Well, looks like ALGO has de-coupled from the broader market, unfortunately going down while everything else goes up.
We just had a depressing Head and shoulders pattern which will likely continue with a fall to around $1.00. Unless the clouds part and we'll continue the slow climb up either getting back above the green line or staying above the blue.
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So, despite my optimism in my more recent post – I was double right here. Totally called the fall to $1.00 (ok $1.01) and it then bounced back into the channel I outlined and has been following this line pretty closely minus that surprise pump.
Despite this guys comment I actually look at this downtrend in a positive light. Before bashing me hear me out on this. Most of the very big investors that are “Premium” on here kept saying the danger of Bitcoin dominance being prevalent on Algorand. The reason being is because it’s not good when a coin is dependent on another coin in my personal opinion. The reason why is because it limits Algorands potential to really flourish if Bitcoin doesn’t flourish also. That being said, it looks like Algorand broke away from Bitcoin Dominance and is establishing itself as an independent coin not dependent on the coins around it. If we can Capitilize on this then we could really be in store for a nice increase. Despite being happy about this break away from Bitcoin dominance this can also be a VERY BAD THING as well because Bitcoin is a very successful coin and not being dependent on it increases the risk factor that we take. All in all, I don’t see this being a make or break for Algorand and if you’ve been reading like me and doing your research you’d be optimistic with where this coin is going to go. Why you might ask? The reason why is because of Etheriums potential with Etherium 2.0 on the forefront and coming upon us sooner rather then later. Algoranders don’t give up hope and remember where Chainlink was before it got to where it is today. I was invested in Chainlink at the price of $.55 in 2018 during college. My roommate bought 30000 shares of it and told me it’s going to rocket but I didn’t trust him. 3 years later I regret selling because I would have had 8k from a 1K investment if I listened. The moral of the story is it takes time and a substantial increase in price doesn’t happen overnight.
Jasonwnyc1
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Yeah I thought it would recover as well, a lot has to do with coins being literally dumped into circulation. When it hit its most recent $1.21 and crossed the daily 30ma 400 million coins were added into circulation so I don’t what their trying to do either suppress the price to be attractive or early backers dumping at our expense. Beats me really 🧐
PlaceboOwl1111
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@Jasonwnyc1 why do we hold if they keep dumping. What’s their target price range?
Jasonwnyc1
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@PlaceboOwl1111 An excellent question. However another to ask ourselves is they’re whole premises to the 3 problem trilemna is decentralization, dumping coins right at the beginning of the bull market is hardly decentralization