Tether’s decision to halt USDT minting on the Algorand blockchain has sparked concerns about liquidity, but the project remains active with significant development milestones. While trading at $0.1772, ALGO faces a steep 94% drawdown from its all-time high and recent downtrends. However, technical analysis indicates potential for a short-term bounce based on bullish patterns like bull flags and inverse head and shoulders, though breakout above the $0.20-$0.26 range is needed. The network’s over 2 billion transactions point to strong activity. Despite this news, Algorand continues to see significant development activity with Python integration plans for increased developer adoption. Long-term performance remains impacted by a significant drop from its all-time high of $3.27, but the year-to-date performance is still relatively positive.