Bulls in Control: #ALGOUSDT Breaks Channels, Sets Sights Higher

💎#ALGOUSDT shows promising signs of a bullish reversal! The formation of a double bottom, coupled with a successful break above the descending channel and supply/demand zone, suggests a potential price increase towards the 88.6% Fibonacci retracement level and the 200 Simple Moving Average. Currently, price is supported by the 61.8% Fibonacci level. If the support holds, we could see a rapid rally.

💎However, a break below the support may lead to another wave down before a potential pullback.

💎Watch closely for any price action below the double bottom, as it could indicate a continuation of the downtrend.

Comment:

ALGO has entered a bearish zone and now the question arises as to how far down price might go. We try to answer this in our follow-up analysis: