ALGO - Analysis



10/9/20221 min read

ALGO had a price drop last week. After hitting the resistance range of $0.367-0.380, its price reacted negatively. The bullish corner pattern seen on the chart has been broken to the downside, and with the pattern confirmed, the price has continued down to the $0.335 range. Support in the $0.32-$0.34 range could be the first target for sellers. The price has reacted positively by dealing with this range.

But the RSI indicator shows completely negative momentum. To get bullish again, buyers need to break the dynamic resistance to the upside and stabilize the price above the $0.34 range. In this case, we can expect the price to grow again after the pullback to the trend line. But if the current support is broken with a strong daily candle, further declines could continue to the $0.30 range.

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