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Algorand / TetherUS

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ALGOUSDT trade ideas

ALGO/USDT Break Alert! Bullish Sign in the short-term Movement 💎ALGO has experienced a bounce within the demand area and has broken through the descending channel of the pattern. This breakout is validated on an hourly timeframe. However, for a more precise breakout confirmation, it is prudent to await the closure of the daily candle. A closure above the pattern signifies a valid breakout, potentially leading to significant movements for ALGO. 💎 In the broader perspective of weekly or monthly timeframes, ALGO is already in an oversold condition. This strongly suggests the commencement of accumulation and the likelihood of an upward movement to test the bearish OB area. 💎 Before any significant upward movement, ALGO needs to breach the resistance area. Once this area is successfully broken through, ALGO can effortlessly reach target profits 1 and 2. 💎 However, this analysis would be invalidated if ALGO breaks the key support area and the daily candle closes below it.
by MyCryptoParadise_Nathan
9
ALGOUSDT REVERSAL ABOUT TO PLAY OUTBased on a current 3m chart analysis and comparing it to the daily chart, I have spotted a potential fractal pattern that may indicate a reversal is on its way on the daily chart. Looking at the 3 minute chart over the past 2 days, I see an identical fractal pattern, as indicated by my blue squiggles. I encourage you to analyse the 3 minute chart on the 2 most recent bullish candles and see this pattern for yourself. Algo is super supressed, but we also see that the selling volatility has greatly reduced over time, with less severe sell offs. This could also indicate reduced selling pressure and a chance for a reversal.
Long
by lukeyhwh