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ALGOUSD trade ideas

Algorand (ALGO) Market AnalysisCurrent Market Conditions As of December 2, 2024, Algorand (ALGO) is trading at approximately $0.48 USD, with a 24-hour trading volume of $1.96 billion USD. The cryptocurrency market is experiencing a period of moderate volatility. Technical Analysis: The ALGO/USDT chart is showing a potential breakout scenario. The price is currently consolidating below the 0.236 Fibonacci retracement level, which is acting as a resistance. A successful break above this level could trigger a significant price increase. Key Levels to Watch: - Resistance: 0.236 Fibonacci retracement level (approximately $0.53 USD) - Support: 0.382 Fibonacci retracement level (approximately $0.38 USD) - ATH: $3.28 USD (reached on June 21, 2019) Market Sentiment: The overall market sentiment for ALGO is bullish, with many traders and investors expecting a breakout above the 0.236 Fibonacci retracement level. A successful break could lead to a significant price increase, potentially reaching the ATH. Trading Strategy: - Long-term investors: Consider accumulating ALGO on dips, with a target price of $3.28 USD (ATH). - Short-term traders: Watch for a breakout above the 0.236 Fibonacci retracement level (approximately $0.53 USD). If successful, consider entering a long position with a target price of $1.50 USD. Risk Management - Set stop-loss orders below the 0.382 Fibonacci retracement level (approximately $0.38 USD) to limit potential losses. - Consider scaling into positions to manage risk and maximize potential gains. By closely monitoring the ALGO/USDT chart and watching for a breakout above the 0.236 Fibonacci retracement level, traders and investors can potentially capitalize on a significant price increase and reach the ATH.
COINBASE:ALGOUSDLong
by KeleabetsweMaseko
Algo possibly to 1$Algorand has finally caught an upward spike after being rather stable at its lowest value for close to 2 years. In the current Alt market, people are looking for: - Relatively small market cap - Previous ATH to be much higher than current value - A long stable bottom, but a good sign of upwards potential Algo was tricky for a long time, skipping most of the upwards trend so far until now, exploding with a big move. This can also be worrisome as a correction usually follows big moves like this. Here is why I dont think a correction will actually follow: - Trading volumes are mostly for buys above the 0.30$ mark - Most volume was between 0.37-0.47, with a lot of selling happening there It does seem like most people are just getting on the ride. Things to be careful about: - Algorand does not have the same amount of currency in circulation now as it did back in 2022 2022: 6.95B 2024: 8.3B Which does mean that its nearing its full amount of market cap/currencies in circulation, but people have been staking Algo for a few years now and receiving Algo according to the release schedule. I expect people to partially sell as Algo hits the 0.70$ and the 1$ marks. If you plan to hold Algo long term, careful not to buy too much above those numbers for now, as a large correction will be very likely. Its not at all unlikely that Algo can print an ATH during this run, lets see what December brings us. Good luck trading, and don't forget to place targets and stop losses. And remember, this is not a financial advise, trade at your own risk.
COINBASE:ALGOUSDLong
by eldeoy
4
Algorand mark up phase (Part 2)This is an addition to the ongoing macro trade idea from the spring phase low. This whole structure here, looks to me like one long wyckoff accumulation campaign and Adam / Eve double bottom. This is your sign of strength, and the expectation is to return to the range high, and likely see a partial decline or consolidation once achieved. If i am correct here, we could expect eventual targets at the 100% measured move of the range, confluent with both the 1.618 extension of the spring correction, and a 4.236 of wave 1 coming up. This is a weekly chart, this will take time and itll probably be a difficult hold, but if it continues to play out in this fashion, that will be my expectation until proven otherwise.
BINANCE:ALGOUSDLong
by TradingNomadic
Algorand Current Market StructureGood Day Fellow Traders The ALGO chart is currently exhibiting a short-term ABCD pattern, indicating a potential reversal or continuation. Throughout the last week, ALGO has demonstrated impressive gains, suggesting a robust bullish momentum. Support and Double Bottom Confirmation ALGO has found significant support at the $0.25 level, which is confirmed by a double bottom pattern. This support level serves as a crucial foundation for the potential bullish continuation. ABCD Pattern and Point D Projection The ABCD pattern suggests that ALGO might be cooling off temporarily before resuming its upward trajectory. If the pattern plays out, we can expect ALGO to reach Point D, which could mark the beginning of another bullish leg. Bullish Continuation and Potential ATH Upon reaching Point D, ALGO may experience a bullish resurgence, potentially leading to new all-time highs (ATH). The double bottom confirmation and the ABCD pattern suggest that ALGO is poised for a continuation of its uptrend. Conclusion In conclusion, the Algorand chart is exhibiting a short-term ABCD pattern, indicating a potential bullish continuation. The double bottom confirmation at $0.25 provides a solid support level, and reaching Point D could mark the beginning of another upward leg. As ALGO cools off temporarily, it may be preparing for a more significant bullish move, potentially leading to new all-time highs.
COINBASE:ALGOUSDLong
by KeleabetsweMaseko
1