Algorand (ALGO) is holding key support near $0.08-$0.09 despite ongoing selling pressure, with technical indicators showing early signs of stabilization. According to a crypto analyst, a decisive break above the $0.1065 resistance level could trigger a significant rally toward $0.1450.
Algorand continues to experience selling pressure despite showing early signs of stabilization in a vital support area near $0.08-$0.09. At press time, the Algorand price was $0.09263, down 3.74% over 24 hours with a trading volume of $95.33 million.
Crypto analyst Chiefrat pointed out that ALGO needs to breach a key resistance level of $0.1065 for bullish momentum to continue. “The breakdown above the level of $0.1065 would pave the way for a rise of around 35% for the token,” the analyst stated.
On the weekly chart, technical indicators are beginning to show signs of improvement as bearish momentum weakens. The Moving Average Convergence Divergence (MACD) histogram has turned positive, while the Relative Strength Index (RSI) has recovered to 42.6.
The RSI remains below the neutral 50 level, indicating bulls have not yet fully regained control of the market. Traders are monitoring whether this momentum can strengthen enough to support a breakout above the critical resistance.
