We are currently looking at the Daily chart of Algorand. There is a noticable price action within the current trend:
> Breakout A Trend often starts with a strong breakout in combination with the right volume (see beginning of January)
> Channels and structural formations After a breakout, the trend is situated within a channel where relatively small to deep pullbacks can occure. The channels can form structural formations as ascending-descending triangles, wedges,... These formations can extend the channel or evolve into a trend reversal
> Trading range with reconsolidation The market is not trending in this range, it is moving between its support and resistance levels waiting for the momentum that can lead to a breakout (it often fails). Always keep in mind a reversal can take place!
Algorand is currently consolidating within its bullish triangle formation. If we can realize a breakout above the upper-boundery of the ascending structure, there is potential other important levels can be tested. As I always highlight, a combination of good volume and right price action is required to confirm this.
Strong fundamentals: - Unmarsh partnership enables developers to easily build high performing applications on Algorand - SIAE launched 4M+ NFT's on Algorand - Chainalysis integration - Swingby protocol Skybridge integration - SimpleSwap partnership - Republic note build on Algorand
In case we fall below the lower grey trendline that acts as support, above set-up will be invald
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