In recent weeks, a number of rumors have circulated regarding the direction of ALGO. Following the price drop, a lot of accumulators of this cryptocurrency have expressed their frustration.
From a clear standpoint, most traders in recent months have long expected the latest low price.
ALGO/USDT created a Market Structure Shift (MSS) as of the 16th of April, 2023, which duly confirmed a new price direction targeting the nearest draw on liquidity. The figure below shows a break in the internal range liquidity with a preceding pullback/retracement.
It is valid to postulate after all confirmations ALGO was heading toward the 2020 sell-side Liquidity.
ALGO, however, is not yet complete. Let’s investigate more to determine the prospects for the future.
Keep in mind that, based on price action, every time ALGO takes liquidity, it executes a reversal move that is intended to target the following draw on liquidity or imbalances.
Remember that the market algorithm is primarily wired for two purposes as well. They include;
- Take out liquidity
- Fill up imbalances
From the figure above, we can find a Fair Value Gap yet to be filled up. This, therefore, becomes an awakening call to traders currently shorting ALGO due to the current market drive. Let’s stay vigilant as there is an expected reversal (Change of Character).
Summarily, ALGO is Ready for a bullish Impulse.
Featured image: Shutterstock
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Gibson Jonathan is a highly accomplished professional with expertise in the writing and business consulting industries. With over 2 years of experience, he has consistently demonstrated exceptional skills in web content creation, business proposal development, and market analysis writing.
