ALGO is setting up nicely!ALGO is forming a nice descending wedge pattern on the weekly and daily charts. It could break out from these levels, but it could also easily drop to the lower trend line first.
Good luck, and always use a stop loss.
Algo
ALGO/USDT Secondary trend. Wedge is a trend. 11 2023Logarithm. Time frame 3 days. Linear price graph for clarity of this beauty.
The entire secondary trend is a falling wedge , a decline in price from the highs to date for 718 days (24 months, or almost 2 years). Volatility has decreased to a minimum, the price is conditionally squeezed, in the near future there may be an excess of supply/demand and a breakthrough of this long-term formation will occur. A pump impulse for a breakthrough due to super “dead faith” and rather low liquidity (price slippage) can be significant.
Decline from the low (liquidity) -96.66%.
We are in the zone of so-called capitulation (on the cryptocurrency itself).
Also, the chart shows conditionally maximum average (from the average price) potential targets of market phases:
1) “participation” (development of the bullish trend to the reset zone, i.e. distribution).
2) Distribution.
Unfair market competition by large market participants.
Prices now, it is about 0.1$, which is the price of “large capital” that “invested” in this crypto project. But, they sold out long ago on the first listings..... After all, the crowd was “sold” at the ICO at an average of about 2.5$ per coin, or even more expensive by the method of divorce with the Dutch auction. That is roughly speaking it is +25X (+2500%).
Dutch auction (in the classical sense) is a type of bidding, at the beginning of which the highest price for the lot is announced, which gradually decreases; the participant who was the first to stop the price decrease becomes the winner.
Bullish cycle 2020-2021.
Then after a dump to the 2020-2021 set zone (0.25$ average) in the bull cycle managed to pump and form a distribution (reset) zone of more than +1000%. From that reset zone and formed this truly huge downward wedge, just like on EOS.
So, this cryptocurrency "changed speculative hands" many times (huge dump/dump volatility). Anyone could make money, but not the “hamster” level. Perhaps there will be one last run of significant price pumping towards the end of 2024 -2025.
Candlestick chart of the wedge zone for comparison.
Local trend.
ALGO/USDT Local trend. Wedge breakout zone . 5 11 2023
The main trend. The entire trading history. Accumulation/distribution zones. Time frame 1 week.
ALGO/USDT Major trend. Cycles. 07 2023
ANOTHER PERSPECTIVE OF THE LONG-TERM POTENTIAL FOR ALGO.ALGO is one of the best cryptocurrencies you can buy, especially at today’s prices. Being one of only a handful of top-quality cryptos that are ISO 20022 compliant, like XRP, XLM, and Quant, I believe the future is bright for ALGO and its holders.
This chart isn’t set in stone and will change over time as more information comes to light.
Good luck, and enjoy becoming a millionaire!
Strong demand zoneALGO is in an uptrend and is currently approaching a strong demand zone. This area can act as significant support, potentially driving the price upwards. The price is moving slowly within this demand zone, which may indicate the market’s attempt to attract new buyers.
One possible scenario is that the price finds support in the demand zone and, after observing sufficient confirmations, moves upwards. This movement could indicate the continuation of the uptrend and the potential for further price growth.
Another scenario is that the price stabilizes after reaching the demand zone, and after observing strong confirmations, it moves upwards. This scenario suggests that demand is being absorbed in this area, leading to a new upward move.
Weekly Watchlist Analysis : ALGOWeekly Watchlist Analysis 📊
#Algo
#4h
In the first trigger of my strategy, the price has dropped by nearly 13% 📉. The previous uptrend exhibited clear signs of weakness:
Reduced Momentum: After each breakout, the price moved less each time ⬇️.
Increased Red Candles: More red candles appeared toward the end of the trend, indicating selling pressure 🟥.
Declining Buying Volume: The final wave saw reduced buying volume while selling volume spiked significantly 📈.
As the cycle high formed, the market entered a range after the drop, reinforcing the potential for an earlier short position 📉.
