ALGO - The Beast Is Awakened!Algorand, or what I called " the sleeping giant " is finally awakened.
As per my previous analysis (attached below), we have been waiting for a confirmation to buy ALGO around the support 0.700
ALGO activated the buy and traded higher aggressively . This movement reminded me of FTM and how its parabolic movement started.
NOW WHAT?
ALGO broke above the 1.8 - 2.0 resistance zone so it is now acting as support and we will be looking for buy setups on its retest.
Our next rejection / resistance area would be 2.8 - 3.0.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich