Algorand (ALGO) Price Plunges Amid Ongoing Bearish Trend

Algorand (ALGO) took a hit over the last 24 hours, dropping by 7.73% to trade at $0.0919. This decline is part of an ongoing bearish trend, with sellers firmly in control.

The appointment of William Herkelrath as CEO of Algorand Foundation has sparked some interest, but it remains to be seen how this change will impact the project's strategic direction and institutional focus.

Despite recent advancements in quantum-resistant technology, including over 1 million post-quantum transactions completed on mainnet, ALGO price dynamics remain weak. The chain is seeing momentum in enterprise use cases, with a 30% rise in monthly active wallets.

The technical analysis suggests that the price will likely consolidate within a range of $0.089 to $0.0957 over the next two to three sessions, with a 71% probability of further downside.