🚨 $ALGO UPDATE🚨
With an impending death cross coming on the 6-Hour chart, Algorand is basically sitting on the 0.618 Fibonacci level.
With the local low at 0.282, and the price at 0.303, this is how I'm approaching this moving forward...
This COULD be a perfect "Golden Pocket" buy zone, but since we lost the 200 EMA, I'm going to patiently navigate the next 24-48 hours.
If the alarm goes off and we lose the local low at 0.282, considering the gap in the Volume Profile, we could be looking at a drop down to S/R at 0.213, which also aligns with the 0.786 Fib level.
The saving grace here is that the Point of Control on the VRVP is STILL holding at 0.416, 37.2% above the current price.
Ultimately, if we lose the 0.618 (and the local low) that would be a break of structure and it wouldn't surprise me to see the drop continue.
It's still fun to point out that #Algorand is 88% above the MASSIVE S/R level at 0.16 cents that I was jumping up and down about for all of 2023-2024.
In my mind, there's TWO ways to look at this, you could sell the loss of 0.282 and stop the bleeding...
OR you could buy at this level AND the next level (0.213) because when the REAL bull run happens, in hindsight, ANY $ALGO bought under 0.40 will be reflected upon as a MASSIVE value buy.
Hold steady #AlgoFam, hold steady. 🙏
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