TradeCityPro | ALGO Unraveling Trends and Forecasting the Next

👋 Welcome to TradeCity Pro! In this analysis, I want to examine the ALGO coin for you. Algorand blockchain is one of the layer 1 networks.

📅 Daily Timeframe: Correction and Rest After 375% Growth
In the daily timeframe, we have seen a significant price increase from $0.1085 to $0.5138. After bottoming out at $0.1085, coinciding with the breakout of Bitcoin's ATH, it started its movement and after breaking $0.1602, it began its main movement and reached the resistance at $0.5138.

📈 During this movement, due to high momentum and very high buying volume, it easily broke through the very important resistance at $0.3220. Now, after reaching $0.5138, we have entered a market correction phase.

🔍 Currently, after exiting Overbuy, its momentum has decreased and it has corrected to the 0.382 Fibonacci level, which overlaps with $0.3220. It has hit this area several times and each time it has managed to stay above this area, and this support has not yet been broken.

🔽 If $0.3220 breaks, the next areas are the 0.5, 0.618, and 0.786 Fibonacci levels, which we will see how the price reacts to. After these areas, the next supports are $0.1602 and the last support at $0.1085. A break of 41.63 in the RSI increases the likelihood of a correction occurring.

📊 If the resistance at $0.5138 is broken, the next resistance will be $0.7414. Entry of buying volume and a break of 70 in the RSI can help break $0.7414.



📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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