💎 ALGO has recently encountered significant market dynamics. Currently, it is facing resistance in the supply area.
💎 If ALGO manages to successfully break out above this supply area, confirmed by a daily candle close, there is potential for continued upward movement, possibly reaching our target area.
💎 However, if ALGO fails to break out above the supply area, there is a risk of price rejection, leading to a gradual downward movement towards the support area to seek new momentum.
💎 The support area holds crucial significance for ALGO. The price needs to bounce from this level to attempt another breakout above the supply. Failure to sustain the support area, indicated by a breakdown, would be a bearish sign.
💎 In such a scenario, ALGO may switch back to a bearish trend, potentially leading to further downward movement towards the demand area or even lower levels.