In the short term, ALGO achieves one of the best retracements among high-cap coins. It has gained 32% since the bottom. In addition, in the long run it is not in correction, but in a sideway structure that may culminate in a continuing upward trend.
The price token creates the same sideway structure as between February and May this year. The current sideway structure has been in force since mid-September, and in essence its support is at the resistance of the previous structure. Therefore, in the long run the trend continues upwards and these sideway structures are bullish.
ALGO is a long-term sideway
Nobody knows when the sideway structure will end, but in the short term if we want to think about by changing the trend, the price must break last maximum $ 2.05. So far, however, the price has only reached the first target of point of control $ 1.83. The price here can create a local high and then continue the long-term structure.
The last low has broken through key support $ 1.55, but it can not be expected that the high will respect exactly the same levels throughout the sideway structure. Support area therefore does not change.