ALGOUSDT has officially broken out of a multi-month descending channel, signaling a shift in trend. After several failed attempts, price action finally pushed above both the channel resistance and the 50-day EMA (~$0.2197), confirming renewed bullish momentum.Following the breakout, ALGO completed a textbook retest of former resistance turned support around $0.2124. This zone now acts as a demand area and reinforces the bullish bias. The current price action near $0.2275 provides a favorable entry with a well-defined invalidation below $0.1908.
🎯 Trade Parameters
Entry: $0.2250 - $0.2170
Stop Loss: $0.1908
Targets:
• TP1 – $0.2621
• TP2 – $0.3000
• TP3 – $0.3320
Risk/Reward: ~3:1
Potential Upside: +54.85%
📌 Why This Setup?
✅ Breakout + Retest: Clean structure, respecting trendlines and horizontal zones.
✅ Above EMA: Price now trading above 100EMA, flipping it into dynamic support.
✅ Volume Support: Increased volume during breakout validates buyer strength.
✅ Clear invalidation: A move below $0.1908 invalidates the setup.
Summary: With a favorable risk/reward and strong technical signals, ALGO/USDT offers a compelling swing trade opportunity. Maintain discipline on stop loss and trail profits as targets are approached.
Trade closed: stop reached
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.
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.