Seems like ALGO is following the trendline established from the beginning of the last big pump to it's current price, which helps establish the lower portion of the triangle.
Then, an important resistance zone developed over the past week or so which acts as a breakout trigger into a possible bull run and forms the top portion of the triangle.
After a nice boost in volume over the past few days and a solid cross on the 1-Day MACD, it seems that ALGO is attempting to ditch the old triangle and move on to bigger better things.
It just needs to climb up past the next few levels of resistance to get going.
The green boxes I've drawn represent possible resistance/support zones and I expect the price to bounce around these levels while it continues rising. These were determined by looking at previous price movements and using some good ole Fibonacci levels.
Personally, I see this as a great coin right now!
This is my first published idea and I'm new to trading so take it with a grain of salt. I would love some constructive criticism. Thanks!
Then, an important resistance zone developed over the past week or so which acts as a breakout trigger into a possible bull run and forms the top portion of the triangle.
After a nice boost in volume over the past few days and a solid cross on the 1-Day MACD, it seems that ALGO is attempting to ditch the old triangle and move on to bigger better things.
It just needs to climb up past the next few levels of resistance to get going.
The green boxes I've drawn represent possible resistance/support zones and I expect the price to bounce around these levels while it continues rising. These were determined by looking at previous price movements and using some good ole Fibonacci levels.
Personally, I see this as a great coin right now!
This is my first published idea and I'm new to trading so take it with a grain of salt. I would love some constructive criticism. Thanks!