Hey guys, hope every is doing well during this correction. This is the daily logarithmic chart of ALGO with an example play out of a typical Elliot wave analysis. I have moved my wave from my last couple charts due to the current changes, however the wave theory still applies even with a shift in the wave 4 mark.
To me the ALGO technicals are following this typical Elliott wave example pattern to a tee, and with large buy volumes, it seems smart money is moving into the crypto space and is likely to move up again. This is a rough idea of what might occur so don't take the chart to heart, always due your own research to back up ideas.
Nothing so far indicates to me that we are in a bear market, even with BTC falling. However we must keep a close eye on the 34 week ema of BTCUSD. We don't want to see a consecutive close below the 34week EMA, this then would then indicate a further correction for all crypto (ALGO included). This could see ALGO possibly drop to the next major support at 0.5... However, overall i'm bullish and accumulating high and low, with a lot of confidence that we will see an ALGO price above $2 this year. Remember to dollar cost average and enjoy the staking rewards. Thanks
To me the ALGO technicals are following this typical Elliott wave example pattern to a tee, and with large buy volumes, it seems smart money is moving into the crypto space and is likely to move up again. This is a rough idea of what might occur so don't take the chart to heart, always due your own research to back up ideas.
Nothing so far indicates to me that we are in a bear market, even with BTC falling. However we must keep a close eye on the 34 week ema of BTCUSD. We don't want to see a consecutive close below the 34week EMA, this then would then indicate a further correction for all crypto (ALGO included). This could see ALGO possibly drop to the next major support at 0.5... However, overall i'm bullish and accumulating high and low, with a lot of confidence that we will see an ALGO price above $2 this year. Remember to dollar cost average and enjoy the staking rewards. Thanks