ALGO tech is on par with Tezos and is in infancy stages. Created by MIT minds. It has drawn down majorly in the bear market and has upside potential as a real player in Defi and STO markets. It has acceptance already with local EU governments and is primed for a major continuation move.
ALGOUSD has rallied hard, up almost 100% from it's local base low. Will be interesting to see if volume remains in the trade as it slows down back into it's trending buy zone. RSI is flashing early signs of a hidden bullish divergence; so there could be one more run left in this bull before it settles down.
Actual Inverse head and shoulders (IH&S) breakouts rarely occur when the IH&S is obvious to see. You know the one I am talking about, with everyone screaming "INVERSE HEAD AND SHOULDERS" going "ALL IN" because it's "SO OBVIOUS" . The ones that break out are much more subtle and even arguable. Here I see a subtle IH&S with the yellow line being the neckline....
ALGO was listed on Coinbase and it was already listed on CoinbasePro before.
So it has risen above %25 in hours and daily TD sequental chart shows it was rejected to pass $0,35 resistance
it's likely to start falling.
Considering Twitter hack and bad reputation news about Bitcoin and economical crisis and new lockdowns due to Covid -19,
i expect ALGO to...
Part of my ongoing analysis for AlgoRand (see links below)
This is the big picture plot, since pre-covid crash.
Algo has had a slower recovery that some others.
But it is now building a pretty solid trend structure.
$ 0.2182 is the KEY level, break and retest possible, break and run preferred.
$ 0.3051-0.3104 will be first Major resistance, a level to take some...