Entry Points:
First Entry:
After the Head and Shoulders pattern broke on the 1-hour timeframe, we got our first entry at the top of the move 🎯.
Second Entry:
As the price reached the next major support, we went for a correction. The green candles that followed lacked volume and size 📉. After the support was broken and a pullback occurred, the second entry was executed (another entry was made during the support break as well).
Third Entry:
Upon reaching the next key support level at 0.1258, a sell-off candle appeared, signaling the end of the trend or at least the start of a correction on the 4-hour timeframe 🕒. After ranging and forming a box, a false break to the downside occurred, which lacked the strength to break the previous high or even the box's high, indicating buyer weakness 📉. This was a signal to enter on the next break.
Currently, the ongoing downtrend lacks the strength seen in the previous trend. If selling volume doesn’t increase within the next 48 hours, there’s a possibility of a deep correction to the upside in higher timeframes 🔄.
Categories: Trend Analysis, Support and Resistance, Volume Analysis
Hashtags: #Algo #CryptoAnalysis #TradingStrategy #Tradecitypro #TCP 🚀
Buying an Algorand to trade on the spot market.#ALGOUSDT
There are many factors that indicate the possibility of buying:
1. The strength index suggests that a rebound is possible in the short term.
2. We have already seen a complete bearish correction of A, B and C.
3. According to technical analysis, we have reached the bottom zone.
4. At the moment, the first and second waves have formed, and a long third wave is expected to follow. However, the target ($0.6495) can be reached by both the third and fifth waves.
Good luck to you!
Please note that these are just my expectations. There is no financial or investment advice here. All of the above information is provided for informational purposes only.
ALGO (Algorand): Falling Wedge BreakoutTrade setup : Price is in a Downtrend, however, it had a bullish breakout from Falling Wedge pattern, which could signal at least a temporary bullish trend reversal with +22% upside potential to $.17 resistance. Stop Loss at $0.12. This is a riskier trade setup because it’s a trend reversal not a trend continuation setup. It’s against the overall downtrend. Learn to trade breakouts in Lesson 7 and Risk Management in Lesson 9.
Patterns : Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order. Learn to trade chart patterns in Lesson 8.
Trend : Short-term trend is Up, Medium-term trend is Strong Down and Long-term trend is Strong Down.
Momentum : Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance : Nearest Support Zone is $0.11, then $0.087. Nearest Resistance Zone is $0.15, then $0.20.
ALGO Price AnalysisAlgorand (ALGO) Analysis
Algorand (ALGO) has shown signs of recovery after a significant decline that saw its price drop from the $0.3199 level down to a low of $0.0938. Recently, ALGO has been trading within a narrow range, indicating some consolidation as it attempts to regain bullish momentum.
Currently, ALGO is hovering around the $0.1353 mark, just above the critical support zone (Yellow) at $0.1218 - $0.1270. Despite this recovery, ALGO faces strong resistance by the descending trendline seen in the recent price action.
If ALGO fails to break above the descending trendline, it may re-enter a bearish phase, pushing the price back toward the lower support levels that could determine its medium-term direction.
ALGO is currently at a crucial juncture, with the potential for further downside if it fails to break key resistance levels. Traders should watch for a break above the resistance zone (Green) at $0.1595 - $0.1661 for a potential bullish continuation or a rejection that could lead to a retest of the lower support levels.
ALGOUSDT 1WALGO ~ 1W
#ALGO This is the lowest support for $ALGO. If you have Conviction on this Coin, this is the time for you to start buying again. at least for a profit of at least 20%+.
But you need to know, you have to place a tight SL when this support block is broken.
Algo relief rally and drop in JanuaryBINANCE:ALGOUSDT
Just a local picture for January
Possible Targets and explanation idea
➡️After hype around World Cup championship we dropped down and found the main support zone.
