Algorand (ALGO) Weekly Analysis
https://www.tradingview.com/x/QL5SK61s/
Algorand (ALGO) Weekly Analysis
Algorand closed this week below the previous week's low, which to me signals a potential revisit to last week's lows. Here's the breakdown:
Weekly Close: Below last week's low, suggesting bearish momentum.
Price Action: ALGO has failed to maintain above the support level it briefly tested, indicating that sellers might still have control.
I'm watching for:
Support Test: Expect a test of last week's low around .35. If this level doesn't hold, we could see further downside. I'm expecting .29 range to get hit at some point.
Resistance: The immediate resistance now appears to be at .49, which was the high of the previous week but has to get above .45 before getting to that, lol.
Algorand (ALGO) Weekly Analysis
Algorand closed this week below the previous week's low, which to me signals a potential revisit to last week's lows. Here's the breakdown:
Weekly Close: Below last week's low, suggesting bearish momentum.
Price Action: ALGO has failed to maintain above the support level it briefly tested, indicating that sellers might still have control.
I'm watching for:
Support Test: Expect a test of last week's low around .35. If this level doesn't hold, we could see further downside. I'm expecting .29 range to get hit at some point.
Resistance: The immediate resistance now appears to be at .49, which was the high of the previous week but has to get above .45 before getting to that, lol.
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