ALGOUSD trade ideas
ALGO - Buy Setup Forming!Hello everyone, if you like the idea, do not forget to support with a like and follow.
ALGO is sitting around strong support in green so we will be looking for buy setups.
Before we buy, we want the buyers to prove that they are taking over again.
You don't want to buy a bearish market right?
on H1: ALGO is forming a trendline in red but our upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, ALGO would be overall bearish can still trade lower and even break the green support downward.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
ALGOUSD ://new token scheme keeps algo price action down_IN CHECcomplete ALGORAND update for last 6 months _INCLUDING the change in TOKENOMICS and why we saw only a 4x ATH compared to other alts with wayyy less clout,
:// ALGORAND OVERVIEW
Silvio Micali founded and co creator of various cryptographic technologies like zero knowledge proof_. And winning the 2012 Curion Award, which is like the Nobel prize for computer geeks.
Silvio said he was inspired buy the Blockchain Scalability Trilemma _Scalability _Decentralization _Security when Vitalik B. _main figure head and creator of Etherum _argues in 2016, there can only chose two of these three when scaling a blockchain.
Algorand’s one of a kind block chain is a _”Pure Proof of Stake”
Technically managed by a nonprofit _ALGORAND FOUNDATION based in Singapore and is owned by a for profit called Algorand Inc. a for profit based in the United States
One of the most well funded crypto projects in the space raising 130 million USD between its public and private sales in 2018 and 2019 with Algorand going live in June 2019.
Pure proof of stake _1k transactions per sec without compromising speed or decentralization. Is made up of relay and participate nodes or basically consensus nodes
“Pure proof of stake” participant node chances goes up the more algo u hold.
Algorand hits 10 million wallets and 500 projects being built on this blockchain.
:// UPDATE AND TIME LINE LAST FEW MOTNHS:
Since September a lot has happed with algorand but not the gainz we are all waiting on
_in October algorand announced the ten winners of its Asian accelerator program.
In November Circle’s USDC stable coin officerly launched on the Algo blockchain with a total circulating supply of over 100 million usdc circulating in crypto rite now (with a total supply of hmmm 18.4 trillion _the usd dollar supply _lol ambituse and definitely making a statement by choosing that total supply number)
Data oracle in February which helps process use etc off chain data etc _razor ie the long absence of an oracle is probably why Algo doesn’t host any well know Ddaps
In march this year Algo partnered with _Meld Gold to bring tokenized gold and silver to Algo blockchain
Also Partnered with SIAE the largest Italian copyright agency
In April _Vesta Equity and Algo partnership to bring real world property to the algo ecosystem
Balancer (one of the bigger DeFi projects on Ethereum with just over 2 billion total value locked) also announced it will be expanding to the Algo blockchain
And just a few days ago ALGORAND partnered with _ANote Music _a platform to connect investors with musicians
The biggest change over the last few months is the update to the ALGORAND tokenomics
10 billion max supply with only 25 million sold in public ICO at 2.04 USD in June 2019 with private investors paying (most likely) much less_ when algo launched in 2019 the price tanked as people who bought way under 2.04 sold to make quick profits _algo dumped and Retail was beyond angry. The response from the ALGO team was to offer token buy backs in June 2019 for 90% of the original value (I have never heard of this ever happening in crypto) the interesting part is almost every token of the 25 million sold in private sale was redeemed for that 90pefrcent value this makes sense at the time with the current market price being x4 less then the buy back price being offered at the time.(These 25 million algo tokens where noted as “burned” or destroyed but are technically “custodied” by the algo foundation_ which are tech. staked by just sitting in the algo wallet)
To make the current tokenpmics worse _with the current plan these staking or Relay rewards will run out soon and are in general more a promotion and in nature not sustainable. _THUS the reworked algos mission and allocation in dec last year was born…
Now the algo tokens allocated to all parties will now unlock over the next ten years instead of the next 40 _this means this means algo will need to see enough adoption to survive transaction fees after 2030
:// NEW TOKENOMICS n WHY:
2.7billion tokens reserved for future token sales will be now used for “Community Incentives” “governance” and “Ecosystem support” 2.5 billion will be for Community rewards which will require you to stake your algos for extended periods of time
As of now 20 million algos are being given out every month for participant node rewards (55 percent of all algos are now in circulation)
With algos only 3x gains this year and all this tech super team and endless partnerships why r we not seeing the gains other alt projects did during that time period. In steps early backer acerated vesting or CONDITIONAL ACCERATED VESTING (proposed by ALGO early backers in late November last year)
This tomenomic change basically works like this. In exchange or reducing their initial Algo alocations Algorand’s early backers can unlock more of their remaining tokens if the price of ALGO goes above the average price of algo in the previous month.
The algorand foundation is giving regular updates on this and looks like went into effect for the first time in April this year. They were able to claim more algos if the price went up 1 cent higher from the previous months average price. THUS the parabolic stop during the initial algo run this year.
Its not just the early backers selling their algo so is the algorand foundation in order to fund the project accelerators etc etc etc. This is done thro what the call “ALGORAND FOUNDATION STRUCTERED SELLING GUIDELINES” _must be 5% or less of all trading volume in one day _ all algo sales must be made above the current market price _or selling stops if price drops 10 percent or some other metric for price drops (every day and apparently automatically when these conditions are met)
The issues is this is an obvious price suppression esp. so when you look at the relatively low demand drivers for this space. Staking rewards at only about 5% and no Ddaps that hold weight
The consolidation has been going on for awhile and chart wise looks primed to run hard if BTC corporates in the coming months
Algo is listed on major exchanges coinbase being the most notable this means if some big news or whatever the reason for the retail hype _there is lots of liquidity and places to buy or sell
BUT the biggest pro for ALGO is the short list of government, specifically top countries like USA CBDC or stable coin (some are saying the usa will pick stellar _XLM)
BUT stellar has only 24 validator nodes compared to the 100 “main” algo validators. This is not a huge difference when it comes to true decentralization, but I could see this appealing to first world countries like the US. With stellar having “downtime” in April this year highlighted the vulnerabilities and the single point of failure issues stellar and centralized leaning projects face with scalability. If you look at the stellar blockchain explorer over 25 percent of all transactions failed in the last 24 hours _this would be unacceptable for a USA type CBDC.
The down side is governments are likely to use a permission version of a CBDC which will not increase demand for the native blockchain token (ie u wont need to buy this stable coin exclusively with_via algo) BUT the announcement alone could moon this one for a decent short term ride that many of us algo HODLers are bleeding for.
:// CONCLUSION
Money can not buy lasting adoption in this space. Community outreach and price action tend to be the primary drivers in crypto and algo definitely seems to either not care or has forgotten it. (a bit deep dark n conspiracy theory but it should be noted that MIT funded government projects goes wayyyy back here and in general in the US_hear is a bunch of money n resources just don’t publish n give us all the data was the norm for medical or secret projects ran by universities funded by alphabet soup groups_FBI CIA DOJsmilez_ whatever)
If you go through the ALGO updates it becomes pretty obiuse they are trying to cator to public and private institutions and doing the bare minimum to keep people in crypto interested.
Yes there are 10 million algo wallets but dig deeper and there appears to only be a few thousand active algorand users.
This is not the biggest issue for me. In the end that can all be overcome with partnerships and real world usability. It’s the TOKENOMICS that are killing her. Despite the alogrand foundation has a dedicated economic advisory comity this is the most complicated n retarded tokenomic situation I have seen from a top project. IF demand does not outweigh supply it doesn’t matter who you have on your boards and committees and that is FACTS
The private investors pouring hundreds of millions of dollars into this project is what kept and got this going and they are probably literally out for blood to get their “g0d given rites in returns” and without accommodating them thro token schemes like “accelerator vesting” this support could evaporate like the “early buy back retail investors”
In the end all of the algorand foundation assets r stuck in algo tokens. If they continue to hand feed these early institutional investors they will slowly bleed_crash the price of Algo and lose the small grass roots crypto community they have built. If they accelerate incentives and promotions to build retail strength they walk the fine line of crashing algo thro inflation and loss of institutional support.
