Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The higher timeframe trend and market structure remained bearish The bounce from support into a daily order block indicated a high-probability shorting opportunity Algorand has gained 16.5% within the past six days of trading, after […]
The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionThe bounce from support into a daily order block indicated a high-probability shorting opportunityhas gained 16.5% within the past six days of trading, after dropping to a low of $0.1598 on 30 December. This move was appreciable but did not change the higher timeframe trend of Algorand.
Algorand was able to force a bounce from the $0.163 level of support and climbed to the $0.1874 resistance level at press time. However, the region demarcated in the red highlighted a bearish order block on the daily timeframe. It has confluence with the horizontal level at $0.1874.
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