ALGO Update: Spot/Futures Position & Potential Price Action

Hey traders! 👋

Let’s take a quick look at Algorand (ALGO), which has been showing some interesting price action lately. 🇺🇸 As we know, ALGO has been closely tied to the broader market sentiment, and with all the attention around US-based projects, it’s definitely one to watch, especially with the current political landscape.

1️⃣ The Sell Signal – We received a strong sell signal earlier, and as a result, we decided to exit our spot position. Since then, we’ve been in a clear downtrend with lower lows and lower highs. 🔻

2️⃣ Fib Level 0.786 – Currently, we’re approaching the 0.786 Fibonacci level, which could act as a potential retracement point. Could this be the level where the market reverses? 🤔 If we see a bounce here, we might fill the demand zone and potentially add more spot positions.

However, there’s also the possibility of a breakout to the downside if the current downtrend continues. Will the bulls step in at this crucial point, or are we heading lower?

What do you think? 🤨 Drop your thoughts below and let’s discuss the next move! 💬 Don’t forget to follow for more insights on ALGO and other cryptos.

Happy trading, everyone! 💰📈