Algorand (Sideways Trading)
Algorand is stuck in a sideways trading pattern (orange rectangle) after forming a large bull flag pattern (blue triangle), which formed after a rise of 187%.
Support at $1.70, which is also the retracement line 78% (if fib. was started from $1.56).
expected touch on the bottom of the orange rectangle, with price breaking out of the sideways trading unknown.
Most likely scenario is a downtrend, followed by the relative strength index hitting the 30% marker, allowing an upward breaking after.
Possibly touch to $1.70, with resistance at $1.93-$2.00.
Ceiling at $2.00 (high level of resistance).
Floor at $1.50 (high level of support).
Support at $1.70, which is also the retracement line 78% (if fib. was started from $1.56).
expected touch on the bottom of the orange rectangle, with price breaking out of the sideways trading unknown.
Most likely scenario is a downtrend, followed by the relative strength index hitting the 30% marker, allowing an upward breaking after.
Possibly touch to $1.70, with resistance at $1.93-$2.00.
Ceiling at $2.00 (high level of resistance).
Floor at $1.50 (high level of support).
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