The local lows of the ALGO cryptocurrency from May 2021 are again under attack. Sellers are trying to update this low to continue the fall wave. However, looking at the last weekly candle, buyers are ready to organize a rebound with the first target of $1.3. Unfortunately, it is too early to talk about the great strength of buyers and a good prospect of growth above $1.3. The fact is that the ALGO price broke the global trend line, which buyers have held since March 2020. The breakthrough occurred at low volumes and no particular aggression from sellers was detected. https://www.tradingview.com/x/eGADhGkh/ Only after the $1.3 test and the $0.95 retest can the continuation of the local growth wave be predicted. However, this growth will be formed below the trend line, which will indicate the approaching global fall wave. The main range from which we expect the formation of a powerful fall wave is the mark of $1.8. It is on this note that you should think about fixing some of your positions. In the case of our scenario, the global fall target is $0.45. Technical Analysis Of ALGO On The Daily Timeframe https://www.tradingview.com/x/9jkMKN6q/ Analyzing the price movement of ALGO on the daily timeframe, we see that buyers have not yet proven their strength. Buyers need to test $1.1 to start local dominance in the ALGO market. But, the second condition is to keep the $0.9 mark. If the local fall wave to the mark of $0.9 will be at l...
