Potential that this is a support level for ALGO.
- Appears oversold on both weekly and daily Stochastic RSI charts.
- bottom of a downward channel
However
- its already broken a previous long term support and the next 'obvious' one is quite far down , the previous All time low. I think if it hit that value I would be calling for that being the bottom.
some external crypto factors
- recent arrests and admission of guilt from FTX execs, I'm trying to think of what positive news would spark a general crypto rally from here?
- Trump releasing NFT's was obviously an unexpected curve ball , but could another large player announce something that would make a difference
- could something Twitter related cause an uptick ?
- the fact there seems to be soo much fear in the market might be an indication there might be an impulse in the opposite direction.
Tough one! so interested to see how 23 plays out
- Appears oversold on both weekly and daily Stochastic RSI charts.
- bottom of a downward channel
However
- its already broken a previous long term support and the next 'obvious' one is quite far down , the previous All time low. I think if it hit that value I would be calling for that being the bottom.
some external crypto factors
- recent arrests and admission of guilt from FTX execs, I'm trying to think of what positive news would spark a general crypto rally from here?
- Trump releasing NFT's was obviously an unexpected curve ball , but could another large player announce something that would make a difference
- could something Twitter related cause an uptick ?
- the fact there seems to be soo much fear in the market might be an indication there might be an impulse in the opposite direction.
Tough one! so interested to see how 23 plays out