Algorand (ALGO) Price Analysis Hints At A 20% Rally if Bitcoin Behaves

ALGO 价格在 3 月份触及 0.33 美元的年内高点后，过去 4 个月一直在下跌。0.16 美元是一个强劲的支撑位。

The ALGO price has been on a downtrend for the past 4 months, ever since it hit a yearly high of $0.33** in March. A crucial support level of **$0.16 was tested twice before June 12–the day when the ALGO price plunged through it. During yesterday's Bitcoin dip, ALGO hit a low of $0.1254** before quickly bouncing back up to its current price. The bounce occurred at a support level that was tested multiple times throughout November 2023. If **ALGO** bulls can sustain this bounce, the price could rally by 20% from the current price, hitting **$0.16.

Tether to Drop USDT Support on Algorand by June 2024

Tether, the company behind the USDT stablecoin, announced that it will no longer be issuing USDT on the EOS and Algorand networks. This move is a blow to ALGO's stake in the DeFi sector, although the network still has access to USDC from Circle.

The Algorand community took to X (formerly Twitter) to voice their opinions, highlighting how the community already prefers USDC over USDT.

Two different blockchains with two different views of $USDT.

@Algorand vs @Voi_Net

I’ve personally always preferred $USDC from @circle, but what are your thoughts? Is @Tether_to not being MICA compliant forcing them to focus on indie chains?
pic.twitter.com/fU32ISVp9e

The community went on to call out Tether, describing it as a “giant laundromat for the shitcoin factory” as the stablecoin issuer allows redemptions to continue for the next 12 months before fully exiting the network.

Meanwhile, the community also rose up against Chris Swenor, creator of VoiNetwork, for posting what they describe as “a clear jab” at the seemingly bad news on the Algorand network.

Swenor posted a response to the backlash, highlighting that it was an innocent mistake and not a targeted attack.

Hey everyone,

I want to acknowledge the upset feelings today. I see you, and you can be 100% mad at me. I asked the marketing team to shout out Tether because they used "Community-driven Blockchain," a key narrative we're pushing at Voi. I saw they were removing support from…

VoiNetwork and Algorand do have a history together, with Swenor being a part of the Algorand community before branching off to build Voi in March 2023.

This is true BUT Algorand would be the main portal to Voi. Which would mean that there would be TVL in the Algo side of the bridge.

Bottom Line on ALGO Price Analysis

Algorand is best known for its robust technology and its role in advancing the future of money. However, ALGO's price has been lagging, leading to questions about whether there is a deliberate effort to suppress its price.

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