The one area algo could shine and is most definitely marking it-self is in the stable coin fiat on n off ramp game _for countries like US.
BUT I keep going back to the failure to grow and transcend via the required economic incentives to create “network effects” or and adoption.
This is a def wait n see how n when situation. If there is a big announcement, watch n see how she responds.
Are early investors willing to take profits quickly at the first sign of a pump? How far is retail willing to push her in this hype bubble scenario? Regardless, if we see some weird face melting gains def take profits. There are wayyy to many in line to do the same on this project and it looks like the tokenomics will not be helping this cause any time soon. LETS see how this plays out and def an interesting puzzle
_HGM T3Am
ALGO - A Rally in the MakingPrice is nearing a strong support and bearish sentiment has slowed down for now.
Next, I expect a rally up to the last major area of structure.
Conditions:
-A candle needs to close above the purple line .
-There needs to be some solid buying pressure on the cross and retest
Entry: $0.96
Target: $1.24
Stop: $0.85
Let's see how things play out!
Wyckoff Accumulation or Inverse Head & Shoulder $ALGOWhat do you think plays out?
This is the same for $BTC and most alts right now.
ALGO - The One Dollar HillAn inverse Head & Shoulders nearing completion, signaling a likely reversal into a bull run.
Wait for a candle to close above the neckline to confirm.
$1.00 is a significant psychological position for ALGO and I believe it is important to stay above the One Dollar Hill to see some big gains soon.
If the support fails then I imagine ALGO will drop back down to around $0.75 for a retest.
Buy: $1.10
Target: $1.35- $1.38
Stop Loss: $1.00
Reward/Risk Ratio: 2.5
Let me know what you think!
ALGO - Wait For The Trigger!Hello everyone, if you like the idea, do not forget to support with a like and follow.
Here is the top-down analysis for ALGO, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
algo at critical resistanceif algo doest desescively take this , it risks stayng low for longer but , it depends it it moves over 1.00 so keeping an eye
ALGO - Took the opportunity to add some sub $1Sellers seem to be subsiding on dumping ALGO, and surprisingly, my Binance account actually allowed me to purchase some ALGO today.
I'm half tempted to just empty the account, since it has been locked for no reason for about 3 months now. But anyway, got in on a good price, and was able to add more.
Might not be the best entry, but it is a good one.
$ALGO Wyckoff Accumulation with Spring?WARNING: DO NOT TRADE ON THIS CHART
I heard plenty of chatter that BTC formed a Wyckoff Distribution into the dip. Similar to $BTC, I see a fairly neat Wyckoff Accumulation here with $ALGO that may indicate we have seen the bottom. If this holds, we should go "back-up" and flip the resistance into support on a retest.
However, I am new to this pattern and it is possible the "Spring" is actually "ST in Phase B". If that is the case we would drop below $.67.
I would be happy to hear from someone more experienced.
ALGO - Easy Buy Setup ALGO is testing a new bottom as the downtrend looses steam, this is the perfect time to watch for trend reversals.
The bottom rectangle is the area in which a candle must close to confirm a double bottom pattern. After that, the local resistance needs to be broken to confirm a reversal pattern.
If so, a buy setup forms on the buy zone retest.
Target: $1.35 - $1. 40
ALGO Dragon double bottom longAlgo double bottoming with bullish divergence on both oscillators, bullish pinbar candle to boot, Target the .5 and .618 retrace
ALGO - Perfect TechnicalsHey guys, hope every is doing well during this correction. This is the daily logarithmic chart of ALGO with an example play out of a typical Elliot wave analysis. I have moved my wave from my last couple charts due to the current changes, however the wave theory still applies even with a shift in the wave 4 mark.
To me the ALGO technicals are following this typical Elliott wave example pattern to a tee, and with large buy volumes, it seems smart money is moving into the crypto space and is likely to move up again. This is a rough idea of what might occur so don't take the chart to heart, always due your own research to back up ideas.
