Aliens TLDR

The ALGO price action's time-consuming market behavior appears to form a C wave ending-diagonal pattern, which means the downtrend will soon end.

However, the bulls should be careful not to buy Algorand price too early as the technicals indicate one more downswing could occur while maintaining the structure of the notorious reversal pattern.

Algorand price has shown a subtle ramping pattern on the volume profile, adding further bearish confluence .

Algorand price needs to breach and close above the $0.45 level to consider the completion of the ending diagonal pattern.

If this bullish event happens, consider the downtrend scenario over A $0.57 ALGO price could be the next bullish target, resulting in a 35% increase from the current Algorand price.

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