$ALGO
💰Key Levels for ALGO/USDT:
Target Levels:
Primary Target: $0.2454 (24-hour high). This is the immediate resistance level, and if the price breaks above it, we can expect a further move higher.
Secondary Target: If the price breaks the primary resistance, the next potential target could be near $0.2464, which may act as another resistance zone.
Stop-Loss Levels:
Conservative Stop: Set the stop-loss just below the 24-hour low ($0.2045) or slightly above at $0.2100 to allow for some market fluctuations while protecting from large drops.
Moderate Stop: A stop-loss near the MA(7) level ($0.2353) or the MA(25) level ($0.2371) can be considered, as these represent recent support areas.
Risk-Reward Ratio:
If targeting $0.2454 with a stop-loss at $0.2353:
Risk: $0.2396 - $0.2353 = $0.0043
Reward: $0.2454 - $0.2396 = $0.0058
Risk-to-Reward Ratio: ~1:1.35, which is a decent setup, though a higher reward-to-risk ratio could be achieved with adjusted stop-loss placement.
Trailing Stop:
If the price starts moving upward, consider using a trailing stop to lock in profits while protecting against reversals. For example, a trailing stop at $0.2396 (entry price) or slightly below would secure profits as the price increases. $ETH
