2022-05-20 11:45:21

ALGO Technical Analysis: The Main Target Of The Rebound Is $0.68

The ALGO cryptocurrency is no different from others at first glance. The fall of the ALGO price from November 2021 is about 80%. This is the market average. However, not all cryptocurrencies show on the chart the interest of investors to keep the price. Looking at the weekly ALGO timeframe, it can be seen that trading volumes increased even before the final drain. During the weekly candle of 2 May, buyers were preparing to reverse the downward trend and closed the weekly candle with an “absorption” pattern. However, the Bitcoin market was set to fall sharply and the idea of ​​ALGO buyers failed. As a result, the ALGO price tested an important range of $0.44 on anomalous volumes. Looking at the history of ALGO price movements, this range has prevented buyers from continuing the growth trend throughout 2020. Given the importance of this range, we expect at least a minimal rebound of the ALGO price to $0.68. This is the closest liquidity level from which sellers have every chance to continue the downward trend. Trading such a situation on the market is quite risky, so you should correctly calculate the amount of investment that can be risked. In case of breaking the $0.44 mark, the price will try to test the $0.22 mark. It is in this price range that you should buy ALGO. Technical Analysis Of ALGO On The Daily Timeframe Analyzing the price movement of ALGO on the daily timeframe, we are rea...

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