Support Failed, What Happens Next?

ALGO blew right through the support on the retest.
After a brief drop down to $1.31, the price has stabilized and returned to around its 1-month average price.

Now, we either see a breakout above the previous support and look for a buy setup on the retest or we bounce back down to a lower support level .
Given the average price over the past 30 days is $1.38-$1. 40 , I am thinking this might be a good entry point.

There needs to be confirmation of strong support if/when the price drops back down to $1. 40 and it will give ALGO a chance to take off.