Hodl, dear members of LeoFinance!
Today I would like to comment on the price chart of Algorand.
In the daily chart (1D), ALGO/USD has dropped to the level of the previous local highs:
Theoretically, this is a support level for the price of Algorand. Also, as can be seen from the chart, right now, the 30-day Moving Average is at that level as well. So, this is additional support for the price.
Moreover, in the 4-hour chart (4H), ALGO/USD has formed a Bullish Flag (common trend continuation pattern):
That is why if a breakout (in the upward direction) takes place the uptrend may resume.
To be continued ...
As of the time of writing, one ALGO costs 1,73 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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