The post Algorand (ALGO) Price Tests $0.23 Support as Descending Pennant Pattern Forms appeared on BitcoinEthereumNews.com.

Peter Zhang
Aug 30, 2025 13:45

ALGO trades at $0.23 amid bearish reversal signals, with traders watching a descending pennant pattern that could trigger volatility by mid-September.

Quick Take • ALGO currently trading at $0.23 (-1.81% in 24h) • Descending pennant pattern suggests potential breakout volatility ahead • Bearish reversal pattern confirmed on August 28 creates downward pressure • ALGO RSI at 42.62 indicates neutral momentum zone What’s Driving Algorand Price Today? The ALGO price action over the past week reflects a confluence of technical patterns and market dynamics rather than fundamental catalysts. Most recently, Algorand has formed a descending pennant pattern near the $0.234 level, creating anticipation among traders for a potential breakout that could materialize by mid-September. The most significant price movement occurred on August 28, when ALGO experienced a bearish reversal pattern that pushed the token down to $0.2471. This technical breakdown has maintained downward pressure on Algorand, contributing to the current consolidation near key support levels. While the publication of a formal verification study of Algorand’s consensus protocol on August 26 demonstrated the network’s technical robustness, this development has had minimal immediate impact on the ALGO price. The research highlighted both strengths and limitations of the protocol under adversarial conditions, but markets have largely overlooked this technical milestone in favor of price action signals. ALGO Technical Analysis: Mixed Signals Emerge Algorand technical analysis reveals a complex picture with competing bullish and bearish indicators. The ALGO RSI currently sits at 42.62, placing it in neutral territory but closer to oversold conditions, suggesting potential for either direction depending on market catalysts. The moving average structure presents challenges for ALGO bulls. Algorand’s price trades below both the 7-day SMA at $0.25 and the 20-day SMA at $0.26, indicating short-term bearish momentum.…

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Filed under: News - @ August 31, 2025 1:23 am