Nothing so far indicates to me that we are in a bear market, even with BTC falling. However we must keep a close eye on the 34 week ema of BTCUSD. We don't want to see a consecutive close below the 34week EMA, this then would then indicate a further correction for all crypto (ALGO included). This could see ALGO possibly drop to the next major support at 0.5... However, overall i'm bullish and accumulating high and low, with a lot of confidence that we will see an ALGO price above $2 this year. Remember to dollar cost average and enjoy the staking rewards. Thanks
ALGO - Purple War Zone! Update!As per my last analysis (attached below), we were waiting for ALGO to approach our lower green zone to look for buy setups OR break the upper green zone to look for buy setups on its retest.
ALGO followed the first Scenario and now sitting around the lower green zone.
so here is my updated Trading Plan:
Scenario 1 - Purple : (Lower Green Zone - 0.900)
Since ALGO is sitting around the lower green zone and round number 1.0, I will be looking for buy setups now.
Scenario 2 - Red : (Lower Blue Zone - 0.500)
Or if ALGO breaks below the green zone, then I will be looking for buy setups as it approaches the lower blue zone.
As per my trading style:
As ALGO approaches one of the circles, (purple or red) I will be looking for reversal buy setups (like a double bottom pattern, trendline break, and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
What do you think? Which scenario is more likely to happen?
All Strategies Are Good; If Managed Properly!
~Rich
ALGO/USD Possible Bullish Bat PatternTaking a look at ALGO/USD, it looks to be completing the C wave of a Bullish Bat Patten. Normally, I don't necessarily like to trade harmonic patterns, gartleys, or bats in the crypto market. It is a good tool for really technical traders who want to find a spot-on target. However, the crypto market is too volatile to expect such things. So I tend to stay away from them and look for mid-long term trends, patterns. That being said, expect this bullish bat pattern to trade within a range. You can use this pattern to find an entry range towards the end of wave c, and catch point D heading back up. Furthermore, point D, the completion of this pattern, coincides with the main trend line marked yellow. I would look to enter just above this point if you are looking to get your order filled.
Fibonacci Analysis: It's always nice to see the initial correction bounce off the .618 in a bull market, which ALGO did, as seen with the blue arrow. But in this case, we will just use this as a sign that ALGO is trading healthy and keep an eye out for these key fib levels. I usually like to use these key fib levels in beautiful elliot wave patterns, not necessarily bat patterns.
Hidden bullish divergence: IF this pattern continues down to the yellow trend line or around that area, I would expect the RSI to achieve a lower low. This would still indicate a higher low in price. This would confirm a hidden bullish divergence. If this is true, then we could say that ALGO is in fact bullish on several levels.
Conclusion: Bullish Bat pattern, bullish fib bounce, hidden bullish divergence. Great entry point around POINT D. Can take profits at previous high and above. I will stay neutral for now because I do not short. But I will say LONG at the completion of this pattern. Of course...... I could be totally wrong.
ichimoku trade : short positionichimoku signal:
short position:
enter at 0.93$
stop loss kijunsen with buffer
AlgoRand (ALGO) has a path towards all time highs in the makingALGO is trading above key support levels 1.10 , 1.20
-strong project
-strong volume
-still relatively unnoticed
-above 2.00 all bets are off, this can moon to 5.00+
ALGOUSD Double BottomALGOUSD formed a double bottom here close enough to the 61.8% Fib retracement line, showing respect. Looking for a move like this.
ALGO [Algorand][USD] - Value Entry areas & Value Target areasI've been charting the stock market since the early 2000's and I've just recently gotten into charting Cryptos over the past few weeks and I'm starting to understand the behavior patterns a bit more now.
I've noticed about Cryptos are that after they make an initial spike, they'll fall back down and settle into this low level where they just hang out for days/weeks/months until it's ready to make it's next run and when it does, it just shoots up in a straight line. So there usually isn't a gradual climb. In fact, the most recent climb from the support is about as good of a gradual climb as you get before it takes off and then it may never come back to this area again.
This is what I see in ALGO, based off of the recent price movements.
