On algorithmic trading and its impact on range-bound assets

It's always interesting to see how market structure evolves, especially with the increasing dominance of algorithms. I was looking at $USDTHB today, currently at 33.571, within a relatively tight range of 33.513-33.708. The common narrative is that algos thrive on volatility, but I'm starting to think their presence, particularly in quieter sessions, is actually contributing to these extremely narrow ranges we're seeing in many currency pairs. They're quick to front-run any slight movement, creating a kind of self-fulfilling prophecy of flatness until a major catalyst. It makes fundamental conviction feel somewhat muted in the short term. Meanwhile, something like $X is just grinding along at 54.84, barely budging from its 54.78-54.89 daily range. Are we just seeing the next phase of market efficiency, or is this really a structural change that dulls genuine price discovery? Would love to hear some counterarguments on this, especially from anyone who's seen algo behavior shift over the past few years.