🔥 Attention, traders! Analyzing $ALGO /USDT and things are getting interesting, but beware of market manipulation.
ALGO has had an upward movement, looking to break the resistance at $0.1948. If the candle closes above this level with good volume, we could see an attempt at a rally towards $0.2043 (high in 24h). That would be a good sign for the bulls!
But not everything is rosy. Look at the order book: 70% supply versus 30% demand. This could be a sign of manipulation to make it seem like there is a lot of selling pressure and then bam, move the price up when least expected, or the opposite! Patience will be key here.
If ALGO fails to consolidate above $0.1948, a pullback looking for support in the $0.1907 zone (MA(25)) or even $0.1858 (low in 24h) is very likely. Those levels could be entry zones for the more cautious, but always with common sense and managing risk!
In the last 7 days, ALGO has risen by 2.85%, but for the month it is down -14.20%. This tells us that, although there is a slight bounce, the short-term trend remains bearish. The big players are playing with this.
Keep your eyes wide open and do not be swayed by FOMO or FUD. Manipulation is the order of the day!
