ALGO Price Recovers to $0.26 Despite Tether USDT Withdrawal Concerns
The post ALGO Price Recovers to $0.26 Despite Tether USDT Withdrawal Concerns appeared on BitcoinEthereumNews.com.
Alvin Lang Aug 10, 2025 09:32 Algorand trades at $0.26 after recovering from Tether’s USDT withdrawal announcement, with technical indicators showing mixed signals as bulls defend key support levels. Quick Take • ALGO currently trading at $0.26 (-3.29% in 24h) • Algorand’s RSI at 54.96 suggests neutral momentum with room for upward movement • Tether’s USDT withdrawal announcement initially caused 6% decline but price has since recovered What’s Driving Algorand Price Today? The ALGO price action this week has been dominated by Tether’s significant announcement on August 4th that USDT support on the Algorand blockchain will cease by September 1, 2025. This regulatory development initially triggered a sharp 6% decline in Algorand’s price, creating immediate selling pressure as investors worried about reduced utility and liquidity. However, the cryptocurrency demonstrated remarkable resilience, with ALGO price recovering by 5.25% to reach $0.25 shortly after the initial drop. This recovery suggests that while the Tether withdrawal is concerning, Algorand bulls remain confident in the network’s fundamental value proposition. Adding to the mixed sentiment, recent analysis on August 8th highlighted that Algorand price has been collecting profits amid overbought signals from the Stochastic indicator. Despite this profit-taking activity, the price has maintained its position above the 50-day SMA, which technical analysts view as a positive sign for potential future gains. The foundation for current bullish sentiment stems from Algorand’s strong Q2 2025 transparency report released on August 1st, which showed impressive metrics including a 93.3% yearly gain, 7.5% increase in transaction volume, and 28.7% growth in consensus staking. ALGO Technical Analysis: Mixed Signals Emerge Algorand technical analysis reveals a complex picture with both bullish and bearish indicators present. The ALGO RSI currently sits at 54.96, positioning it in neutral territory with slight bullish bias, suggesting there’s…
