Breaking an ascending triangle to 1.6
This is my own technical analysis of Algorand's one day chart.
The chart is forming an ascending triangle on the one day time line. If we close the day above the upper resistance line of the ascending triangle (1.2), the next target should be 1.6. The increase in volume from yesterday and today confirm that this is a true breakout.
I think we will close above the 1.2 resistance line because we can see on the MACD indicator the red and the blue line are intersecting. We can see from the white arrows that each time they intersect a trend change happens. In this case since the blue line is starting to cross above the red line, the trend will be upwards.
We should be hitting 1.6 this week.
Good luck
The chart is forming an ascending triangle on the one day time line. If we close the day above the upper resistance line of the ascending triangle (1.2), the next target should be 1.6. The increase in volume from yesterday and today confirm that this is a true breakout.
I think we will close above the 1.2 resistance line because we can see on the MACD indicator the red and the blue line are intersecting. We can see from the white arrows that each time they intersect a trend change happens. In this case since the blue line is starting to cross above the red line, the trend will be upwards.
We should be hitting 1.6 this week.
Good luck
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