ALGO/USD pair has been trending below its 200-day EMA since June 7 when it wicked above the moving average trendline.
ALGO’s latest price movement has drawn traders’ attention to whether the token can break through a key technical barrier.is back in the spotlight as its price recovery brings a crucial resistance zone around $0.15 into view. The mildly renewed strength in the midweek market action in the form of consecutive daily green candles over the past 7 days follows a period of price weakness in the last week of August.
ALGO addresses with a balance have grown by 990K this year per data from IntoTheBlock. The network has especially seen accelerated growth in the last 7 days, with the total addresses with a balance jumping from 21.26 million on 17th September to 21.51 million at the time of writing.This growing adoption of ALGO suggests rising interest in the blockchain’s ecosystem despite an overwhelming majority of token holders being at a loss. IntoTheBlock’sAlgorand was trading at $0.
From a technical analysis standpoint, ALGO/USD is approaching a critical resistance zone between $0.149 and $0.152, which coincides with the 200-EMA. This range has proven to be a significant hurdle in the last three months after ALGO price slipped below the moving average on 7th June.For ALGO/USD to confirm bullish momentum, the pair would ideally need to break above this trendline.
The net circulation of USDT in Algorand is $2 million. The stablecoin issuer said it will freeze all remaining USD₮ on Algorand by September 2025.Sam is a blockchain research analyst and crypto data journalist with over four years of experience delivering technical content about alternative finance instruments. He holds a Bachelor's degree in Telecommunication Engineering and currently focuses on emergent technologiesSubscribe to get it daily in your inbox.
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