📉 *#ALGO (Algorand)* is currently forming a *descending triangle* on the daily chart — a key pattern to watch 👀
🔻 *Pattern breakdown:*
- *Flat horizontal support* zone shows strong buyer defense 🛡️
- *Lower highs* indicate sellers are getting more aggressive each time 😤
- This creates pressure that usually results in a *breakout* — and if it breaks to the upside, it can flip bullish fast 📈
🟢 *If ALGO breaks above the descending resistance line*, here are the potential *targets*:
- 0.22: First resistance confirmation zone ✅
-0.26: Mid-level target
- 0.32: Pre-breakdown structure
-0.40: Major psychological level & full breakout extension 🎯🚀
🧠 *Analysis:*
Descending triangles often break *downward* if volume dries up, so *volume confirmation is key* on breakout. But current bounces from support show buyer strength and possible accumulation. If BTC stays stable or rallies, ALGO could follow.
📌 *Watch for*:
- Breakout candle above the triangle with strong volume
- Retest of breakout as new support
- Market-wide momentum for confirmation
💡 Long-term, ALGO’s push toward tokenization and institutional DeFi keeps its fundamentals alive 🔗