A closer look at the potential of ALGO.People are jumping with joy today as FLARE has made a more than 300% in gains as of late, but when you see what ALGO is about to do, you won't give a second look at FLARE again. Not to put down FLR, I hold a bag myself, but only to use it as a comparison.
Just taking a gander at this chart, even the most rudimentary of assessments come to realize really quickly that there is definitely potential here. Even if the cup & handle formation fails, the chart gives you some really great tips about exit and entry points on long, and short positions.
Enjoy traders, and always use a stop.
Algocoin
ALGO finally overcomes the downward channelThe Algorand coin appears to be in the bullish territory after breaching the falling wedge pattern.
The Supertrend indicator generated the bullish indication last night in terms of the daily price chart.
The Algorand coin is noticing above the 20 and 50-day moving averages in the context of a daily price chart. And remaining 100 and 200-EMAs may distract the bullish momentum.
The relative strength index (RSI) remains above the halfway line (50-point) after a long consolidation below it. At the time of writing, the RSI is represented at the 64-level, providing a clear directional trend.
The Average Directional Index (ADX) is gradually decreasing but still suggests a bullish momentum for the Algorand coin.
Now the Algorand coin is moving towards the psychological level of $1.0, where the battle between buyer and sellers may occur for the directional trend. Unless the bears may continue to dominate the coin.
Support level- $0.680 and $0.370
Resistance level- $1.0and $1.30