$ALGO Liquidation Alert: Is $0.09 the Turning Point or More Pain Ahead?
A recent long liquidation of $1.351K at $0.09 has added short-term pressure on ALGO. While the size isn’t massive, it signals that weak hands are getting flushed out near a critical price zone.
Technical Analysis:
Support Levels:
The immediate support is around $0.088–$0.09. This zone has acted as a psychological and structural support. A breakdown below this could open the door toward $0.082.
Resistance Levels:
On the upside, $0.095 is the first resistance. A clean breakout above this level could push price toward $0.10–$0.105, where stronger selling pressure may appear.
Indicators Overview:
If RSI is hovering near the 30–40 range, ALGO is approaching oversold territory, suggesting a possible bounce. However, if RSI remains below 50, bullish momentum is still weak.
MACD showing a bearish crossover or negative histogram indicates sellers still control the trend. A bullish crossover would be an early reversal signal.
If price is trading below key moving averages (50 MA / 200 MA), the overall structure remains bearish.
Market Sentiment:
Currently, the trend leans Bearish to Neutral. Liquidations show that long positions are being wiped out, and buyers need stronger volume to regain control. Until resistance breaks convincingly, upside remains limited.
Strategy:
Wait for confirmation.
Aggressive traders can consider a short-term scalp near support with tight stop-loss below $0.088.
Safer approach: Wait for a breakout above $0.095 with volume confirmation before entering long positions.
If support breaks, avoid catching a falling knife.
Patience is key in this structure.
Are you accumulating ALGO at this level, or waiting for a clearer breakout?
Not Financial Advice (NFA). Always manage your risk.
$ALGO #BinanceSquare #Write2Earn #ALGO #CryptoTrading #TechnicalAnalysis