SpartaBTC

ALGO/USDT Secondary trend. Wedge is a trend. 11 2023

Long
SpartaBTC Updated   
BINANCE:ALGOUSDT   Algorand / TetherUS
Logarithm. Time frame 3 days. Linear price graph for clarity of this beauty.

The entire secondary trend is a falling wedge, a decline in price from the highs to date for 718 days (24 months, or almost 2 years). Volatility has decreased to a minimum, the price is conditionally squeezed, in the near future there may be an excess of supply/demand and a breakthrough of this long-term formation will occur. A pump impulse for a breakthrough due to super “dead faith” and rather low liquidity (price slippage) can be significant.

Decline from the low (liquidity) -96.66%.
We are in the zone of so-called capitulation (on the cryptocurrency itself).

Also, the chart shows conditionally maximum average (from the average price) potential targets of market phases:

1) “participation” (development of the bullish trend to the reset zone, i.e. distribution).
2) Distribution.



Unfair market competition by large market participants.

Prices now, it is about 0.1$, which is the price of “large capital” that “invested” in this crypto project. But, they sold out long ago on the first listings..... After all, the crowd was “sold” at the ICO at an average of about 2.5$ per coin, or even more expensive by the method of divorce with the Dutch auction. That is roughly speaking it is +25X (+2500%).

Dutch auction (in the classical sense) is a type of bidding, at the beginning of which the highest price for the lot is announced, which gradually decreases; the participant who was the first to stop the price decrease becomes the winner.


Bullish cycle 2020-2021.

Then after a dump to the 2020-2021 set zone (0.25$ average) in the bull cycle managed to pump and form a distribution (reset) zone of more than +1000%. From that reset zone and formed this truly huge downward wedge, just like on EOS.

So, this cryptocurrency "changed speculative hands" many times (huge dump/dump volatility). Anyone could make money, but not the “hamster” level. Perhaps there will be one last run of significant price pumping towards the end of 2024 -2025.


Candlestick chart of the wedge zone for comparison.



Local trend.

ALGO/USDT Local trend. Wedge breakout zone. 5 11 2023


The main trend. The entire trading history. Accumulation/distribution zones. Time frame 1 week.

ALGO/USDT Major trend. Cycles. 07 2023
Comment:
Breakout of 0.12 accumulation zone. ALGO accompaniment news has been released Algorand has received an EMI (electronic money institutions) license from the Dutch Central Bank and is preparing to launch the EURD

Dutch blockchain company Quantoz plans to launch a digital euro based on ALGO

I think there will be a long speculative play after coming off a huge wedge (trend break, already)... under the general market cycle. volatility
Comment:
Comment:
trading situation for 20 11 2023. Important local resistance level (clamp) 0.1516. Its breakthrough is an impulse and continuation of the trend development. We removed long stops after the exit from the sideways "as the book writes" -12% when the price fixes above the previous resistance of the accumulation zone.
Comment:
Trade closed: target reached:
first target level reached 0.2144, which is +120% from the breakout (0.1 level is marked in green). This is not the end of the game, but quite strong resistance.
Trade active
Trade closed: target reached:
first medium-term target closed to the $0.25 level +150%
Trade active
Comment:
after the reversal, there is such fractality in trend development, only on a smaller scale (time is different).
Trade closed: target reached:
Reaching 03/13/2024 level 0.3086 and reversing from there. Today 03/19/2024 Local work and its key reversal zones, as well as percentages of them, are shown.
Trade active:
Remember the meaning of fractality above. These are all the lower values after the trend reversal (break)
Comment:
Comment:
Trade active:
27 03 2024 local reversal zone
Comment:
The price from the reversal zone of 0.2144 has risen to the resistance of the local downtrend (purple). Local reversal zone. At the moment quite short #stopLoss. Almost everywhere similar on alts trading situations. There will probably be "fireworks".

🟢 If breakout, local potential to the meridian (blue) of an expanding trending pump triangle.

🔴🟢 If not, - decline to the former reversal zone and already strong
Trade closed: target reached:
price from the reversal zone of 0.285 level decreased to 0.2144 level and broke it. That is, we went according to the second scenario on the retest of the breakdown zone of 0.1516 (squeeze conditionally to these values). If we hold this zone, i.e. support at 0.1644, there will be a strong price growth. If not, consolidation near this zone and still price growth.
Trade active

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