#Algousdt Price Action Achieves Initial 1:2 Profit Ratio Target

$ALGO

Since the analysis published on July 10, 2024, the 1-hour chart for Algorand (ALGO/USDT) has showcased a successful bullish breakout from an ascending triangle pattern, a bullish continuation pattern characterized by higher lows converging towards a horizontal resistance level.
The breakout led to the price reaching the first profit target at $0.1494, as projected in the previous analysis.

This successful analysis and breakout reinforce the importance of technical patterns and indicators in predicting market movements. The next target levels to watch are $0.16 and beyond, on maintaining the bullish momentum.

Bullish Continuation: If ALGO/USDT maintains its upward momentum, the next target could be around $0.1572. Continued bullish sentiment and strong buying pressure could push the price further, potentially targeting higher resistance levels.

Pullback and Support Retest: If the price faces resistance around $0.1572, a pullback could occur.

Key support levels to watch in this scenario are $0.1494 and $0.1412. A successful retest of these support levels could provide a good entry point for another bullish run.

Trend Reversal: If ALGO/USDT fails to maintain the bullish momentum and breaks below the support levels at $0.1412, a bearish trend might develop. In this case, the next support level to watch is $0.1332.

Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. Always conduct your research before making any investment decisions.

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$DAR