#AltcoinBreakout My technical analysis of ALGO/USDT on the daily time frame suggests a medium-term bullish trend, but with signs of exhaustion in the short term due to overbought conditions and decreasing volume. The RSI and MFI indicators are at overbought levels, which may anticipate a pullback or consolidation. The MACD shows a recent bullish crossover, but the positive divergence is weak. The Bollinger Bands indicate that the price is touching the upper band, which adds to the overbought signal. The Ichimoku cloud is thin and the price is near the Tenkan-Sen, a key level for dynamic support.

The key support levels are 0.2527 (Tenkan-Sen) and 0.2439 (Kijun-Sen), while the resistance levels are 0.336 (upper Bollinger band) and 0.350 (recent high). The analysis suggests three possible scenarios: bullish, corrective, and sideways. The recommended strategy is to wait for a pullback to 0.2527 (support zone + confluence with MA50) and then enter the position, with price targets at 0.307 and 0.336, and a stop-loss at 0.2439.

It is important to be cautious with the overbought.