ALGOUSDT
Algorand might be ready to make a big move to the upside.
Alts and Algorand by itself, both look bullish against BTC.
ALGO/BTC:
Altcoin Index/BTC:
Looking at Algorand alone:
After a 90% decline, Algorand might be putting in a bottom.
Bullish Evidence: Weekly MACD crossing bullish, Weekly RSI rising out of oversold levels, Weekly Heiken Ashi candles bullish, Support levels from 2020 are directly below, Daily Ichimoku is a penny away from a "Buy" signal.
If this bottom holds and price stays within either of the Pitchforks, the upside median line take-profit targets are massive.
It's a textbook Pitchfork trade, that has already seen 6 weekly candles test/retest either of the two L-MLH.
Stop-Loss can be set just below the pivot at $0.27. (I'm going with $0.25)
In my opinion, a 20-25% drawdown on an appropriately sized position is worth it, considering the upside.
تعليق:
Algo purchased and stored safely on my Ledger.