Algorand Price (ALGO/USD) – Top-Down Analysis!

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WEEKLY: Left Chart

ALGO is overall bearish however, it is approaching a strong support zone in green so we will be looking for buy setups on lower timeframes.

DAILY: Right Chart

ALGO is forming a double bottom pattern but it is not ready to go yet.

Algorand Price (ALGO/USD)

Trigger => For the bulls to take over, we need a momentum candle close above the gray neckline.

Meanwhile, until the buy is activated, ALGO can still trade lower.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!

~Rich

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Richard Nasr

- Full-time Trader, Coach, and Founder of theSignalyst with 400+ Students Worldwide.
- Founder of RichTL, which is the first and only indicator of its kind to help traders make Objective Technical Analysis.
- TOP author on TradingView platform
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- Featured on Influencive as one of the TOP 10 Forex Mentors in 2021
- Featured on many websites like Yahoo!, Market Watch, and Digital Journal