ALGO/BTC has broken out of its downtrend channel and looks to be changing course to the upside. Yesterday, it managed to hit the 0.236 retracement from the high on Binance. Next target is the 0.382, which happens to coincide roughly with the ALGO Dutch auction price of $2.40 USD. It makes sense that it would try to retest that valuation, but upside beyond that...
ALGORAND hit the exchanges on Friday, including Binance. The ICO price was $2.40, already sitting around $1.40. That's a 41% drop in 3 days, ouch!
Usually, we see at least 1 nice green candle day during the first 5 days of a new listing. ALGO hasn't had that yet so it could be overdue. This is an extremely speculative play though based upon psychology and zero...
If all goes well and BITCOIN does not mess it up, we could see ALGORAND up until it's issue price $2.40, or even reaching $3-4 in an extremely bullish scenario.
ALGO/BTC in a perfectly parallel downtrend channel. As a comparison, when MATIC started trading on Binance, it went steadily down for two weeks, losing significant value. ALGO has been trading for a couple of days and is already well on its way down. The ALGO price was obviously overvalued at $2.40 USD. It could go much lower from here. Or, who knows, it could...
Simple analysis of the new ALGO coin that just started trading and got listed on Binance. The breakout above the down trend has a short term target of 2394 sats. Breaking below the trend line will invalidate this trade. Think we should see the green or blue path play out especially against BTC with the recent BTC rally coming to an end in the short term.
ALGO/BTC has been rejecting from 50MA on 15-minute TF. Looks like a triangle breakout followed by retest, with 50MA now turned support. Need some conviction from buyers to confirm.
