ALGO enters a narrow price consolidation amidst BTC fluctuations above $30k. What's next after the consolidation - a rally or plunge?
from DFW Labs, a global Web 3 investment firm, with an initial purchase of $50 million ALGO tokens for liquidity injection. But the lower timeframe price charts haven’t reacted to it as of press time.After climbing above $0.10 on 10 June, ALGO has been making new higher highs and lower lows – defining an uptrend. But the rally faltered at $0.14, setting it up for a range formation within 61.8% – 78.6% Fib levels.fluctuations below $31k.
A breach below the range will invalidate the neutral bias. The drop could ease to the 50% Fib level of $0.13 but will further weaken the H4 structure, flipping it to bearish. The RSI and CMF were below key neutral levels, denoting a slight dip in buying pressure and capital inflows. However, the picture differed on higher timeframes, especially the weekly chart. Notably, Galaxy Trading, a crypto technical analyst on Twitter, believes that ALGO’s weekly chart is gold as it presents a massive accumulation opportunity.
Galaxy’s projection was based on the weekly chart retesting a critical demand zone in early 2022, with targets at $0.51 and $0.73, respectively.On the 1-hour chart, the CVD and Open Interest increased in the past few days. It means buying volumes and contracts in the futures market increased – a bullish sentiment that could spell a potential upside, especially if BTC continues to rally.But the metrics flattened in the past few hours.
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