Algorand (ALGO) Price Tests Critical $0.175 Support: Can Bulls Step In?

• ALGO’s price respects a descending channel, creating clear scalp trading opportunities.
• Liquidation volumes have dropped since March, signaling reduced leveraged activity.
• MACD shows bearish momentum, but RSI hints at weakening downside without reversal.

Algorand (ALGO) has remained trapped in a persistent downtrend, but there may be an opportunity for traders watching key levels. 

Sjuul from AltCryptoGems notes that ALGO’s consistent pattern adherence makes current levels worth watching closely.

ALGO Price Respects Descending Channel Structure

ALGO’s price has shown a clear downward trajectory, constrained within a well-defined descending channel. This channel has acted as a reliable guide, with price action consistently respecting both upper and lower boundaries. Such behavior indicates a technically structured market, where each support and resistance level is significant.

The price is approaching the $0.175 level, a critical zone. This area holds importance due to its alignment with the channel’s midline and a horizontal support level. 

Analyst Sjuul specifically suggests that traders looking for a quick “scalp” trade might f…

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