Algorand has broken through a key resistance at 0.3300. This signals the start of a new bullish trend on the weekly timeframe. Currently, the price is moving within the buying zone of an Andrews Pitchfork, which presents a potential setup for buyers.
The ideal strategy is to wait for a retracement towards the median line before considering long positions. This level often acts as a magnet for price and provides an opportunity to join the trend.
The setup could be a great opportunity to ride Algorand’s next wave upward.
The ideal strategy is to wait for a retracement towards the median line before considering long positions. This level often acts as a magnet for price and provides an opportunity to join the trend.
The setup could be a great opportunity to ride Algorand’s next wave upward.
Trade active
The price has pulled back to the ideal entry around 0.22, right in the buying zone of the Andrews Pitchfork. As long as 0.20 holds, any retracement to this area would be a buy opportunity.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.