ALGOUSD.P trade ideas
This Chart Pattern Calls for Algorand $1.00 TargetThe technical chart suggests that Algorand (ALGO) has the potential to tag the $1.00 milestone again. The downswings since February 8 can be confined within a descending channel, with the swings getting shorter in magnitude and the momentum drying out.
Algorand Descending Channel
After reaching the lower support trendline, the ALGO price bounced, and we're now looking for a possible retest of the upper resistance trendline, which falls near the $1.00 psychological level.
The current bounce is also supported by the RSI oscillator, which broke above the 50 mid-level. The last time the RSI broke above the 50 mid-level on March 21, ALGO's price retested the upper resistance trendline.
The pattern, if confirmed, could set off a much larger rally in the coming months. However, for a meaningful reversal, we would need a daily break and close above the descending channel but, more importantly, above $1.00.
We also have a massive bullish divergence between the price and the RSI oscillator, which highlights the exhaustion of selling pressure. This is a significant price development because it has the potential to call for a potential bullish reversal.
Looking forward: We have to keep in mind that the overall trend is bearish as we're still trading below the 200-day simple moving average, and in terms of the price structure, we are still following a bearish path. However, we might be in the process of a reversal if the pattern highlighted above is triggered.
Can ALGO overtake ETH by EOY?This is a simple setup for algorand position relative to BTC, ETH and USD
It appears that ALGO is now threatening ETH, as we are hovering dangerously close to upper channel.
With regards to BTC, we are also in the same position.
If Algorand receives any additional catalysts from events, we could see a strong relief rally.
Based on Inverse Prices action in USD, ALGO attempted 4 times to go bellow 30c and could not break through, indicating a very solid demand upon investors, that know the future and fundamentals of Algorand.
Therefore, unless the world is heading into WW3, a new Mega Pandemic, 30c is going to hold and by August we should all be looking at 40c+
I am very interested in the ETH/ALGO as it shows a strong possibilty of ALGO breakout from a long bear channel. It still not going to start a bull, but after that drop it just might..
Fun times ahead regardless,
**LEGENDS**
BLUE = Bear/Resistance || Yellow = Bull/ Support
Lines: Fractal dates are moments of interest, where price and time collide to create oscillation.
the chart for possible scenarios of price actions - use zoom and scroll for better view.~
/*This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*/
Feel free to request: your coin to be analyzed! Please keep those Stop losses in place or mind!
Thank you, and stay strong my fellow CryptoPunks!
Future belongs to the brave, and crypto is the future.
_Ajion
ALGORAND - Wait For The Trigger!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
WEEKLY: Left Chart
ALGO is approaching a strong support and demand zone so we will be looking for buy setups on lower timeframes.
H4: Right Chart
ALGO formed a valid channel in red but it is not ready to go yet. For the bulls to take over, we need a break above the previous high.
Trigger => Waiting for a momentum candle close above the last high in gray to buy.
Meanwhile, until the buy is activated, ALGO can still trade lower inside the blue support zone.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
ALGO/USDT - Potential Short ScenarioHello Traders!
ALGO price continues to move within the descending trend completing the previous market cycle.
The culmination of the falling phase will be an aggressive downward exit of the price under the support level of $0.25
Medium-term purchases can be considered at $0.1440 - $0.1900.
The targets of such purchases will be price levels of $0.25 and $0.36
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
$ALGO at key levelThe point of control level is $0.3005 very significant. Dating back to Algorand 's inception, this has been a key level of resistance/support. ALGO stopped nearly to the penny on the volume shelf at the bottom and bounced off it multiple times.
Previously it was resistance, now it seems to have become support. ALGO seems to be running out of sellers. Soon the bulls will take control. Targeting the $0.5380 level which would be a 50% return and the VWAP from the most recent high at $1.0172 would be a nearly 200% gain.
Algorand is green, efficient, and has extremely low gas fees (I believe it's $.001 please correct me if I'm mistaken).
