ALGO has printed a adam and eve pattern at the bottom of a dip that started in mid July. ALGO reached its ultimate low at .50 and bounced hard up to about .85. The adam and eve formed just before the news that coinbase would add ALGO on August 14th.
There seems to be a lot of anticipation for ALGO. While most alts have taken a -5%/-10% hit today, ALGO has gained +13%.
If ALGO can break through the .85 resistance we can expect it to reach next resistance around 1.03.
There seems to be a lot of anticipation for ALGO. While most alts have taken a -5%/-10% hit today, ALGO has gained +13%.
If ALGO can break through the .85 resistance we can expect it to reach next resistance around 1.03.
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I don't expect the price to touch the blue trend-line. It only represents the support for this move, but since ALGO has already bottomed out, I expect most buyers will be holding for the long trade. In other words, I expect ALGO to move sideways and then move up when it touches the blue support line.
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ALGO has been respecting the support we've calculated since its initial rally to .86. If it holds .79/80 then we can expect a jump in about two days. Possibly even tomorrow afternoon.
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watching ALGO touch the blue support line. Lets see if evaluation is higher or lower than current price. A drop could take us close to .70 / .66
