This week saw Algo through a slight shift in the trend after a month correction. It looks strong on the day and seems set for a fresh rally.
After rallying by over 6x in a month, Algo tried to end last year on a strong note but the bears stole the show following a major correction that hit the entire crypto space. This led to a notable loss and the crypto ended the year on a weak note.
Despite that, it remains bullish after halting the correction at $0.29 a few weeks ago and is now looking poise for a bigger price movement. The bears are currently off the market amid the latest positive sentiments.
This surge brought some notable gains in the last 48 hours following an impressive commitment from the bulls’ side. More recoveries can be expected if the bulls continue to sustain momentum, though there are few obstacles ahead.
A full recovery to the top should set the market for a massive explosion once the price breaks out. Failure to break through the recent top could cause a temporary hold or setback in the market. But with the look of things, the bulls are much more likely to have an upper hand.
The only condition for a bearish move right now lies in a breakdown of the previous monthly low. Such a scenario may cause a serious panic. Currently, the market is in favour of the bulls.
Algo’s Key Level To Watch
Source: Tradingview
Algo’s bulls currently appeared to be stepping back after a month break. The immediate resistance level for an increase is $0.53, followed by the $0.614. A flip through it should activate a mega rally to $0.7.
While the bears are currently off the market, the support level for a drop is $0.386. If the price drops below $0.324, the lower support level to watch is $0.25.
Key Resistance Levels: $0.53, $0.614, $0.7
Key Support Levels: $0.386, $0.324, $0.25
- Spot Price: $0.48
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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