ALGO Price Analysis: Oversold Conditions Indicate Potential Bounce?

Algorand (ALGO) is currently trading around $0.2534, experiencing a 6% decline in the last 24 hours and a 2% drop for the week. Despite recent price weakness, technical indicators suggest possible bullish momentum. The RSI remains above the neutral 50 mark, while the Stochastic RSI has reset toward oversold territory, signaling potential upward movement. 3-day chart analysis reveals a breakout above long-term downtrend on the ALGO/BTC pair. The asset is currently consolidating near the $0.00000220 BTC level and hovering between key support and resistance levels.