$ALGO on the Edge – Breakdown or Bounce?”
Algorand ($ALGO) is trading at $0.1892, sitting right above a key demand zone. Recent price action shows consolidation after a sharp drop, hinting at a possible make-or-break moment.
Technical Snapshot:
Support zone: $0.1820 – $0.1850
Resistance overhead: $0.1950 – $0.20
RSI: Near 34 – approaching oversold territory
Price structure forming a descending wedge, often a bullish reversal pattern
Trade Setup (Low to Medium Risk):
Entry Zone: $0.186 – $0.189
Target 1: $0.198
Target 2: $0.215
Stop Loss: Below $0.179
If ALGO holds this base and breaks above $0.195 with volume, a quick relief rally could follow.
Watch for confirmation with volume before entering.