Technical analysis by vf_investment about Symbol ALGO: Buy recommendation (10/29/2025)

hi traders, The chart shows ALGO/USDT forming a descending triangle pattern over the past year, with a series of lower highs and a relatively flat support line around the $0.18–$0.19 level. The price is currently near the apex of the triangle, suggesting a potential breakout point is approaching. Key observations: Support line: Around $0.18, tested multiple times since early 2025. Resistance trendline: Descending from the December 2024 high, forming lower highs. Volume: Noticeable spikes coincide with price movements, suggesting increasing interest around key breakout levels. Stochastic RSI: Currently in the oversold region (around 11–16), indicating a potential upward momentum reversal in the near term. Trading idea: If ALGO breaks above the descending resistance line with strong volume, the next target is projected near $0.618, as marked on the chart. This suggests a significant upside potential from the current levels, aligning with the breakout strategy. Traders might consider entering near the support or upon confirmation of a breakout, with stop-losses placed just below the support line to manage risk. Summary: ALGO/USDT is in a consolidation phase within a descending triangle. A breakout to the upside is anticipated, supported by oversold Stochastic RSI levels, with a projected target around $0.618. Risk management should be applied near the $0.18 support level.