A possible "Big W" Pattern (pink circles) may be forming, indicating a continued Bullish scenario. Algo is breaking out a a large bull flag pattern, (large orange triangle, partially seen here) with a price target of $2.75-$3.00, and is generally using measured moves up to do this.
A breakout from the large W Pattern with a 46% increase would point to a Price Target of $2.86 ($2.57 starting from the lowest point in the W pattern).
Algorand would need to stay above $1.90-$1.93 (generally) in order for the breakout to occur. If Algo dips below $1.77-$1.74 this could indicated additional sideways trading for several days/weeks.
Additional Trading Journal notes: Registration for Algorand's new Community Governance ends 10-14-2021. Sideways trading could be seen until this date, after which the price of Algo is sure to go up (due to the number of tokens locked up causing the price and value of Algorand to rise.)
related Algorand published ideas posted below:
A breakout from the large W Pattern with a 46% increase would point to a Price Target of $2.86 ($2.57 starting from the lowest point in the W pattern).
Algorand would need to stay above $1.90-$1.93 (generally) in order for the breakout to occur. If Algo dips below $1.77-$1.74 this could indicated additional sideways trading for several days/weeks.
Additional Trading Journal notes: Registration for Algorand's new Community Governance ends 10-14-2021. Sideways trading could be seen until this date, after which the price of Algo is sure to go up (due to the number of tokens locked up causing the price and value of Algorand to rise.)
related Algorand published ideas posted below:
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.