ALGO - expect a rally
Hello everyone,
Today I'm covering Algorand (ALGO), both BTC and USDT pairings compared, chart maybe unclear for some but let me explain what it tells me.
VS BTC I see a mid-long term uptrend forming, MACD and MA's on the ALGO/BTC chart tell me it's time for Algorand to start flourishing.
Versus Bitcoin, Algorand got left behind in the run but is now testing new levels and holding new highs, this you can see on the daily chart. For this example/idea I used the weekly chart to show the potential hiding in this pair. The reason I dare to make these statements is when I look at the USDT chart.
VS USDT we already saw a nice run and hold the new price range very steady, been consolidating for since the middle of February and all oversold indications have been reset, when looking at market cycles of other coins I can start to compare and see what the possibility really is.
When using the FIB extension on the daily TF and compare these VS the BTC pair I see 4 big targets in a 3-6 months time range.
- 0.618 Fib extension: $2.82
- 1.618 Fib extension: $4.43
- 2.618 Fib extension: $6.05
- 3.618 Fib extension: $7.67
This is not a 2 day trade and this is no advice. Staying cool and holding this coin tight is what I'm doing personally.
Ride can be bumpy with some deep corrections.
Good luck
Today I'm covering Algorand (ALGO), both BTC and USDT pairings compared, chart maybe unclear for some but let me explain what it tells me.
VS BTC I see a mid-long term uptrend forming, MACD and MA's on the ALGO/BTC chart tell me it's time for Algorand to start flourishing.
Versus Bitcoin, Algorand got left behind in the run but is now testing new levels and holding new highs, this you can see on the daily chart. For this example/idea I used the weekly chart to show the potential hiding in this pair. The reason I dare to make these statements is when I look at the USDT chart.
VS USDT we already saw a nice run and hold the new price range very steady, been consolidating for since the middle of February and all oversold indications have been reset, when looking at market cycles of other coins I can start to compare and see what the possibility really is.
When using the FIB extension on the daily TF and compare these VS the BTC pair I see 4 big targets in a 3-6 months time range.
- 0.618 Fib extension: $2.82
- 1.618 Fib extension: $4.43
- 2.618 Fib extension: $6.05
- 3.618 Fib extension: $7.67
This is not a 2 day trade and this is no advice. Staying cool and holding this coin tight is what I'm doing personally.
Ride can be bumpy with some deep corrections.
Good luck
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