Algorand Price Prediction: ALGO Holds $0.23 as Traders Await Pennant Breakout

Algorand price today is hovering near $0.234 after testing the $0.23 support level. The token has spent most of August inside a descending pennant, narrowing its range between $0.239 and $0.29. Traders are watching closely, as the pattern approaches its intersection point in mid-September, when volatility is expected to surge.

Fundamentals remain supportive. Algorand’s new partnership with XBTO has strengthened liquidity and deepened order book stability, a key factor for institutional investors. Still, spot netflows remain negative, highlighting cautious sentiment among retail and short-term traders.

The immediate question is whether ALGO can defend its base and prepare for a breakout above $0.25, or if selling pressure will push it toward deeper support near $0.20.

Algorand Price Action Struggles Within Descending Pennant

On the daily chart, Algorand price action is contained inside a clear descending pennant, with resistance near $0.27 and support close to $0.23. The token is currently trading below its 20-day EMA at $0.252, signaling near-term weakness, while the 50-day EMA at $0.248 and the 100-day EMA at $…

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