Algorand (ALGO) Price Analysis | This Can Be One Of The Best Profit Opportunity

By moon333 | moon333 | 12 Oct 2020


Hey, guys and gals hope you are well and welcome the new update on Algorand coin. In this video you will watch how: 

The priceline of ALGO coin has been retraced between 0.618 to 0.786 Fibonacci retracement level after a powerful bullish rally of 222%.

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On long term weekly chart strong support can be observed. Every time priceline has rallied to the upside after hitting at this support.

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The priceline of Algorand (ALGO) has formed bullish Cypher on the weekly chart.

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The targets as per the Fibonacci sequence of Cypher are as below:

 

Potential reversal or buying zone: 0.00003233 to 0.00002683 btc

 

Fibonacci projection or sell zone: 0.00003666 to 0.00004732 btc

 

On the daily chart, the priceline is trying to breakout 200 simple moving average. The safer buying can be after closing above this SMA.

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`Conclusion:

As the priceline has completed a bullish Cypher move while reaching at the strong support level on the weekly chart therefore there can be strong chances that the price action of Algo will start a powerful bullish rally from here. However, the potential reversal zone of bullish Cypher should be used as a stop loss to minimize the risk factor.

 

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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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