ALGO has formed a large falling wedge which is common among many crypto coins currently
The green horizontal is a strong support line, using the curved line to show the kind of cup structure price is forming once hitting this green line
It is a very bullish structure
Lets see how it plays out
Hello my Fellow Traderz,
With the arrival of the FIFA World Cup, keep your targets on the tokens which are directly or indirectly linked to the Championship.
I have already made an analysis on one such token in one of my previous ANALYSIS.
Today I've come up with $ALGO. #ALGORAND is officially the blockchain partner of FIFA WORLD CUP. So it is quite obvious MMs...
#ALGOUSDT $ALGO look at that volume! 👀
crazy increase in volume lately, was rejected from trend resistance but above .364 I expect longs to pay out until we hit that trend again.
conservative target is .416, if trend breaks .50 is possible short term. goodluck! :)
The price is creating a triangle on the daily timeframe.
The price got a rejection from the dynamic resistance and now the market is trying to hold the daily area on 0.3$
how to approach it?
The price needs to create a clear breakout in order to create a massive breakout
Absolutely bullish setup as long at the 0.279 low is holding.
1) Big Falling Wedge
2) Some side way action for accumulation
Most likely some 3-9x run.
Whether corrective or impulsive we shall see
Hold my beer pls
No financial advice, do your own research, don't be stupid
This is a huge falling wedge that is pointing to a crazy support level.
We have a nice trade range on the daily chart. Imagine breaking the range down but finding support near that crazy support level.
If you want to buy a coin soon, ALGO might be a good choice. Buy the support level or the breakout. It doesn't really matter. Potential reward is crazy.
After Ethereum's "merge" this week, the crypto market continues to sag as a whole, unimpressed. One pattern we see emerging is that coins that have been proof-of-stake since the very beginning (especially ATOM and ALGO this week) have been performing very well relative to the rest of the market. (Coins to keep an eye on in the near future: XTZ, ADA, TRON, MATIC,...
If ALGO doens't start going up again it'll drop another 26% before finding a decent support. R/R is good at this point, I suggest you to keep an eye on it e check it after the weekend.
DISCLAIMER: I'm still bearish on BTC which means that if that dumps also alts will dump so this signal will be invalidated if BTC starts going down to 14K as I'd expect. In any...
Trading volumes are increasing as the price rises.
ALGO continues to be above liquidity.
TD Sequential has formed a reversal signal upwards (1H TF)
I believe that the asset may continue to grow if it fixes above the support level.