ALGO Price Analysis: Key Supply and Demand Zones (2024-2026)

27 Jun

ALGOUSDT

The chart shows the price movements of Algorand (ALGO) against Tether (USDT) on a 3-day time frame. Here are some key points and features of the chart:

1. **Supply and Demand Zones**:
- There are marked supply zones around the $1.00 to $1.50 range, indicating areas where selling pressure may increase.
- A demand zone is highlighted around the $0.0820 to $0.1838 range, suggesting buying interest in this region.

2. **Key Price Levels**:
- Significant levels are marked at $0.3728, $0.1838, and $0.0820, with the current price at $0.1431.
- The highest marked level on the chart is $2.9900, indicating a potential upper resistance level.

3. **Volume Profile**:
- A volume profile on the right side of the chart shows the traded volume at different price levels. Higher volumes at certain price points suggest those levels may act as support or resistance.

4. **Breaks of Structure (BOS)** and **Change of Character (ChoCH)**:
- The chart indicates areas where the market structure has shifted, potentially signaling changes in trend.

5. **Price Action Analysis**:
- The historical price action shows peaks and troughs with specific points of interest (POI) marked.

6. **Current Trend**:
- The price appears to be in a downward trend, reaching a low around the $0.0820 mark before bouncing back to the current price of $0.1431.