Algo making another attempt to break the triple bottom necklineNot yet fully confident we will close the current candle above the neckline when looking just to the left we can see we’ve already had a few wicks pierce it but no body closes above the grey neckline just yet. Would not surprise me if the current candle will be the one we finally get a candle body close above the neckline on but will leave this neutral now until I have more confirmation to go by. If it follows Ethereum,’s lead here it likely will close some candle bodies above the neckline sooner rather than later. If it does confirm a breakout it looks like we have a target of around 1.60-1.70 *not financial advice*
ALGOUSD.P trade ideas
Algo explosion by end of OctoberThe last time the weekly RSI was at these levels there was a massive move upward (486%) in the following 4-5 weeks. If we see the same result as last time, algo could move as high as $5.90 (unrealistic in my opinion) or at least $2.50s. With goverance happening in October, I don't see a scenario where algo doesn't move up, and quick.
Algo bullish setup potential Looks like we have came back and looking to retest previous sideways trading range around this .95 cent range. We back test and hold, this will be extremely bullish. We fall and close below back in channel, further consildation will be needed. Bouncing here could
Be spring board for 1.43$ target
ALGO - personal buy near 2020 HighAlgorand (ALGO) is in a technical downtrend, which appears to be weakening (see MACD and thinning negative Ichimoku cloud). For a conservative trade, waiting for the MAs to cross would support a trend reversal. Personal trade made at @0.85111. Please follow BradtNom, leave a comment or link to your own ideas! Charts are for information purposes only. Not trade suggestions. DYOR (Do your own research) - act responsibly with your money.
Local Bottoms and Local TopsWithout fail, Algorand has stuck to this pattern for over 7 months now. Roughly every 30 days is a local bottom. The most recent doesn't seem like a bottom because on the chart it is in the same range algo had been bound to for quite awhile.
My target for the next local top, meaning within the next 18-25 days, is in yellow.
#Algo to the Moon!Hello, my dear padawans,
This is my first review, chart analysis on ALGOUSD.
I always love to draw chart patterns, to discover something we can explore to my padawans.
Do not take this as a piece of financial advice.
Let's see what's gonna happen next.
may the force be with you.
Cheers.