ALGO Update: Spot/Futures Position & Potential Price Action
Hey traders! 👋
Let’s take a quick look at Algorand (ALGO), which has been showing some interesting price action lately. 🇺🇸 As we know, ALGO has been closely tied to the broader market sentiment, and with all the attention around US-based projects, it’s definitely one to watch, especially with the current political landscape.
1️⃣ The Sell Signal – We received a strong sell signal earlier, and as a result, we decided to exit our spot position. Since then, we’ve been in a clear downtrend with lower lows and lower highs. 🔻
2️⃣ Fib Level 0.786 – Currently, we’re approaching the 0.786 Fibonacci level, which could act as a potential retracement point. Could this be the level where the market reverses? 🤔 If we see a bounce here, we might fill the demand zone and potentially add more spot positions.
However, there’s also the possibility of a breakout to the downside if the current downtrend continues. Will the bulls step in at this crucial point, or are we heading lower?
What do you think? 🤨 Drop your thoughts below and let’s discuss the next move! 💬 Don’t forget to follow for more insights on ALGO and other cryptos.
Happy trading, everyone! 💰📈
Let’s take a quick look at Algorand (ALGO), which has been showing some interesting price action lately. 🇺🇸 As we know, ALGO has been closely tied to the broader market sentiment, and with all the attention around US-based projects, it’s definitely one to watch, especially with the current political landscape.
1️⃣ The Sell Signal – We received a strong sell signal earlier, and as a result, we decided to exit our spot position. Since then, we’ve been in a clear downtrend with lower lows and lower highs. 🔻
2️⃣ Fib Level 0.786 – Currently, we’re approaching the 0.786 Fibonacci level, which could act as a potential retracement point. Could this be the level where the market reverses? 🤔 If we see a bounce here, we might fill the demand zone and potentially add more spot positions.
However, there’s also the possibility of a breakout to the downside if the current downtrend continues. Will the bulls step in at this crucial point, or are we heading lower?
What do you think? 🤨 Drop your thoughts below and let’s discuss the next move! 💬 Don’t forget to follow for more insights on ALGO and other cryptos.
Happy trading, everyone! 💰📈
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📩 Contact: contact@getsparx.io
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.
🔗 Indicators available at: getsparx.io
📩 Contact: contact@getsparx.io
📩 Contact: contact@getsparx.io
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.