According to the crypto analyst EGRAG CRYPTO, Algorand’s native token ALGO has entered a crucial “STEP IN ZONE” of price action. Despite facing bearish pressure that led to a retest of support within the blue horizontal channel, the analyst believes that breaching this price zone could swiftly propel ALGO towards the $1 mark, offering a 10X return potential.
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Understanding the “STEP IN ZONE”
EGRAG CRYPTO’s candlestick chart analysis highlights several price levels and labels, providing insights into the potential movements of ALGO. The “SUPPLY” zone, marked in red, indicates an area where sellers are expected to enter the market, potentially causing the price to drop. Conversely, the “DEMAND” zone, shown in blue, suggests where buyers might come into the market, driving prices up.
The analyst has identified a specific “STEP IN ZONE,” where traders are advised to watch the price action closely for entry points. Additionally, the chart features an “ALIVE LINE” and a “DEATH LINE,” which appear to be significant price levels that could be critical for ALGO’s price movement. If the price falls below the “DEATH LINE,” it could signify a bearish trend for the cryptocurrency.
Notably, the chart displays diagonal white dashed lines, suggesting a downtrend has been in place. However, there are also white solid and dashed lines, indicating a possible channel or trading range. Furthermore, the chart marks Fibonacci retracement levels at 0.786 (1.3397 USD) and 0.702 (1.0029 USD), which are popular tools that traders use to identify potential reversal levels.
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According to price information from CoinGecko at the time of writing, the price of Algorand (ALGO) is $0.202 today, representing a -7.85% price decline in the last 24 hours and a 15.68% price increase in the past 7 days. The analyst’s chart also includes boxed price targets, such as 0.4700 and 0.3000 USD, which might be future price levels of interest based on their interpretation of the market.
“#ALGO STEP IN ZONE (UPDATE): As anticipated, the #ALGO has entered the ‘STEP IN ZONE’ of price action. However, the #Bears exerted pressure, causing a retreat to retest the support within the blue horizontal channel. It’s evident that climbing from 0.30c-0.47c will pose challenges for the #Bulls. Yet, if this price zone is breached, brace yourselves for a swift surge toward the $1 mark. #ALGO still holds the potential to offer a staggering 10X return. #Algorians, GET READY FOR A FULL BLAST,” Egrag tweeted.
Overall, the analyst’s chart suggests that ALGO has been in a general downtrend but with significant volatility, as indicated by the wide price swings within the defined supply and demand zones. The identified price levels may act as key support or resistance in the future, and the market’s ability to breach the “STEP IN ZONE” could determine whether ALGO embarks on a bullish trajectory or faces further bearish pressures.
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