TradeCityPro | ALGO: Key Levels in RWA Coin’s Bullish Revival👋 Welcome to TradeCity Pro!
In this analysis, I’m going to review the ALGO coin for you. This project is one of the RWA (Real World Assets) crypto initiatives, which saw significant growth during the recent hype around this category.
💫 Currently, the market cap of this project stands at $1.99 billion, placing it at rank 47 on CoinMarketCap among crypto projects.
📅 Daily Timeframe
As you can see in the daily timeframe, ALGO has had a notable bullish leg that started from the 0.1085 level and continued up to 0.5138, marking a significant upward move.
💥 However, after reaching that level, the first corrective phase took place down to the 0.3267 support. After breaking this zone, the price continued falling to the 0.1602 support, which also overlaps with the 0.786 Fibonacci level.
🔍 After finding support there, a new high formed at 0.2147, and thanks to the strong buying volume and bullish candles, this resistance has been broken, and price is now heading upward.
📊 The RSI oscillator is currently very close to the Overbought zone, and if it enters that area, we might see some high-volatility moves, increasing the likelihood of sharp bullish candles.
📈 The next resistance levels above are 0.2553 and 0.3267, which align with the 0.5 and 0.382 Fibonacci levels respectively. If price can break through these levels and return to 0.5138, the chances of breaking that top will be significantly higher this time.
✨ On the other hand, if this breakout turns out to be a fake move and price falls below 0.2147, heavy bearish momentum could enter the market, greatly increasing the risk of breaking the 0.1602 level.
🎲 If the market continues to drop, the next major support to watch is 0.1085, which stands as the most critical support for ALGO.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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