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 seems unlikely.
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Could also go for a double bottom from here to make a nice W formation and retest the lows before moving up again.
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Watch the trendline on the RSI to guess the short-term direction, whether up or back down again.
