|

Algorand price could run up 17% with this trade setup

  • Algorand price could be forming an inverse head and shoulders.
  • AGLO price is retesting a strong Fibonacci level.
  • Invalidation for the bullish thesis is a break below $0.67.

Algorand price could surprise the bears aiming for the March lows. Traders should keep their eyes on Algorand for a potential continuation of the uptrend.

Algorand price could retrace back to the $0.90 zone

Algorand price is currently trading at $0.79. Last week's bullish thesis gave a $1.06 target for the ALGO price with an invalidation at $0.7610. The bears have not yet invalidated the thesis but are coming in close with traders positioned to leave the market if the breach occurs. The ALGO price chart pattern displays some evidence of a short-term bottom around the current price point.

Algorand price is retesting the breached 61.8% retracement level and could be forming a classic inverse head and shoulders at this level. The ALGO price would need to retrace into the $0.93 level to complete the classic reversal pattern. Subsequently, there are several 2-day order blocks in the $0.90 zone, commonly referred to as "smart money magnets'' amongst professional traders.

ALGO 4/6/22

ALGO/USD 2-Day Chart

Algorand price current trade setup gives a 1-1 risk to reward ratio. The ALGO price should under no circumstances breach the head of the inverse head and shoulders at $0.67.

If the bears manage to breach $0.67, the entire uptrend for Algorand price would be void. Traders should expect more downside with ALGO price landing in the $0.60 and $0.55 price levels, up to a 35% dip from the current Algorand price.

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

XRP recovery stalls as Ripple and Robinhood expand partnership scope

Technically, XRP is still in the woods, with the 50-day EMA limiting the token’s recovery potential. Ripple (XRP) faces short-term hurdles, trading around $1.33 on Wednesday.

Bitcoin reclaims $81,000 as traders await Fed policy decision, Big Tech earnings

Bitcoin reclaims $81,000 on Wednesday, extending its recovery as investors await the Fed’s policy decision and upcoming Big Tech earnings. Spot Bitcoin ETFs record an inflow of $175.99 million on Tuesday, marking a second consecutive day of inflows.

Crypto Today: Bitcoin, Ethereum, XRP recover ahead of Fed decision

Bitcoin has renewed its advance above $81,000 on Wednesday, lifting sentiment across the cryptocurrency market ahead of the upcoming Fed's interest rate decision. Ethereum follows in Bitcoin’s footsteps. Ripple is similarly edging higher above $1.33.

Pi Network stalls as Core Team expands investment fund to Axis Robotics

Pi Network hovers around $0.0766 on Wednesday, holding steady after a roughly 2% rebound on Monday. Axis Robotics officially confirmed that it has received seed investment from Pi Ventures, which focuses on the technical integration of AI and robotics.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.