Algorand, or what I called "the sleeping giant" is finally awakened.
As per my previous analysis (attached below), we have been waiting for a confirmation to buy ALGO around the support 0.700
ALGO activated the buy and traded higher aggressively. This movement reminded me of FTM and how its parabolic movement started.
NOW WHAT?
ALGO broke above the 1.8 - 2.0 resistance zone so it is now acting as support and we will be looking for buy setups on its retest.
Our next rejection / resistance area would be 2.8 - 3.0.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
As per my previous analysis (attached below), we have been waiting for a confirmation to buy ALGO around the support 0.700
ALGO activated the buy and traded higher aggressively. This movement reminded me of FTM and how its parabolic movement started.
NOW WHAT?
ALGO broke above the 1.8 - 2.0 resistance zone so it is now acting as support and we will be looking for buy setups on its retest.
Our next rejection / resistance area would be 2.8 - 3.0.
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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www.t.me/thesignalyst
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