Lambo Season!!! $ALGO $ALGOBTC $USD #Algorand #Crypto
Looking at our highest timeframe we see ALGO has never seen a bull run, and already shows some great upside potential. Support found at $0.18 and has remained in an uptrend since. Price has retraced about 30% since making a higher high at almost $0.5200, this week’s candle looks like it has bounced off our previous breakout zone. Some in the crypto community compare ALGO to ETH and XTZ, could we see possibly see the same price action as 2017?
Taking a closer look at our trend timeframe we see price continuing to respect structure, this week’s candle currently testing our $0.37-$0.39 support zone. A weekly close above this zone is a good sign we will continue the trend.
Shifting over to our pattern timeframe we see previous higher highs and higher lows, along with the stochastic rsi showing momentum is in favor of the bears from our previous sell-off from $0.50. Price is now testing dynamic support and our major support zone. No daily confirmations of a reversal yet, however yesterday’s candle left a nice size wick, and today’s daily candle is starting to take shape. Some possible early signs the short term bears are getting tired.
Finally looking our trigger timeframe we see ALGO has closed above our 4hour support after testing (2) times. Another possible retest is possible, before continuing to the upside, stochastic rsi showing momentum has bottomed and we could be seeing the bulls make another run. Another 4hour close above $0.3750, with some risk management could be a solid early entry before continuing our 2nd leg. A close below this level means we continue to our $0.3400 zone. If this is being compared to ETH and XTZ before the next mainstream wave kicks in, now is the perfect time to start averaging in before hitting Lambo season!!!!
