ALGUSD trade ideas
ALGO next 2 monthsAlgo has formed an inverse head and shoulders pattern and in the semi-longterm will rise to around the fib level 4 over the the next 2 months. There's a possible entry point around the 1.272 to the 2 fibonacci support levels in the near term before we head to around $1.64. That should give you a shot at a 96-100% return so look out for it.
$4.77 Target for AlgoLike all of crypto... Algo has had a massive wave 4 pullback as the market was over extended, but as we look at the charts we can see that the STOCH RSI on the weekly is as low as it can go and basically on the floor. If BTC can start to recover in the coming weeks and get above $42k then we should see an ALT rally in July and Aug and this should lead us through wave 5 and Fib 2.618 target around $4.77 for Algo. The key is BTC continuation and ALT rally and we should be golden for Algo.
Not financial advice.
Possible small gain on a flat marketThe ALGO market is going sideways at the moment, but there is a chance for a small profit over the next few days.
The weekends are normally fairly flat, so, in an already flat market, I don't expect anything wild to happen
TP1: $1.16
TP2: $1.28 (but I don't see us breaking the 0.236 fib)
I won't use a stop loss as I trust the long term project, but I would probably set one around $0.95
ALGORAND - Buy Setup Forming!As per one of my ideas, we were waiting for ALGO to approach the green support to look for buy setups. (attached below)
Then we looked for a buy setup on H1 (also attached below)
NOW WHAT?
ALGO is still sitting around the green support and getting stuck in a range in the shape of a big ascending triangle as you can see in red.
Before we buy, we want the buyers to prove that they are taking over again.
on H4: we will be waiting for ALGO to break (candle close) the ascending triangle upward (projection in purple)
preferably after forming a new swing high around it.
Meanwhile, until the buy is activated, ALGO can still test the green support before upward.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Are 'staking altcoins' a safe play right now?FWIW, this is not financial advice - it is a dubious idea at best.
I'm looking to 'chew back' some lost profit by very small simple trading on the larger altcoins that pose a second opportunity for traders than just price alone.
I have drawn out some simple upward trendlines and an area of resistance that will be difficult to cross.
Algorand bounced off an upward trendline and I bought in at that price. I sold Algorand profit at the top trendline.
I am using the crossing below the 21-period EMA as the point that I am selling off the remainder. That is currently 1.02.
Again FWIW and not at all a recommendation.
Don't let this market or the doom-and-gloom get you down. Yes it may very well come crashing down. But that doesn't prevent us from making money in the meantime. We're in it to win it!
Algo - $3.36ALGO is currently trading above the support zone of $0.9774 and below the resistance of $1.2670. If it can break this resistance zone, we could start seeing a move towards $1.3944, $1.5599, $1.7706, $2.3793 and $3.3642. Failure to hold the support at $0.9774 could lead to a drop towards $0.7813.
algo long Parntership with ethereum and other sources to create Dapps along with pure technicals. S/R flip along an oversold rsi and regressing macd momentum downward indicating a reversal.
ALGO - Big Resistance Ahead, Looking For a BreakoutAs illustrated ALGO needs to break out of the strong resistance formed on top of the triangle, whose formation indicates sellers loosing steam for the moment.
This resistance is both a local resistance in the triangle formation and the bottom of the trendline established last month and possible retracement point (the red line).
So long as the price remains above its current ascending support I would say that ALGO is in range for a breakout.
Let's see what happens!
ALGOALGO at a make or break point here. a close below the 0.618 would put in a second relevant lower low, resulting in sell pressure towards the next order block ( if the demand is there of course )
ALGO - Low Risk Buy Setup ALGO has completed the fourth wave of an impulsive move to the upside.
Further upward movement is expected in wave five towards previous structure.
This is a low risk buy setup since any price closing below the top of the first wave would invalidate the pattern, giving a very certain stop loss for this trade.
I have marked this using the red line on the graph.
Target: $1.35
Stop: $0.95
Let's see how things play out!
ALGO - Looking For Buy SetupsALGO has made a breakout in price to the upside and is establishing a new ascending support trendline.
Next, I expect a retest to confirm the new support and a rally up to +30%
A buy setup forms if volume and buying pressure picks up at the 50MA.
Let's see what happens!
ALGO - Wait for the BreakoutMany are expecting another crypto flash crash soon and there has been a lot of selling pressure.
However, I believe a strong support has been established as buyers continue to accumulate at the $0.80-$0.85 range.
Both the range and standard deviation have narrowed which typically precedes a breakout.
This tug-of-war between buyers and sellers has created a triangle pattern in which the final breakout will cause a large swing in the market.
If we see a breakout above the local descending resistance, we will likely see a retest of around $0.94
If so, I will look for buy setups on the retest.
Let's see what happens!
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!
