Algorand (Sideways Trading)
Algorand is still trading sideways after forming a Large Bull Flag Pattern (blue triangle) after seeing an increase of 187%.
ALGO is now stuck in the green rectangle ( resistance zone ).
Breakout expected to the upside, with a price target of $2.49-2.60 per Algo.
The relative strength index was also trending down (during the formation of the Bull Flag ) however, the R.S.I is now stuck in the "resistance zone" as well. Trading is generally staying above the red-line in the R.S.I Chart (signaling an impending breakout possibly).
Expect resistance at 80% on the R.S.I.
[b]Support at $1.70-$1.50, with a "floor" (high level of support) at $1.50.
Ceiling at $2.00 (high level of resistance).
ALGO is now stuck in the green rectangle ( resistance zone ).
Breakout expected to the upside, with a price target of $2.49-2.60 per Algo.
The relative strength index was also trending down (during the formation of the Bull Flag ) however, the R.S.I is now stuck in the "resistance zone" as well. Trading is generally staying above the red-line in the R.S.I Chart (signaling an impending breakout possibly).
Expect resistance at 80% on the R.S.I.
[b]Support at $1.70-$1.50, with a "floor" (high level of support) at $1.50.
Ceiling at $2.00 (high level of resistance).
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