ALGOUSDT pair has turned bearish according to its daily chart, after a brief period of upward momentum. This is due to the formation of a bearish double top pattern, which broke downwards, followed by an ascending triangle that had the potential to break upwards. Unfortunately, the triangle broke downwards faster than anticipated, signaling a continued bearish trend. Algorand is currently trading near a significant support level, and if this level is breached, it could potentially result in further downside. The fate of Algorand will ultimately be determined by the performance of Bitcoin, which is a major influence on the broader cryptocurrency market.It's important to note that investing in cryptocurrencies is inherently risky due to the volatile nature of the market. Therefore, it's crucial to conduct thorough research before making any investment decisions and to have a sound investment strategy that aligns with your individual goals and risk tolerance.
May the markets be ever in your favor!
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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.