Don't Miss This One!!! $ALGO #Algorand #Crypto
Looking at our highest timeframe we see ALGO testing our dynamic support(uptrend) stochastic rsi showing momentum is in favor of the bears with no signs of reversal. ALGO formed a higher high with a daily close at $0.50 taking out our previous higher high at $0.40. Since making a new high the price has remained in a minor downtrend and is now looking for support.
Shifting over to our pattern timeframe we see the price remaining in a descending channel, stochastic rsi showing momentum also stuck in a pattern and we should be expecting a huge push very soon. Bullish divergence shown in momentum, a 4hour close above $0.33 indicates we will head towards the upside, however a rejection from this level and expect ALGO to continue towards our $0.30 support zone. Something to keep in mind is ALGO has never seen a bull run and is already being compared to ETH and XTZ...persoanlly one of my favorite coins.
Trade active:
trade has been triggered and in profit!
