I'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.
I like the way you think and I love Algorand however this isn't the stock market and BTC is the Dow in crypto. It affects everything especially when its going down, all analysis might as well go out the window unless your only specifically analyzing BTC, its like constantly analyzing 2 things to make 1 decision. Anyway I had feeling about the market and sold all of my algo yesterday. now waiting for a reentry when BTC starts behaving itself
i8myapl
⋅
@tmitchman, Why would anyone sell Algo. You get 8% APY and once DeFi contracts land on Algo, its game over for 99% of the other projects. Look at gas fees for every project out there.... Fees on algo are locked in at 0.01. That means that even if ALGO reaches $100 the fee would still be $0.01 per transaction. Few understand this.