ALGO’s H4 structure was bearish, but momentum was bullish. However, bulls could only gain an edge if they cross this particular level.
The RSI has been rising since 10 June, hitting the overbought zone at the time of writing. It denotes an improved buying pressure, further confirmed by recent accumulation as shown by the rising Accumulation/Distribution indicator.
A new leg of recovery could happen if ALGO close above the lower high at $0.1263. Near-term bulls could target upper resistance levels at $0.13 and $0.14 if ALGO pushes above $0.1263 . But ALGO’s rally could ease if it fails to cross $0.1263 and flip the H4 market structure to bullish. Sellers could exploit such a weakness. But they can only extend gains to $0.1146 or $0.1052 if they clear the 50% Fib obstacle.
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