Analysis:
ALGO/USDT has been in a downtrend, as indicated by the descending trendline on the daily chart. After a sharp rally in December 2024, the price faced rejection at the trendline and has since consolidated in a support zone around $0.2268 - $0.2000. The current price at $0.2268 is testing this key support. A break below this zone could lead to further downside, while a bounce might signal a short-term recovery toward $0.3000 resistance.
Trade Signal:
Entry: $0.2268 (current price)
Target: $0.3000 (+32%)
Stop Loss: $0.2000 (-12%)
Risk/Reward: 1:2.5
#ALGO #ALGOUSDT #BinanceSquare #TradeSignal #TechnicalAnalysis
