$ALGO ๐ Algorand (ALGO/USDT) - Bearish Trend Analysis & Trade Setup ๐ฅ
๐ Market Overview (1H Chart Analysis)
๐ฐ Current Price: $0.287 ๐
๐ Trend: Bearish
๐ Resistance Levels: $0.290 - $0.294
๐ Support Levels: $0.280 - $0.275
โณ Expected Trade Duration: 2H - 6H
๐ Technical Indicators & Chart Pattern Analysis:
โ RSI (39.22) - Bearish zone, indicating downward momentum
โ DMI/ADX: Red line above green, confirming strong bearish trend ๐
โ Volume Analysis: Increasing sell pressure, supporting further downside movement
๐ View According to Chart Pattern Analysis:
Price is testing support at $0.287. A breakdown could trigger more selling pressure.
Resistance at $0.290 needs to be reclaimed for a bullish reversal.
Trend Confirmation: Bearish ๐ unless price reclaims $0.292.
๐ Final Trend Signal: Bearish Bias ๐ (Watch for breakdown of $0.280 for further downside)
๐ Trade Setup & Key Levels ๐ฏ
๐ Bearish Scenario - Short Setup:
Entry Price: $0.288 - $0.290 (If resistance holds)
Stop Loss: $0.294 (Above resistance)
Take Profit 1: $0.280
Take Profit 2: $0.275
Take Profit 3: $0.270
โ Risk-Reward Ratio: 1:2+ (High probability short trade setup)
๐ Bullish Reversal Scenario (If Trend Changes):
Entry Price: Above $0.292
Stop Loss: $0.288
Target 1: $0.295
Target 2: $0.300
๐ข Final Thoughts (Based on Chart Analysis):
โ Bearish trend is strong unless price reclaims $0.292 ๐
โ Breakdown of $0.280 could lead to a deeper correction
โ Short traders should look for rejection near resistance before entering trades
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๐จ Disclaimer: This is not financial advice. Trade responsibly! ๐จ
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