Algorand (ALGOUSD) has hit today the 1D MA50 (blue trend-line) for the first time since April 17. That is also the top of the 4-month Channel Down pattern. If broken, it may turn out into the first such major bullish break-out move this year as not only is the price rebounding off a Double Bottom but the RSI is on a huge Higher Lows line (Bullish Divergence).
As...
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We don't need to draw a lot of lines on a charts. Here is weekly timeframe and everything what you should know about Algorand price action for 2023
Possible Targets and explanation idea
➡️Weekly chart....
Algorand (ALGOUSD) is having an impressive rise since November 02 where after a small pull-back, successfully tested the 1D MA50 (blue trend-line) as a Support. Yesterday it even broke above the 1D MA200 (orange trend-line) for the first time since January 13 and that is on its own a major bullish break-out.
However on this chart we want to focus on the emerging...
Algorand (ALGOUSD) has completed a strong 3 day bullish streak coming close to the 1D MA50 (blue trend-line) again for the first time since the first week of April. Despite this green short-ter display, it is not a buy opportunity yet, as on the medium-term it remains within a Channel Down (dashed lines) and on the long-term it has broken below the Channel Up.
A...
Algorand's price action has been very straightforward since the start of 2020, as it has been trading within a long-term Channel Up. Every Higher High follows a +0.236, +0.786 +1.0 sequence on the Fibonacci scale and every Bottom is made on the second low following the correction and a Triple Bottom on the 1D RSI (green shape).
If this pattern continues, then...
