ALGOUSDT is currently trading inside a well-defined bullish Flag pattern on the 4-hour chart, a structure known for its bullish breakout potential. The price recently tested a significant demand zone, which previously acted as a base for a strong upward move earlier in July.
Key Points:
Bullish Flag Structure: Price is compressing within converging trendlines, forming lower highs and lower lows a classic bullish flag pattern.
Support Zone: The $0.24 – $0.255 area has acted as a strong demand zone, providing reliable support.
Bounce Potential: A bullish reaction from the lower flag boundary and demand zone could lead to a move toward the upper trendline and potentially trigger a breakout.
200 EMA Support: The 200 EMA is currently providing dynamic support, reinforcing the bullish setup.
Breakout Confirmation: A breakout above the flag resistance with strong volume could initiate a rally toward the $0.30 – $0.40 zone.
Cheers
Hexa
Key Points:
Bullish Flag Structure: Price is compressing within converging trendlines, forming lower highs and lower lows a classic bullish flag pattern.
Support Zone: The $0.24 – $0.255 area has acted as a strong demand zone, providing reliable support.
Bounce Potential: A bullish reaction from the lower flag boundary and demand zone could lead to a move toward the upper trendline and potentially trigger a breakout.
200 EMA Support: The 200 EMA is currently providing dynamic support, reinforcing the bullish setup.
Breakout Confirmation: A breakout above the flag resistance with strong volume could initiate a rally toward the $0.30 – $0.40 zone.
Cheers
Hexa
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🌐Website: hexatrades.io/
🗣️Twitter(X): twitter.com/HexaTrades
Related publications
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.
🚀Telegram : t.me/hexatrades
🌐Website: hexatrades.io/
🗣️Twitter(X): twitter.com/HexaTrades
🌐Website: hexatrades.io/
🗣️Twitter(X): twitter.com/HexaTrades
Related publications
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.