Algorand's $0.10 Resistance Level: Will Bulls Break Through or Bleed Back to $0.08?

Algorand (ALGO) is currently trading at $0.09, below its 200-day moving average of $0.10, which has become a hard ceiling for the asset.

The Layer-1 narrative that once drove ALGO's price has been crushed by Ethereum L2 proliferation and meme coin liquidity drain, leaving it stuck in no-man's land.

Whales are positioned 69% long on ALGO, but open interest dropped 3% in the last 24 hours, indicating weaker hands may be exiting, leaving stronger ones to consolidate.