To The Moon, Then Pluto $ALGO #Algorand #Crypto
Daily
Looking at our highest timeframe we see ALGO has remained in its uptrend since the beginning of February, although we are in a minor correction. Stochastic RSI showing momentum has formed a double bottom and the bulls are in a slight pause. Our (2) most recent daily candles are showing some wicks, could be an early sign of the bears getting exhausted. A daily close above $0.3740 indicates we will continue toward the upside.
4Hour
Shifting over to our pattern timeframe we see ALGO has broken out of its minor downtrend and has continued to form some bullish structure. Stochastic RSI showing momentum has bottomed out and we could see a reversal at this level. The price is now testing our previous resistance of $0.3600 as support. If we hold here expect ALGO to make a run towards $0.4200. A rejection from $0.3800 indicates we will continue towards the downside.
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.