Hey friends, hope you are well and welcome to the new update on Algorand (ALGO).
A strong trendline support:
On weekly chart, the price action of ALGO coin is at the strongest down trendline support.
Indicators are turning bullish:
While the priceline is at the support the stochastic has given bull cross, RSI is in uptrend and the MACD indicator has given weak buying signals on weekly chart.
On daily chart, the price action of ALGO coin has completed the harmonic Gartley move and entered in potential reversal zone. Here we have a support of 25 SMA in buying zone. The 50 and 100 simple moving averages are also moving down to form bull crosses with each other.
Harmonic Shark move:
On long-term weekly chart the priceline has completed a bullish Shark harmonic move and at the moment the price action is moving within the potential reversal zone.
Ichimoku cloud is showing timeline for big rally:
The priceline may move at this level up till the end of Jan 2021. Because the Ichimoku bearish cloud is showing weak bearish cloud signals at that time. So a powerful rally can be expected at the end of Jan 2021.
The price action has support of strong trendline, the bullish Gartley is completed and also a bullish Shark move is another strong bullish signal. But the trendline or PRZ level or Shark should be used as stop loss to minimize the risk.