Algorand
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ALGO/USD Strong Support

210
📊 Technical Analysis Overview:
✅ Price Action & Candles:
The latest Heikin Ashi candle is a strong green, signaling early bullish momentum.

Current price is around $0.214, showing a clear bounce from the recent low at $0.175.

Potential double bottom pattern forming, which is typically bullish if confirmed.

📉 EMA (20/50/100/200):
Price is still below all major EMAs, especially the 100 and 200 EMA, indicating the long-term trend remains bearish.

However, the price is now testing the 20 and 50 EMA – breaking above them could confirm a short-term uptrend.

☁️ Ichimoku Cloud:
Price is still below the Kumo (cloud) – a bearish sign in the bigger picture.

The future cloud is flat and wide around $0.29, signaling strong resistance ahead.

A break above the cloud would be a strong bullish signal.

🔄 Fibonacci Retracement:
Bounce from 0% level ($0.175), aiming for 23.6% ($0.293) as the next resistance.

A bigger rally could reach 61.8% retracement at $0.484.

📉 RSI (Relative Strength Index):
RSI is currently around 39.28, rising from the oversold zone.

A break above 50 would confirm stronger bullish momentum.

📈 MACD (Moving Average Convergence Divergence):
A bullish crossover just happened: MACD line crossing above signal line.

Histogram is turning green – showing growing bullish momentum.

Previous bullish wave lasted 9 bars (~27 days), so a similar rally could be starting.

⏳ Time Cycles:
Chart shows 72-bar (~216 days) cycles, possibly suggesting a new bullish phase beginning now.

📌 Summary & Trade Plan:
Near-term Target Mid-term Target Strong Support
$0.24 - $0.29 $0.48 (Fib 61.8%) $0.175
If holding: Worth holding if price breaks above EMA 50 and approaches $0.24–$0.29.

If considering buying: Entry between $0.21–$0.22 could be a good swing trade setup.

Stop-loss: Below $0.175 (key support).

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