ALGO - 3D Bullish DivergenceALGO has been beaten down the past couple weeks, but has recently started showing some strength from the lows.
Lets first examine the bullish divergence we see forming on the 3D. We had a lower low in price action, but our relative strength index has formed a higher low! This shows buying strength at these lower levels. We also see that our RSI is trying to bounce exactly off oversold conditions!! Price is also around the same price levels of the 2020 covid crash! What a bargain. Accumulating at these levels for ALGO will make you look like a superstar during the next bull run.
Also, I have outlined some key price levels in the short term (based on Fibonacci) that we can watch for in the next coming weeks/ months.
ALGOUSDT trade ideas
ALGO/USDT looking for a re-test?Hey guys 👋
We are back with ALGO coin here so let's see what we have here. Well first things first, we see a good probability of a re-test to happen to upper zones but as we do not have a strong support on lower zones it is very risky to take a position here. We are going to wait for opening of the week to see how overall market is going to be.
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Swallow Team
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We are not financial advisors. The content that we share on this website are for educational purposes and are our own personal opinions.
Bulls in Control: #ALGOUSDT Breaks Channels, Sets Sights Higher💎#ALGOUSDT shows promising signs of a bullish reversal! The formation of a double bottom, coupled with a successful break above the descending channel and supply/demand zone, suggests a potential price increase towards the 88.6% Fibonacci retracement level and the 200 Simple Moving Average. Currently, price is supported by the 61.8% Fibonacci level. If the support holds, we could see a rapid rally.
💎However, a break below the support may lead to another wave down before a potential pullback.
💎Watch closely for any price action below the double bottom, as it could indicate a continuation of the downtrend.
Is a Reversal Brewing for #ALGOUSDT?💎After breaking below the ascending channel, the downtrend in #ALGO has been consistently strong. But today, on the 4H chart, we are witnessing a Hummer Candlestick Pattern, a potential sign of a reversal.
💎 Additionally, there's a clean bounce off the 461.8% Fibonacci support, which could indicate a potential bullish reversal. We need to confirm this on the Daily chart. If the current low holds until the daily close, it could be seen as the first bullish reversal signal.
💎 But let's not jump to conclusions just yet, Paradisers. We must remain cautious and acknowledge that discussing an uptrend at this moment would be premature. To establish a solid bullish outlook for #ALGO, it must break and sustain above the supply zone and the downtrend trendline.
💎 The MCP team is closely monitoring the current support level, and we'll keep you updated on any further price developments. Stay tuned, stay informed, and stay ahead of the game!
Algorand (ALGO) - Scam or Gem?Hello, everyone!
There is an increased interest to atlcoin BINANCE:ALGOUSDT last couple of days because it has broken the bottom again. Some traders think that it's scam and we should forget about this token, others think that it's perfect buy level. I have another one opinion.
As you know I expect $10k on Bitcoin, and first of all we should wait for this price to see which altcoins will be alive. Anyway looking at the Elliott waves formation, I can see that ALGO is forming the ending diagonal inside the wave 5. Bear market for this coin is about to end, but I can demonstrate the decrease up to -50% from current prices. To sum up, current price is not a good entry point, but this asset is not obligatory scam, but this probability is higher than pump from current.
Best regards, Ivan
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ALGO dropped a key supportHi, 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.
ALGO UPDATERegarding spot position in algorand as You can see we've hit the next supply zone on high tf. In theory that's cheap for something what I always perceived as fundamentally strong alt coin. Below are only corona dump levels which are basically cataclismic prices. Does not mean we won't go there, or even head lower. We simply may see some potential demand after visiting 17 cents. When I look at indicators it's still far away from massive momentum kicking in but maybe it can at least sustain current prices over time and gain later on.
ALGOUSDT (4H) - Bearish breakoutHi Traders
ALGOUSDT (4H Timeframe)
The market is in a downtrend, and we are waiting for an entry signal to go SHORT below the 0.1579 support level. Only the upward break of 0.1707 would cancel the bearish scenario.
Trade details
Entry: 0.1579
Stop loss: 0.1707
Take profit 1: 0.1500
Take profit 2: 0.1372
Score: 8
Strategy: Bearish breakout
Algorand at an important junctureMoment of truth for Algorand. Will it close above its recently re-gained trend line this week and this month? Above .30 with some sideways action would be ideal. Because if it does, it will have quite the bull run. If not, it may need to re-visit 14c and that would delay the structure. But so far so good!
Cheers!
ALGOUSDT: 20% FOR LONG ?Disclaimer
High Risk Investment
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ALGO UPDATE 2That's the make or break for Algorand. Yesterday drop ended up with a bull trap and a chance for trend reversal. There are three rules in place now.
- We want to stay above the yellow line ( the previous low on a weekly chart )
- Closing below yesterday low invalidates the setup
- Closing below 0.1560 will propably mean that Algo will drop to 0.1150
Riding the Algorand Wave: Get Ready for a Crypto Surge!Algorand's current market price has been a subject of concern among investors, given that the platform has a strong technological foundation and promising potential. The market volatility is an inherent feature of the cryptocurrency landscape, and fluctuations in prices are common and to be expected.
Algorand is a relatively young project, having launched in 2019, and is still in the early stages of its growth trajectory. As such, it may take some time for the platform to gain wider adoption and establish a stable price level.
Nonetheless, the Algorand team has been making significant strides in forging partnerships and advancing the platform's technological capabilities, which could bolster demand for the network and increase its market value. Moreover, the platform's long-term prospects and potential for disrupting industries such as finance and healthcare should not be overlooked.
Ultimately, the decision of whether to invest in Algorand at its current price point is contingent on your risk tolerance and research.
Lower prices can offer opportunities for those who are willing to make early investments in promising projects!
TRADE ALERT - LONG ALGOAlgo has also entered my target down area and with the daily RSI into oversold territory, I believe this is an appropriate area to enter. Yes, Bitcoin could still come down to that 25,200 neckline area or lower, dragging ALTS down even further, but I have set my entry targets for these recent alts trades and will stick to the trading strategy at this point, holding through potential losses until they become profits again. Target will be upper levels printed. SL would be 14 cents or lower.
Best,
Stew
ALGO/USDT Falls into Bearish Trend on Daily TimeframeBINANCE:ALGOUSDT pair has turned bearish according to its daily chart, after a brief period of upward momentum. This is due to the formation of a bearish double top pattern, which broke downwards, followed by an ascending triangle that had the potential to break upwards. Unfortunately, the triangle broke downwards faster than anticipated, signaling a continued bearish trend. Algorand is currently trading near a significant support level, and if this level is breached, it could potentially result in further downside. The fate of Algorand will ultimately be determined by the performance of Bitcoin, which is a major influence on the broader cryptocurrency market.
It's important to note that investing in cryptocurrencies is inherently risky due to the volatile nature of the market. Therefore, it's crucial to conduct thorough research before making any investment decisions and to have a sound investment strategy that aligns with your individual goals and risk tolerance.
May the markets be ever in your favor!