Hi everyone,
We are currently looking at the Daily chart of Algorand. There is a noticable price action within the current trend:
> Breakout
A Trend often starts with a strong breakout in combination with the right volume (see beginning of January)
> Channels and structural formations
After a breakout, the trend is situated within a channel where relatively small to deep pullbacks can occure. The channels can form structural formations as ascending-descending triangles, wedges,... These formations can extend the channel or evolve into a trend reversal
> Trading range with reconsolidation
The market is not trending in this range, it is moving between its support and resistance levels waiting for the momentum that can lead to a breakout (it often fails). Always keep in mind a reversal can take place!
Algorand is currently consolidating within its bullish triangle formation. If we can realize a breakout above the upper-boundery of the ascending structure, there is potential other important levels can be tested.
As I always highlight, a combination of good volume and right price action is required to confirm this.
Strong fundamentals:
- Unmarsh partnership enables developers to easily build high performing applications on Algorand
- SIAE launched 4M+ NFT's on Algorand
- Chainalysis integration
- Swingby protocol Skybridge integration
- SimpleSwap partnership
- Republic note build on Algorand
In case we fall below the lower grey trendline that acts as support, above set-up will be invald
🌜 If you enjoy this idea, please like and leave a comment 🌜
This is not financial advice
We are currently looking at the Daily chart of Algorand. There is a noticable price action within the current trend:
> Breakout
A Trend often starts with a strong breakout in combination with the right volume (see beginning of January)
> Channels and structural formations
After a breakout, the trend is situated within a channel where relatively small to deep pullbacks can occure. The channels can form structural formations as ascending-descending triangles, wedges,... These formations can extend the channel or evolve into a trend reversal
> Trading range with reconsolidation
The market is not trending in this range, it is moving between its support and resistance levels waiting for the momentum that can lead to a breakout (it often fails). Always keep in mind a reversal can take place!
Algorand is currently consolidating within its bullish triangle formation. If we can realize a breakout above the upper-boundery of the ascending structure, there is potential other important levels can be tested.
As I always highlight, a combination of good volume and right price action is required to confirm this.
Strong fundamentals:
- Unmarsh partnership enables developers to easily build high performing applications on Algorand
- SIAE launched 4M+ NFT's on Algorand
- Chainalysis integration
- Swingby protocol Skybridge integration
- SimpleSwap partnership
- Republic note build on Algorand
In case we fall below the lower grey trendline that acts as support, above set-up will be invald
🌜 If you enjoy this idea, please like and leave a comment 🌜
This is not financial advice
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.