ALGOUSDT Forming Bullish Flag

ALGOUSDT is currently trading inside a well-defined bullish Flag pattern on the 4-hour chart, a structure known for its bullish breakout potential. The price recently tested a significant demand zone, which previously acted as a base for a strong upward move earlier in July.

Key Points:

Bullish Flag Structure: Price is compressing within converging trendlines, forming lower highs and lower lows a classic bullish flag pattern.

Support Zone: The $0.24 – $0.255 area has acted as a strong demand zone, providing reliable support.

Bounce Potential: A bullish reaction from the lower flag boundary and demand zone could lead to a move toward the upper trendline and potentially trigger a breakout.

200 EMA Support: The 200 EMA is currently providing dynamic support, reinforcing the bullish setup.

Breakout Confirmation: A breakout above the flag resistance with strong volume could initiate a rally toward the $0.30 – $0.40 zone.

Cheers
Hexa