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ALGOUSDT.PS trade ideas

ALGO Breakout Alert! Bullish Momentum Detected 🚀💎ALGO has recently broken out of an inverse head and shoulders pattern, accompanied by CHoCH and BOS signals, indicating a shift towards a bullish market structure and increasing the probability of a reversal. 💎If ALGOUSDT breaks above the resistance level and neckline of the inverse head and shoulders pattern, it could suggest further upward momentum, with potential targets extending to the next resistance levels. In the event of a pullback, It will be better to look for a bounce from the bullish OB, and confirmation could be sought through bullish candlestick patterns like a bullish engulfing pattern. 💎However, in the scenario where the bullish OB is broken down, it could indicate a bearish move. Nevertheless, considering the overall bullish trend in the market, it would be prudent to wait for better price action confirmation before making any decisions, as going against the trend could entail increased risk.
by MyCryptoParadise_Nathan
ALGO/USDT 15x Potential as per My chart AnalysisALGO/USDT Inverse H&S Pattern: EURONEXT:ALGO Warning: Strong Resistance Ahead at $0.30 Level! If the price is rejected from $0.3 level, a 50% retracement is possible. However, an Inverse H&S Pattern is also emerging, suggesting that the best accumulation zone might be around the right shoulder at $0.160-$0.180. If this pattern comes to fruition, a 15x target could be expected in the near future! Another scenario to keep in mind: If the resistance breaks, we could see a super bullish move towards $2 (10x)! Overall, the market is bullish, so try to accumulate at every big dip in the spot. Algorand is already up 200% from the recent bear market bottom. Fundamentals: Over 30 million transactions completed in less than 24 hours on #Algorand Algorand started this year with 2k TPS sustained for hours. It is now a few hours into the Juicening, and Algorand is still on top
Long
by CryptoPatel
#Algo in Rounding BottomIn technical analysis, a "rounding bottom" is a chart pattern that is used to analyze and predict potential price movements in financial markets, particularly in stocks or other securities. It is also known as a "saucer bottom" due to its visual resemblance to the shape of a saucer or a rounded bowl. Here are the key characteristics of a rounding bottom pattern: Shape: The rounding bottom pattern typically forms after a prolonged downtrend. It resembles a curve or a U-shape on a price chart. The curve is formed as the price gradually transitions from a bearish trend to a bullish one. Duration: Rounding bottoms are often longer-term patterns, and they can take several weeks or months to develop fully. The longer the pattern, the more significant it may be seen as. Volume: Volume analysis is an important component when identifying a rounding bottom. During the formation of the pattern, you should see declining trading volumes as the price moves lower. As the pattern starts to reverse, there should be an increase in trading volumes, indicating potential strength in the new trend. Breakout: The confirmation of a rounding bottom pattern occurs when the price breaks above the resistance level, which is usually located at the highest point of the curve. This breakout signals the reversal of the previous downtrend and the potential beginning of an uptrend. Target Price: To estimate a target price for the security once the rounding bottom pattern is confirmed, technicians often measure the distance from the lowest point of the pattern (the "bottom") to the highest point (the "neckline"), and then project this distance upward from the breakout point. Support and Resistance Levels: Rounding bottoms can have multiple support and resistance levels within the pattern, which can provide additional trading opportunities or potential reversal points. It's important to note that while rounding bottoms can indicate a potential reversal of the previous downtrend and the start of a new uptrend, not all rounding bottoms lead to successful reversals. Traders and investors should use other technical indicators and analysis tools to confirm the pattern's validity and consider other factors such as market conditions, news events, and fundamental analysis before making trading decisions. As with any technical analysis pattern, it's essential to use risk management techniques like stop-loss orders and not rely solely on one pattern or indicator for trading decisions
Long
by vickyrama1979
Algorand (ALGO) Price Prediction 2022Algorand (ALGO) holds the 33rd position on CoinGecko right now. ALGO price prediction 2022 is explained below with a weekly time frame. The above chart of Algorand (ALGO) laid out the falling wedge pattern. In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal. This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down. Currently, Algorand (ALGO) is in the range of $0.3545. If the pattern continues, the price of ALGO might reach the resistance levels of $0.9855, and $2.5450. If the trend reverses, then the price of ALGO may fall to $0.2755. Algorand (ALGO) Support and Resistance Levels The chart below shows the support and resistance levels of Algorand (ALGO). From the above daily time frame, it is clear the following are the resistance and support levels of ALGO. Resistance Level 1 $0.3631 Resistance Level 2 $0.7565 Resistance Level 3 $1.4060 Resistance Level 4 $3.0360 Support Level $0.2035 ALGO Resistance & Support Level The charts show that Algorand (ALGO) has performed a bullish trend over the past month. If this trend continues, ALGO might run along with the bulls overtaking its resistance level at $3.0350. Accordingly, if the investors turn against crypto, the price of Algorand (ALGO) might plummet to almost $0.2035, a bearish signal. Comparison of ALGO with BTC, ETH The below chart shows the price comparison between Bitcoin, Ethereum, and Algorand (ALGO). From the above chart, we can interpret ETH, BTC, and ALGO are moving in a similar trend. This indicates that when the price of BTC increases or decreases, the price of ETH and ALGO also increase or decrease respectively.
Long
by TheNewsCrypto
💡Don't miss the great buy opportunity in ALGOUSDTrading suggestion: ". There is a possibility of temporary retracement to the suggested support line (0.6418). . if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . ALGOUSDT is in a range bound, and the beginning of an uptrend is expected. . The price is above the 21-Day WEMA, which acts as a dynamic support. . The RSI is at 64. Take Profits: TP1= @ 0.7444 TP2= @ 0.7727 TP3= @ 0.8096 TP4= @ 0.8968 TP5= @ 0.9881 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex / Crypto trader? Now, It's your turn! Be sure to leave a comment; let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity_ME
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