Greetings,
Today we're looking at ALGO/USD - Algorand is a decentralized blockchain-based network that supports a wide range of applications. Algorand purpose is to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blocks. It's design focus is lower transaction fees, as well as no mining (like Bitcoin's energy-intensive process), as it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol.
If you have a look at the chart, our Long Term Bottom line is drawn in (orange) around 70c region. If we look at this price on the daily or weekly time frame we can see that 70c was once resistance, which has now become support. I look at this price as being a value buy, for Algo to fall below 70c again there would have to be a large crash across the market, which is always possible!
Current Price:
$0.84
Buy Zone:
#1 - $0.70 - $0.76
#2 - $0.76 - $0.84
Targets:
#1 - $1.38
#2 - $1.61
#3 - $1.82
#4 - $2.1
#5 - $2.53
On the smaller time frames 1-2 Hrs - we may also have an inverse head and shoulders playing out, which is a bullish pattern!
As you can see i've set targets quite high on this one - We won't be trading Algo with any leverage as the market can be volatile in both directions. Cryptocurrency market can be extremely violent, so keep in mind that we're always using our tools and indicators to decide the structure of the market to try and predict the future.
Remember, nothing is guaranteed, control the controllables.
Mogues
Today we're looking at ALGO/USD - Algorand is a decentralized blockchain-based network that supports a wide range of applications. Algorand purpose is to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blocks. It's design focus is lower transaction fees, as well as no mining (like Bitcoin's energy-intensive process), as it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol.
If you have a look at the chart, our Long Term Bottom line is drawn in (orange) around 70c region. If we look at this price on the daily or weekly time frame we can see that 70c was once resistance, which has now become support. I look at this price as being a value buy, for Algo to fall below 70c again there would have to be a large crash across the market, which is always possible!
Current Price:
$0.84
Buy Zone:
#1 - $0.70 - $0.76
#2 - $0.76 - $0.84
Targets:
#1 - $1.38
#2 - $1.61
#3 - $1.82
#4 - $2.1
#5 - $2.53
On the smaller time frames 1-2 Hrs - we may also have an inverse head and shoulders playing out, which is a bullish pattern!
As you can see i've set targets quite high on this one - We won't be trading Algo with any leverage as the market can be volatile in both directions. Cryptocurrency market can be extremely violent, so keep in mind that we're always using our tools and indicators to decide the structure of the market to try and predict the future.
Remember, nothing is guaranteed, control the controllables.
Mogues