$ALGO is trading at $0.2454 USDT, experiencing a slight decrease of about 0.25% from the previous close.

📈 Trading Idea

ALGO has recently formed a double bottom near $0.22, indicating a potential bullish reversal. The price is approaching the resistance zone of $0.265–$0.29; if it breaks through with strong volume, it could lead to a price increase towards $0.30 and beyond. On-chain data shows significant accumulation around $0.19, indicating solid support.

🚨 Stop Loss Strategy

To manage risk, consider placing a stop loss at $0.22, just below the recent support level. Setting this order allows for potential price upside while protecting against a drop below the established support level. A drop below $0.22 could signal a bearish trend, warranting caution.