Algorand [ALGO] Structural developments
Hi everyone,
We are currently looking at the Daily chart of Algorand. There is a noticable price action within the current trend:
> Breakout
A Trend often starts with a strong breakout in combination with the right volume (see beginning of January)
> Channels and structural formations
After a breakout, the trend is situated within a channel where relatively small to deep pullbacks can occure. The channels can form structural formations as ascending-descending triangles, wedges,... These formations can extend the channel or evolve into a trend reversal
> Trading range with reconsolidation
The market is not trending in this range, it is moving between its support and resistance levels waiting for the momentum that can lead to a breakout (it often fails). Always keep in mind a reversal can take place!
Algorand is currently consolidating within its bullish triangle formation. If we can realize a breakout above the upper-boundery of the ascending structure, there is potential other important levels can be tested.
As I always highlight, a combination of good volume and right price action is required to confirm this.
Strong fundamentals:
- Unmarsh partnership enables developers to easily build high performing applications on Algorand
- SIAE launched 4M+ NFT's on Algorand
- Chainalysis integration
- Swingby protocol Skybridge integration
- SimpleSwap partnership
- Republic note build on Algorand
In case we fall below the lower grey trendline that acts as support, above set-up will be invald
🌜 If you enjoy this idea, please like and leave a comment 🌜
This is not financial advice
We are currently looking at the Daily chart of Algorand. There is a noticable price action within the current trend:
> Breakout
A Trend often starts with a strong breakout in combination with the right volume (see beginning of January)
> Channels and structural formations
After a breakout, the trend is situated within a channel where relatively small to deep pullbacks can occure. The channels can form structural formations as ascending-descending triangles, wedges,... These formations can extend the channel or evolve into a trend reversal
> Trading range with reconsolidation
The market is not trending in this range, it is moving between its support and resistance levels waiting for the momentum that can lead to a breakout (it often fails). Always keep in mind a reversal can take place!
Algorand is currently consolidating within its bullish triangle formation. If we can realize a breakout above the upper-boundery of the ascending structure, there is potential other important levels can be tested.
As I always highlight, a combination of good volume and right price action is required to confirm this.
Strong fundamentals:
- Unmarsh partnership enables developers to easily build high performing applications on Algorand
- SIAE launched 4M+ NFT's on Algorand
- Chainalysis integration
- Swingby protocol Skybridge integration
- SimpleSwap partnership
- Republic note build on Algorand
In case we fall below the lower grey trendline that acts as support, above set-up will be invald
🌜 If you enjoy this idea, please like and leave a comment 🌜
This is not financial advice
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