According to the current ALGO/USDT K-line chart, ALGO's current price is 0.4127 USD, having previously surged to 0.4726 USD before retreating, showing a significant high and low range. From a technical perspective, ALGO may face some adjustment pressure in the short term after a rapid rise, but the overall trend remains within an upward channel.
Short-term moving averages (5-day, 10-day): Showing a clear upward trend, but the current K-line price has started to fall below the 5-day moving average (about 0.4343 USD), indicating a slight weakening of short-term bullish momentum.
Long-term moving average (30 days): Showing a steady upward trend, still far from the current price, indicating that the medium-term trend remains good.
Volume changes:
Significant volume increase during the upward movement indicates that the previous price breakout was supported by funds. However, during the pullback phase, the volume weakened, meaning bearish pressure is limited, and bullish strength may still dominate the market.
Major support level: Short-term support is around 0.4000 USD, and medium-term support is at 0.3800 USD.
Major resistance level: Short-term resistance is at 0.4300 USD, with a higher pressure level at the previous high of 0.4726 USD.
Yesterday's trend and today's prediction:
Yesterday, ALGO's price quickly broke through, reaching a high of 0.4726 USD, but subsequently, bullish momentum weakened, and the price retreated to around 0.4127 USD. Considering yesterday's high retreat and the current technical pattern, it is expected that ALGO will exhibit the following two possible trends today:
Upward path: If the price can steadily break through 0.4300 USD, it may test the 0.4500 USD area again, further looking towards 0.4700 USD.
Downward path: If the price cannot hold above the 0.4000 USD support level, it may retreat to 0.3800 USD in search of support.
Long position opening: Try a light position near the current price (0.4100-0.4150 USD).
Short position opening: If the price falls below 0.4000 USD, entry can be made around 0.3980-0.4000 USD.
First target level (take profit):
Long position target: 0.4300 USD
Short position target: 0.3800 USD
Second target level (add position or higher take profit):
Long position target: 0.4500-0.4700 USD
Short position target: 0.3500 USD
Stop loss level:
Long position stop loss: Below 0.3980 USD
Short position stop loss: Above 0.4200 USD
Combining the current technical pattern and market sentiment, ALGO may return to a bullish trend after a short-term adjustment. If support holds firm, the price is expected to challenge 0.4500 USD or even higher. However, given the significant market volatility, it is recommended to build positions in batches and strictly control risks.
New to the crypto space? Don't worry! Follow Mr. Qiu, check the homepage for free experience sharing, and steadily achieve freedom!
