Algorand: Are sellers subdued as ALGO retests support level $0.1805?

Algorand [ALGO] drops to a lucrative level for swing players. But BTC faces more uncertainty and will impact ALGO investors.

Since mid-March, ALGO oscillated between $0.1805 – $0.2347, chalking a parallel channel pattern. At press time, price action retested the lower boundary of $0.1805. The level also lined up with March swing lows.

Ergo, the $0.1805 support could crack, setting the ALGO/USDT pair into an extended downtrend which could ease at December swing lows of $0.1604. If that happens, shorting ALGO if it closes below $0.1805 could offer a good risk ratio.

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