Algorand (ALGO) formed bullish Cypher for upto 48% move
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On a 2-day time frame chart, the price action of ALGO has formed a bullish Cypher pattern. There is also 50 simple moving average in the buying zone.
Buy and sell targets:
Buy between: $1.13 to $0.9991
Sell between: $1.23 to $1.48
Stop loss:
The maximum extent of potential reversal zone $0.9991 can be used as stop loss.
Possible profit and loss ratio:
As per the above targets, this trade has a big profit possibility of 48%, and the loss possibility is 12%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
On a 2-day time frame chart, the price action of ALGO has formed a bullish Cypher pattern. There is also 50 simple moving average in the buying zone.
Buy and sell targets:
Buy between: $1.13 to $0.9991
Sell between: $1.23 to $1.48
Stop loss:
The maximum extent of potential reversal zone $0.9991 can be used as stop loss.
Possible profit and loss ratio:
As per the above targets, this trade has a big profit possibility of 48%, and the loss possibility is 12%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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