Algorand Chart Analysis
Algorand (ALGO) is one of the few altcoins which recovered quickly after Bitcoin’s sell-off. Here we had a short, quick correction and since then it’s been on a steep uphill climb. Right now, we are at about $2.13 USD.
Again, on the 4H chart, we see the formation of a symmetrical triangle. Volume is clearly falling, indicating another move. Should we exit this chart pattern to the upside, the price target is around USD 2.82 and thus we would form a higher high.
However, if we break bearishly to the downside, the price target is around USD 1.30 and thus just before our strong support zone. Also in this zone is the 200 EMA on the 4H chart, which could act as additional support.