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ALG

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ALGUSD trade ideas

Two lines of resistance/supportLets look at that green line and white arrows first. This was the lower level of support end of Feb and early March before it broke down to that other lower green line of support switching to use this line as the upper bound which has capped this run to date. The other level of resistance is around $1.23 (and lines up with the .382 fib retracement level) which was a resistance level in the last bull run where the price paused for 2 days before running up to $1.86, then was the upper bound of the wicks over the last 2 weeks before the break through this morning. So if you believe in the self fulfilling prophecy that is Fibonacci levels, then we could see Algo hitting $2.49 if we get price volume in as we saw last month.
COINBASE:ALGOUSD
by spiritedBear89562
1
ALGO - One More Confirmation To Shoot!ALGO is overall bullish from a long-term perspective and it is currently in the corrective phase. Since it approaching a demand/support area, we will be looking for buy setups to catch the next impulse. 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? ALGO formed a channel in blue and broke it upward, then got stuck inside the red channel. So for the buyers to fully take over, we need to see a break above the previous swing highs. Our upper red 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 the gray zone. Meanwhile, until the buy is activated, ALGO would be overall bearish and can still test the green demand/support zone before going up. In this case, we will be looking for new buy setups to form. Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
COINBASE:ALGOUSDLong
by TheSignalyst
51
ALGO dropping.ALGO finished the Adam and Eve pattern and retested the neck line. Price is now dropping to the .67 then the .52 resistance areas. In the short term I'm bear on ALGO. In the long term, after this cycle completes, I'll be holding until a price in the $5-10 range while collecting an APY. In my opinion the current midterm trend dictates a price of $.50 - .70. My thoughts on ALGO, holding offers a 6.35% on staked coins. Not a bad return on savings in my opinion. The cap on minted ALGO coins is 4billion and the adoption of ALGO looks promising. Transfer rates appear to be very fast compared to competitors like ETH. Amount of transfers per second is higher than ADA and DOT. ALGO Foundation states they want the market place to dictate the price of coins. I'd assume as coins are held to capitalize on the APY the price may increase as the amount of coins in circulation decreases. This could trigger more holders to sell and take some profit which would increase the coins in circulation. I'm curious to see how this model of Supply v. Demand plays out in the real world.
COINBASE:ALGOUSDShort
by etw01
2