ALGO is in a clear long-term uptrend. It is now retesting the bottom of the rising channel.
MACD has bullish divergence. MACD is starting to reverse while price continued to slide down on lower volume.
Stochastic in extreme oversold territory.
Algorand's super bullish fundamentals will propel
ALGO to all new time highs. Once escape velocity is achieved to all new time highs,
ALGO will then enter price discovery mode and break out of the rising channel for a parabolic move.Major fundamental catalysts to provide the rocket fuel are:
1. Multitude of DeFi projects launching in coming months with no end in sight - amplified by incentive reward programs to bootstrap the DeFi ecosystem - TVL boom
2. Staci Warden as new Algorand Foundation CEO with aggressive marketing and PR strategy
3. Algorand protocol upgrades and TPS boost
4. Multi-chain bridges - Glitter, Applied Blockchain Ethereum London Bridge, C3 Protocol
5. Institutional and enterprise implementations - SkyBridge, NAX, UNLOX, real estate (Vesta Equity, Homium, Lofty AI, QuantmRE, etc)
6. Government national initiatives
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.