Bullish Algorand Idea

Looking at the weekly chart for Algorand, it's worth paying attention to a developing huge head & shoulders pattern, which usually indicates the market bottom, creating a fresh higher high.

Since Algorand peaked back in November 2021, it entered a mean downtrend which lasted for approximately 700 days.

We can also see that the market developed a bit of diagonal resistance, and bears followed it all the way down.

Now, what we also see is that the market showed significant respect toward the $0.30 zone for approximately 1600 days.

Should the bulls take the opportunity to break through the key horizontal resistance and fully develop the H&S pattern, I’m expecting #Algorand to pump to approximately $0.80, which is a key horizontal resistance previously respected by buyers and sellers.

#RamadanWithBinance #TrendingTopic #Signal #SignalAlert #signals