Alts are on fire and volume is really picking up on ALGO and there's decent upside remaining. There's a substantial amount of resistance below $0.5. The FOMO emojis on the chart mean nothing until it breaks clearly above $0.5. I will sell into my resistance zones and buy back in if-and-only-if it pushes above $0.5 with considerable strength. As of now, I'm long. Let's see what happens.
Comment:
I believe $0.265 is the bottom here. There is very, very strong support in the $0.26 area. If it goes any lower, it should be very brief. I would only consider exiting this trade if a daily candle closes below $0.260. I expect the price to be above $0.45 in less than a month.
Trade active:
I added significantly to my original position here. Next year is going to be a wild ride. Based on the recent market trends and volume accumulation in this range, I can't imagine any scenario where the price stays below $1 throughout the entire year. That's more than 3x gain from now. This sideways action is an opportunity to board the train before it leaves the station.