ALGOUSDT → Bottom retest. False breakdown before the impulse

20 lug 2023

ALGOUSDT is testing the bottom at 0.0958 in a false breakout format, which could trigger a rather strong rebound as it took more than 3 years for the second retest. Such long retests form a voluminous pool of liquidity that can hold the onslaught.



Price is forming a bearish wedge within the downtrend and after a bottom false breakout , price recovers and breaks resistance.
The key support level at the moment is 0.1070. Consolidation above the level is forming, forming an entry point.
On the background of altcoin market revival, our coin may show good potential in the near and medium term.

Support levels: 0.1070, 0.0958
Resistance levels: 0.1225, 0.139
I expect consolidation above the above support with further upward impulse. medium-term target is 0.1607 and 0.2376.

Regards R. Linda!