ALGO, along the uptrend line.The following content is machine translation:
In the 4-hour chart, it rebounded from May 12 and stepped back. It stopped falling on May 29, and then started to oscillate upward. On the way, the low point of the callback continued to rise, forming an upward trend line, but it formed resistance at the price of 0.42. The second time around 0.42 was suppressed and fell back. It fell to the rising trend line yesterday, stopped falling and rebounded. Now it has reached around 0.42 again. If the resistance level of 0.42 cannot be effectively broken here, there is a high probability that it will step back to the vicinity of the rising trend line.
The fast and slow line of the macd indicator is above the zero axis with a golden cross, indicating a bullish trend. The RSI indicator has also recently shuttled up and down the neutral 50, and is currently above 50, a bullish range.
Summary: If the 4-hour k-line breaks through and closes above 0.42, there is a high probability of seeing the resistance near 0.45. If it cannot break through, it will look down and step back near the trend line. When it reaches the trend line, a low, long, and short line can be made.
Algo Obvious patterns!Here is a update analysis on Algo. We about to see algo move up trend in the next few weeks. All blue arrows shows how long you should be holding algo for to profit. Algo have potential of hitting over $3 Rsi looks similar from all its previous lows. Make sure you do your own research before buying.
ALGO/USD 15m pair is a never fail kind of tradeNot intended to be a piece of financial advice.
Playing ALGO/USD at 15m timeframe and following the swing based on TA looks promisingly fail-proof. Not saying it won't lose a trade but has rarely done so.
Why do guesswork or tinker about what goes up and what goes down? When emotions are out, the trade pattern with ALGO becomes stress-free. It's my experience. Why worry about what the world is up to? Anyone can manage their risk if swing timings are calculated based on the concurrent situation on the play.
ALGO seems to follow the crypto king BTC similarly to most of the alt-coins do. Still, a 15m setup in auto-pilot or as in alert basis can be managed to work in favor. When the markets are bleeding, the swing tones can mostly be an opportunity. I always tend to benefit from those. How about you?
Algo Bull incomingAlgo just increase its stake reward on coinbase the highest earner rewards. Massive buying volume have already started Algo stake reward payout daily and higher then most other coins atm. Coin have potential moving up in the next few days. Algo reach its low at .35cent and pulled back .10 which is very low. The RSI have shown double bottom inverse.
signs of a local bottom have formedbroadening wedge with an inverted head and shoulders with a neat descending volume profile showing lack of momentum and trapped traders on those pushes down within the shoulders and head.
The measured move from the height of this head puts us around 51 cents which also happens to intersect the 30 min ema 200 and the top of our broadening wedge which should give resistance again
ALGOGUSD (Long Term Buy?) Scaling InScaling in to obtain best asset prices:
We are looking to acquire assets to hold long term as the markets are selling off and the SPX and ES breaking through the 4,000 level while the DXY may test new highs. We do this by scaling in slowly to obtain an attractive weighted average price in selected cryptos. For this to work, you need to be VERY TIGHT in your entries and sizes, and not chase the markets.
One of the assets we are looking to acquire is Algorand (ALGOUSD) which from their website, is "the world's most decentralized, scalable, and secure blockchain infrastructure, that is capable of powering anything from decentralized finance to generative NFT art, powering future economic models."
Reminders:
1) Unless you are selling puts, it is more difficult to protect yourself from the downside in cryptos and create a margin of safety by selling DOTM puts on lower strikes for protection.
2) Cryptos are more risky therefore portfolio allocation and trade sizes are of critical importance.
Levels where we are looking to buy.
We are looking make small purchases in the 25 to 50 cent area as it's a great price range for a long term hold.
If you buy in the 50-69 cent range, it's a good but not as great.
Anything above 69 cents, you are starting to chase as our min sell target is $1.85
No matter what the SPX ES and DXY do, we are looking to purchase ALGOUSD at levels that have attractive risk to reward ratios, where slow scaling in with a long term hold make sense.
At the low end, if we risk $0.25 to make $1.60 (eg 1.85 - 0.25 = 1.60) or over a 5x return.
At the mid level, we risk $0.50 to make $1.50 a 3x return.
* If you are not willing to scale in small amount of money for a very long time minimum 3-7 years here don't do this trade.
Hope it helps
Marc
