$ALGO with trend line and Fib Retracement Analysis
Updated
Good day, everyone. I hope everyone is having a relaxing day.
ALGO seems to be doing very well since December 28 on the daily. According to the Fibonacci Retreacemnent, Algorand bottomed out at $0.16 after a big red candle on November 20, 2022 when it reached $0.2991.
I expect Algorand to continue it's upward trend. I am hopeful that the $0.269 resistance will be broken and be considered support. After that, the next target will be at $0.2986 which is the next level of resistance.
If $0.2986 resistance is broken, expect $0.38 to be the new target of resistance as $0.29 will be support.
Add as of 3:15PM EST -- Relative Strength Index is just above 69 (nice). It is very close into being the overbought region of 70.
Please do your own research. I am not offering financial advice! Trade responsibly folks!
ALGO seems to be doing very well since December 28 on the daily. According to the Fibonacci Retreacemnent, Algorand bottomed out at $0.16 after a big red candle on November 20, 2022 when it reached $0.2991. I expect Algorand to continue it's upward trend. I am hopeful that the $0.269 resistance will be broken and be considered support. After that, the next target will be at $0.2986 which is the next level of resistance.
If $0.2986 resistance is broken, expect $0.38 to be the new target of resistance as $0.29 will be support.
Add as of 3:15PM EST -- Relative Strength Index is just above 69 (nice). It is very close into being the overbought region of 70.
Please do your own research. I am not offering financial advice! Trade responsibly folks!
Note
$0.27 resistance has broken as of 11:48AM. However, waiting on confirmation. Best of luck, everyone.
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