ALGO - Clockwork Knife Catch

dsypher Updated   
Mapping out the key support and resistance levels for ALGORAND.

Key Findings:

+ Almost everything that ALGO hit as a resistance on the way up during the Bull phase has been met as support on the way down.

+ Every 6 months when the Stochastic RSI has been in the oversold region it has coincided with a big correction in the opposite direction. Really large swings during the hype phase but still sizeable upticks on the bear phase.

+ We are now at a point where we have a new lower low and Stochastic RSI is oversold.

+ on the Coinbase order book for Algo there are some wildly low orders, is there something they know we don't.

+ older news but the SEC are investigating ALGORAND and COINBSE stopped giving out staking rewards as a result. This has been the main driver of downward pressure.

I'm pretty sure that over the next two months we are going to see a bounce of at least 50%, the lower it goes the bigger the bounce. The only question is where?. That $0.1 mark looks the most obvious , although you could also extend the bear trend line down and have something lower.
Trade closed: target reached:
Well this played out pretty much as I said.

In May (when the value was $0.15) I predicted a dip down to around $0.10 (mentioning potential to go lower) followed by a 50% rebound to happen in June... it bottomed at $0.0915 (10th June) and rebounded to $0.1408 (25th June) which shakes out as a 53.8% rebound.

Really interested to see where this asset goes next. It's getting delisted from eToro on the 12th of July so the outlook doesn't look great.

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