Algo has broken downtrend, if this springboards algo up we could see it retesting previous highs with potential for 70% gains. I have opened a trade at this point
If algo fails this move up we could be looking at a drop down to 70cents.
Algo is a fantastic project with a lot of potential and one of my favourite coins to trade.
This is not financial advice
Please like or follow if you enjoyed this analysis
No one should be foolish enough to think this isn't directly related to BTC price action. With BTC on an uptrend again ALGO will have wind in the sails to push higher, hopeful it will shoot higher with the market rise and retest all time highs.
I wish fundamentals drove this market, but until BTC dies its all just riding coat tails.
JamesVitaly
⋅
@BrandonJK, yeah I feel your frustration here . You can see similar patterns across the board and it’s often driven by BTC movements .
I think we’re starting to see some points where coins move independent of BTC particularly with defi coins and I think we will see more of this as time goes by (hopefully)
Trader_OMS
⋅
nice and I think
JamesVitaly
⋅
@Trader_OMS, yeah it’s always possible for a down drop - it’s important to plan for the both scenarios
I wish fundamentals drove this market, but until BTC dies its all just riding coat tails.