Algorand (ALGO) Weekly Analysis

https://www.tradingview.com/x/QL5SK61s/

Algorand (ALGO) Weekly Analysis

Algorand closed this week below the previous week's low, which to me signals a potential revisit to last week's lows. Here's the breakdown:

Weekly Close: Below last week's low, suggesting bearish momentum.
Price Action: ALGO has failed to maintain above the support level it briefly tested, indicating that sellers might still have control.

I'm watching for:

Support Test: Expect a test of last week's low around .35. If this level doesn't hold, we could see further downside. I'm expecting .29 range to get hit at some point.
Resistance: The immediate resistance now appears to be at .49, which was the high of the previous week but has to get above .45 before getting to that, lol.