➡️I think this is the potential bottom for now for $ALGO
➡️Local trade can be looks like this on 12H timeframe
➡️According Crypto4light Direction indicator whales accumulated Algo all December. Now we see clear signal to pump on both indicators
➡️Local stop losses now over 0.23 cents so we have a little bit range to grab this tiny stop losses and go back test 0.17 like support
➡️ In February we will see price over 0.30 and maybe 0.50 for ALGO. More clear higher timeframe global chart ill post in another idea
➡️With path I showed potential direction for January local time period trades
Hope you enjoyed the content I created, You can support with your likes and comments this idea so more people can watch!
✅Disclaimer: Please be aware of the risks involved in trading. This idea was made for educational purposes only not for financial Investment Purposes.
* Look at my ideas about interesting altcoins in the related section down below ↓
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Can AVAX continue down this path?Scenario casting #Avalanche versus #Ethereum
as we go forward into 2024
The blast off from the lows has to be respected and is a significant show of strength
and shames other blockchains price performance these past few weeks
I'm looking at you #Algorand & #HBAR
ALGOUSDT.1DExamining the ALGO/USDT chart, there are several crucial points to consider from a technical perspective:
Technical Analysis
Resistance and Support Levels (R1, R2, S1):
The ALGO/USDT trading pair is currently navigating through a challenging phase, having experienced significant pullbacks from its recent highs near the R2 level at $0.2336.
The price is oscillating around the R1 level at $0.1672, which now serves as a key resistance level. A decisive break above this level could signal a shift towards a bullish sentiment.
The chart indicates a critical support level at S1 ($0.0834). This support has been tested multiple times, suggesting it is a significant level for the pair.
MACD Indicator:
The Moving Average Convergence Divergence (MACD) is below the signal line, reflecting ongoing bearish momentum. The widening gap between the MACD line and the signal line underpins this bearish outlook.
The histogram remains in the negative territory, which corroborates the strength of the prevailing bearish trend.
RSI:
The Relative Strength Index (RSI) is hovering just above the oversold territory, indicating that while there is bearish pressure, the market could be nearing a point of reversal if it enters and rebounds from oversold conditions.
Conclusion
The ALGO/USDT chart depicts a market currently under bearish control as evidenced by the resistance levels and MACD readings. The proximity of the price to the critical support at S1 suggests that this area could be pivotal. If the price sustains above S1, there might be potential for consolidation or a mild recovery, especially if the RSI shows signs of a turnaround from oversold conditions. On the other hand, a break below S1 could intensify selling pressures, potentially leading to new lows.
Given this analysis, my approach would involve closely monitoring the S1 level for any signs of a breach which would necessitate reassessing any long positions. Conversely, a rebound from this level could offer a strategic entry point for a short-term bullish trade, particularly if accompanied by positive divergences in MACD and RSI, signaling weakening downward momentum.
ALGO has spend very little time at current levels in the past.This is a great buying opportunity. ALGO has spend very little time at these low levels in the past, and we all know how quickly it can move when the buyers come rushing back in.
Keep stacking!
ALGO Analysis: Identifying Key Levels✨ Welcome to my channel. Here, we analyze a new crypto project or Forex pair every day.
📅 Let's dive into today's analysis, focusing on the ALGO coin in the crypto market.
🗂 About the Project: ALGO is a blockchain-based project with its own ecosystem and blockchain. It is one of the popular networks for DeFi enthusiasts, and if you're interested in this space, you're probably familiar with this blockchain.
⌛️ Weekly Timeframe
In this timeframe, ALGO experienced a significant downward movement, currently stabilizing around $0.1572. The price has tested the $0.1547 support level multiple times. The volume has been fluctuating, showing signs of both accumulation and distribution phases.
📈 If the price is supported and candles stabilize above the $0.1547 area, we can confirm that the price trend has potential for a bullish reversal. The main resistance for confirming an upward trend is at $0.2808. For ALGO to have a significant pump, the price must stabilize above this area, allowing you to enter a buying position according to your trading strategy after confirmation.
