Looking at the weekly chart for Algorand, it's worth paying attention to a developing huge head & shoulders pattern, which usually indicates the market bottom, creating a fresh higher high.
Since Algorand peaked back in November 2021, it entered a mean downtrend which lasted for approximately 700 days.
We can also see that the market developed a bit of diagonal resistance, and bears followed it all the way down.
Now, what we also see is that the market showed significant respect toward the $0.30 zone for approximately 1600 days.
Should the bulls take the opportunity to break through the key horizontal resistance and fully develop the H&S pattern, I’m expecting #Algorand to pump to approximately $0.80, which is a key horizontal resistance previously respected by buyers and sellers.
Congratulations and well done for sharing your first idea with the community. Hope you will be having great experience. Thanks for your contribution. From mod @Bravetotrade
Hope you will be having great experience.
Thanks for your contribution.
From mod @Bravetotrade