ALGO has been trading in an ascending broadening wedge pattern since 19th October.
In that time it has risen by ~67% and is once again trading above all EMA's. The market is shaky at the moment and any drops in BTC are causing bigger drops in alts, but any increase in BTC is not necessarily increasing alts much.
In any case, despite the very recent downward pressure ALGO found support around $0.13 and is looking to push up to the top of the channel for a short-term 20% increase. In the mid-term, if a breakout of the channel occurs we can target the $0.20 range.
If there is any major downward pressure, ALGO could fall considerably to $0.10, but that seems unlikely for now.
It has been a while since ALGO has shown some strength, now that it has the explosion should be big.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only.
Please feel free to leave your comments and thoughts below!
In that time it has risen by ~67% and is once again trading above all EMA's. The market is shaky at the moment and any drops in BTC are causing bigger drops in alts, but any increase in BTC is not necessarily increasing alts much.
In any case, despite the very recent downward pressure ALGO found support around $0.13 and is looking to push up to the top of the channel for a short-term 20% increase. In the mid-term, if a breakout of the channel occurs we can target the $0.20 range.
If there is any major downward pressure, ALGO could fall considerably to $0.10, but that seems unlikely for now.
It has been a while since ALGO has shown some strength, now that it has the explosion should be big.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only.
Please feel free to leave your comments and thoughts below!