$ALGO Symmetrical Triangle
RSI is showing strength maintaining above the 46 level. The 50-day MA passed up through the 200-day MA signifying a Golden Cross.
MACD doesn't look the greatest but does appear to be moving in the right direction.
Scenario A: break-out of the triangle, zoom towards previous ATH, contend with it momentarily and then make new ATH
Scenario B: breakdown out of the triangle, fall towards 200-day MA or previous support.
Which scenario do you think is more likely?
Imagine when ALGO gets the market cap of ADA or SOL... Algorand would be at about $11 if that were the case based on current market caps at the time of this post.
Weekly Chart:
MACD doesn't look the greatest but does appear to be moving in the right direction.
Scenario A: break-out of the triangle, zoom towards previous ATH, contend with it momentarily and then make new ATH
Scenario B: breakdown out of the triangle, fall towards 200-day MA or previous support.
Which scenario do you think is more likely?
Imagine when ALGO gets the market cap of ADA or SOL... Algorand would be at about $11 if that were the case based on current market caps at the time of this post.
Weekly Chart:
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