*** This is not financial advice, only a TA from a hopeful hodlr ***
According to this TA, I can see a squeeze (or a bullish pennant) from the support line and the 1.44$ resistance, which is also the 0.618 Fib retracement of the last huge pump. If the breakout is happening, ALGO could test the next Fib level at 1.63$ for a 20% growth. From what we see on the chart, ALGO has been respecting the fib retracement pretty well, so I could see it breaking the 1.44$ resistance and jumping up to the next fib level. Also, with all the hype for the project on social media and innovation brought by ALGO, I wouldn't be surprised if we get to test 1.63$ before Wednesday.
This would be a short-term trade with a pretty good return! I will come back to document the breakout or the fakeout once it happens!
According to this TA, I can see a squeeze (or a bullish pennant) from the support line and the 1.44$ resistance, which is also the 0.618 Fib retracement of the last huge pump. If the breakout is happening, ALGO could test the next Fib level at 1.63$ for a 20% growth. From what we see on the chart, ALGO has been respecting the fib retracement pretty well, so I could see it breaking the 1.44$ resistance and jumping up to the next fib level. Also, with all the hype for the project on social media and innovation brought by ALGO, I wouldn't be surprised if we get to test 1.63$ before Wednesday.
This would be a short-term trade with a pretty good return! I will come back to document the breakout or the fakeout once it happens!
Comment:
The second i posted this idea BTC dumped lol play is still in play nonetheless, the fib is and will be respected