Algorand Faces Downward Pressure Despite Recent Price Surge

Algorand's recent price surge to $0.11 is being viewed as a textbook example of a bear market action, indicating that the cryptocurrency is likely to decline further in the coming days. The technical structure of Algorand remains broken, with multiple resistance levels in place, making it difficult for the price to rise.

The current setup suggests distribution, with every bounce getting sold and attempts to reclaim higher levels failing. The overall trend remains relentlessly lower, with institutional money continuing to exit positions. The 15% gap below the 200-day moving average persists despite today's pump, confirming that institutional money continues exiting positions.