Expert Opinion: Bullish $ALGO
The ALGO/USDT chart shows a potential breakout pattern. The price is currently consolidating below the 0.236 Fibonacci retracement level, which acts as a resistance. If this level is successfully broken, it could trigger a significant price increase.
Resistance level: 0.236 Fibonacci retracement level (approximately $0.53)
Support level: 0.382 Fibonacci retracement level (approximately $0.38)
All-time high (ATH): $3.28 (set on June 21, 2019)
The overall market sentiment for ALGO is bullish, with many traders and investors expecting the price to break through the 0.236 Fibonacci retracement level. If the breakout is successful, it could lead to a substantial price increase, potentially nearing the all-time high.
Long-term investors: Consider buying ALGO in batches during price pullbacks, with a target price of $3.28 (all-time high).
Short-term traders: Focus on the price breaking through the 0.236 Fibonacci retracement level (approximately $0.53). If the breakout is successful, consider opening a long position, with a target price of $1.50.
Set a stop-loss order below the 0.382 Fibonacci retracement level (approximately $0.38) to limit potential losses. Follow me! Get more expert opinions!
