Hi, Friends hope you are well and welcome to the new update on ALGO.
Big wedge and a long-term support:
Algo has formed a big falling wedge on a weekly time frame, however, at the moment ALGO has dropped at a very long-term support of $0.16 and this level is working as a support since Sep 2019.
Oversold on weekly time frame:
Weekly Stochastic is also extremely oversold therefore, if Bitcoin starts small correction move, then ALGO can begin a massive reversal from this support.
Conclusion:
If some one wanna buy ALGO here then be very careful and keep an eye on $0.16 support, if it will be broken down then ALGO can drop at the support of wedge. More chances are in favor of a massive rally from this support soon.