📉 If the price returns below $0.1547, the next significant support is at $0.0992, indicating a continuation of the bearish trend.
📊 In both scenarios, candle volume must confirm the price movement, and there should be no volume divergence; otherwise, the trend will not be healthy.
⌛️ Daily Timeframe
In this timeframe, you can see more details of the price movement. As indicated, the price ranged for a long period on the $0.1502 support and, after a breakout and pullback, initiated another downward wave to the $0.1297 area. Currently, there is significant bearish momentum in this timeframe, and the volume aligns perfectly with the downward trend.
Given the strong support at $0.1502, we can expect another bearish wave if candles stabilize below this area.
⌛️ 4-Hour Timeframe
In this timeframe, the price has pulled back to the $0.1605 resistance. Volume is gradually decreasing, indicating that the long-term downward trend impacts the 4-hour timeframe. This upward movement offers a potential entry point for a short position.
🔑 Key Levels: For a long position, the key levels are $0.1716, $0.1989. For a short position, $0.1502, and $0.1297 are critical areas where the price may react in the future.
💥 RSI Oscillator: The RSI is ranging between 45.73 and 51.84, and breaking either of these levels can provide confirmation for opening positions. However, be sure to use these levels only for confirmation and rely on candles to find the trigger.
🎲 My Strategy: Given the bearish market in the 4-hour and daily timeframes and the potential trend change in the weekly timeframe, I prefer to open a short position on this coin as I always trade in the direction of the momentum. However, there's no necessity for you to do the same; everyone should trade based on their strategy and plan. This is a personal decision, and each trader must find their strategy.
⚠️ Please note that this is not financial advice. I'm simply introducing this project to you, and remember always to do your own research.
🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
Wanna Hold Algo? Do it!4H chart
......
All the triggers and structure illustrates a strong bullish volume on Algo,
if another crash happens on market, Algo on 0.13$ will be a golden opportunity...
#ALGO/USDT#ALGO
The price of our channel is moving downward on a 12-hour frame, and it has been breached to the upside and is rising from the current levels.
We have a bounce from the lower border of the channel from the support area at 0.1200
We have a tendency to stabilize above the Moving Average 100
We have an uptrend on the RSI indicator that is heading up
Entry price is 0.1500
The first target is 0.1750
The second goal is 0.1900
The third goal is 0.2080
Algorand on its way to challenge the last overhead resistanceAlgo is is gearing up to challenge its overhead resistance; the last one remaining in this cycle. I believe this will happen sometime in June/July. Things will ramp up suddenly after that.
ALGO | BUY CALLALGO has formed bullish divergence on last swing low and is trading above its falling trendline and HORIZONTAL ZONE.
Perfect entry zone ALGOIt need a bit of time, but finally Algorand entered the buy zone I was waiting for. We can see a nice accumulation inside this zone and actually the price is trying to break out from this zone. I expect a move to the upside in the coming weeks, targeting $0.28
ALGO is getting ready to make a BIG MOVE!The chart is indicating that ALGO is getting ready to make a very bid move in the coming months, and imo, is currently on sale at the current price.
Enjoy the ride!
Something BIG is coming!The total crypto marketcap - BTC/ETH is showing us something incredible!
Get ready for .....
ALGO/USDT MAY 2024It's been a while since our last chart update, but now is a great time to analyze some long-term patterns in altcoins. We still have a few spot trades open, and ALGO looks particularly promising with its potential for significant profits.
Currently, ALGO is showing an accumulation phase, which could lead to massive gains if it maintains the inverse head and shoulders pattern it's forming. The right shoulder is still in progress, indicating potential upward momentum.
Exit Targets:
First Target: $0.29 area
Second Target: $0.45 area
Keep an eye on the low of the right shoulder at $0.15, as this level would invalidate the pattern.
As always, ensure your money management strategies are in place. Happy trading!
ALGO LongAlgo long at a key inflection point with another bullish 886.
We look to accumulate on any retrace
