ALGO/USDT Technical Analysis: Bearish Outlook
ALGO/USDT Technical Analysis: Bearish Outlook
The price of ALGO/USDT is currently trading at $0.113, which is a 97% decline from its all-time high of $3.31. The chart shows a clear bearish trend, with the price breaking down from the $1.33 level of the rising wedge. The price is now almost 90% down from the breakout level.
The price is also trading in a falling wedge, and it has recently been hit hard by the news that the SEC is suing Ripple Labs. As a result, the price has declined by 40% in the past week.
The overall outlook for ALGO/USDT is bearish. The price is likely to continue to decline and test the $0.05 level. This level could be a good accumulation zone, and a bottom could be formed here. Once the bottom is formed, the price could start a new bull run.
The next bull run target for ALGO/USDT could be $1-$2. However, it is important to note that this is just a technical analysis, and the actual price movement could be different. It is always advisable to do your own research before investing in any cryptocurrency.
Key Levels
Support: $0.05
Resistance: $0.155, $0.28, $0.77, $1.75
Disclaimer
This is not financial advice. The author is not a financial advisor and does not provide financial advice. The author is simply sharing their technical analysis of ALGO/USDT. It is important to do your own research before investing in any cryptocurrency.
The price of ALGO/USDT is currently trading at $0.113, which is a 97% decline from its all-time high of $3.31. The chart shows a clear bearish trend, with the price breaking down from the $1.33 level of the rising wedge. The price is now almost 90% down from the breakout level.
The price is also trading in a falling wedge, and it has recently been hit hard by the news that the SEC is suing Ripple Labs. As a result, the price has declined by 40% in the past week.
The overall outlook for ALGO/USDT is bearish. The price is likely to continue to decline and test the $0.05 level. This level could be a good accumulation zone, and a bottom could be formed here. Once the bottom is formed, the price could start a new bull run.
The next bull run target for ALGO/USDT could be $1-$2. However, it is important to note that this is just a technical analysis, and the actual price movement could be different. It is always advisable to do your own research before investing in any cryptocurrency.
Key Levels
Support: $0.05
Resistance: $0.155, $0.28, $0.77, $1.75
Disclaimer
This is not financial advice. The author is not a financial advisor and does not provide financial advice. The author is simply sharing their technical analysis of ALGO/USDT. It is important to do your own research before investing in any cryptocurrency.
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