ALGO was one of the L1 laggards of 2021, along with ATOM. I believe these two play catchup to SOL, AVAX, LUNA, etc. in Q1 2022.
Undercut the local lows for some liquidity and swinging back around into the range. Forming a mini flag and looks like it wants to breakout soon towards $2-2.10 which is the major resistance area.
Given we've already had a failed move, think the probably of success is much greater. New ATHs this month is a real possibility, especially given ATOM is already at the highs and these two see, to mostly trade together (similar charts).
Undercut the local lows for some liquidity and swinging back around into the range. Forming a mini flag and looks like it wants to breakout soon towards $2-2.10 which is the major resistance area.
Given we've already had a failed move, think the probably of success is much greater. New ATHs this month is a real possibility, especially given ATOM is already at the highs and these two see, to mostly trade together (similar charts).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.