ALGOUSDT is currently testing the weekly resistance level at the 0.23 USD area, which is an important level to watch as it has acted as resistance in the past. A breakout above this level could signal a bullish trend continuation, as it would indicate that buyers are willing to push the price higher despite the resistance. Traders may want to wait for a breakout above this level and a retest of this area as new support before considering a long position.According to Plancton's rules, if there is a breakout above the 0.23 USD area, it would suggest a new long position as it indicates a potential trend reversal to the upside. This rule suggests that traders may want to consider entering a long position in anticipation of a potential price increase.
Overall, the market sentiment for ALGOUSDT appears to be bullish, with the potential for a breakout above the weekly resistance level at the 0.23 USD area.
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Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
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