Hmm, looks like ALGO, like most cryptos, is currently at a key decision point. Currently, we are sitting below the 0.382 Fib level, which acted as support some time ago. If bulls defend this zone, we should see another rocket toward the 0.5 and 0.618 Fib levels at 0.53 and 0.82, respectively.
🔹 EMA Structure – ALGO is testing the EMAs, and a bullish cross formation is approaching, which could be a strong bullish signal if confirmed.
🔹 Fib Levels – If we hold this zone and start moving up, the next key resistance lies around 0.53 (0.5 Fib), followed by 0.82 (0.618 Fib). A breakout above 1.55 (0.786 Fib) could trigger a full retracement towards 2.25 (0.886 Fib) and even push us toward new highs, similar to what we've seen with big bro BTC.
🔹 Stoch RSI – Approaching oversold levels, signaling that a reversal could be coming soon if momentum shifts back up.
If we see a bounce from here, we could be looking at a strong rally in the coming months. However, if the 0.343 support fails, we might see a deeper correction before any upside move.
Let’s see how it works out! 🚀
🔹 EMA Structure – ALGO is testing the EMAs, and a bullish cross formation is approaching, which could be a strong bullish signal if confirmed.
🔹 Fib Levels – If we hold this zone and start moving up, the next key resistance lies around 0.53 (0.5 Fib), followed by 0.82 (0.618 Fib). A breakout above 1.55 (0.786 Fib) could trigger a full retracement towards 2.25 (0.886 Fib) and even push us toward new highs, similar to what we've seen with big bro BTC.
🔹 Stoch RSI – Approaching oversold levels, signaling that a reversal could be coming soon if momentum shifts back up.
If we see a bounce from here, we could be looking at a strong rally in the coming months. However, if the 0.343 support fails, we might see a deeper correction before any upside move.
Let’s see how it works out! 🚀
Note
Looks like we will even better entry points for those, who didn't open any trade yet. I would say, that 0.13-0.17 zone would be a very nice entry point, but propability for that is quite low imho.
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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.