Algorand (ALGO) | A Big Bang Expected By The End Of January 2021

By moon333 | moon333 | 7 Dec 2020


 

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.

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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.

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Gartley move:

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.

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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.

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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.

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Conclusion:

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.

 

 

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moon333
moon333

Hi, My name is Atif Akbar and I am a trader and trading charts author


moon333
moon333

Hi my name is Atif Akbar and i am trading charts author of different assets like crypto, forex, commodities, CFDs Stocks e.t.c.

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