Algorand (ALGO) | This Can Be One Of The Best Buying Opportunity
Hey, friends hope you are well and welcome the new update on Algorand coin.
The priceline of ALGO coin has been retraced between 0.618 to 0.786 Fibonacci retracement level after a powerful bullish rally of 222%.
On long term weekly chart strong support can be observed. Every time priceline has rallied to the up side after hitting at this support.
The priceline of Algorand (ALGO) has formed bullish Cypher on weekly chart.
The targets as per Fibonacci sequence of Cypher are as below:
Potential reversal or buying zone: 0.00003233 to 0.00002683 btc
Fibonacci projection or sell zone: 0.00003666 to 0.00004732 btc
On the daily chart the priceline is trying to breakout 200 simple moving average. The safer buying can be after closing above this SMA.
`Conclusion:
As the priceline has completed a bullish Cypher move while reaching at the strong support level on the weekly chart therefore there can be strong chances that the price action of Algo will start a powerful bullish rally from here. However, the potential reversal zone of bullish Cypher should be used as stop loss to minimize the risk factor.
The priceline of ALGO coin has been retraced between 0.618 to 0.786 Fibonacci retracement level after a powerful bullish rally of 222%.
On long term weekly chart strong support can be observed. Every time priceline has rallied to the up side after hitting at this support.
The priceline of Algorand (ALGO) has formed bullish Cypher on weekly chart.
The targets as per Fibonacci sequence of Cypher are as below:
Potential reversal or buying zone: 0.00003233 to 0.00002683 btc
Fibonacci projection or sell zone: 0.00003666 to 0.00004732 btc
On the daily chart the priceline is trying to breakout 200 simple moving average. The safer buying can be after closing above this SMA.
`Conclusion:
As the priceline has completed a bullish Cypher move while reaching at the strong support level on the weekly chart therefore there can be strong chances that the price action of Algo will start a powerful bullish rally from here. However, the potential reversal zone of bullish Cypher should be used as stop loss to minimize the risk factor.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.