$ALGO Hey traders.

The latest short liquidation on shows a huge $6.5197K at a price of $0.3994. This could signal some big moves coming up, so let’s dive into the details.

What Happened.

A significant short liquidation event occurred, where traders who were betting against $ALGO shorting it got forced out at $0.3994. This typically indicates a strong price movement in the market, and we might see some interesting price action over the next few hours or days.

Current Market Overview.

The short liquidation can lead to a bullish price action as short positions are closed, often causing the price to go up. However, there are risks involved as market sentiment can change quickly, especially in volatile markets like cryptocurrency.

Buy Zone. Ideal Entry Point.

Buy Zone: $0.3900 – $0.3950

The buy zone for $ALGO is around the $0.3900 to $0.3950 range. This is where the price might consolidate or find support before moving higher.

If the price drops to this level, it could be a good opportunity to enter the market.

Target Price. Where to Sell for Profit.

Target Price 1: $0.4200

This is the first target level where we might see a resistance zone. A reasonable take profit point could be at $0.4200.

Target Price 2: $0.4500

If the momentum continues, the next target could be $0.4500. Keep an eye on volume and market sentiment to confirm this.

Stop Loss Level. Limit Your Loss.

Stop Loss: $0.3800

It’s important to have a stop loss in place to protect yourself in case the price moves against you. Set the stop loss around $0.3800 to limit potential losses if the market reverses.

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