just above the 0.1775 resistance. The target would be aligned with the 61.8% Fibonacci retracement at 0.1641, with a trailing stop to capture additional downside. This approach would align well with the current bearish momentum and should be evaluated against historical volatility and volume patterns.