Mapping out the key support and resistance levels for ALGORAND.
Key Findings:
+ Almost everything that ALGO hit as a resistance on the way up during the Bull phase has been met as support on the way down.
+ Every 6 months when the Stochastic RSI has been in the oversold region it has coincided with a big correction in the opposite direction. Really large swings during the hype phase but still sizeable upticks on the bear phase.
+ We are now at a point where we have a new lower low and Stochastic RSI is oversold.
+ on the Coinbase order book for Algo there are some wildly low orders, is there something they know we don't.
+ older news but the SEC are investigating ALGORAND and COINBSE stopped giving out staking rewards as a result. This has been the main driver of downward pressure.
Thinkings:
I'm pretty sure that over the next two months we are going to see a bounce of at least 50%, the lower it goes the bigger the bounce. The only question is where?. That $0.1 mark looks the most obvious , although you could also extend the bear trend line down and have something lower.
Key Findings:
+ Almost everything that ALGO hit as a resistance on the way up during the Bull phase has been met as support on the way down.
+ Every 6 months when the Stochastic RSI has been in the oversold region it has coincided with a big correction in the opposite direction. Really large swings during the hype phase but still sizeable upticks on the bear phase.
+ We are now at a point where we have a new lower low and Stochastic RSI is oversold.
+ on the Coinbase order book for Algo there are some wildly low orders, is there something they know we don't.
+ older news but the SEC are investigating ALGORAND and COINBSE stopped giving out staking rewards as a result. This has been the main driver of downward pressure.
Thinkings:
I'm pretty sure that over the next two months we are going to see a bounce of at least 50%, the lower it goes the bigger the bounce. The only question is where?. That $0.1 mark looks the most obvious , although you could also extend the bear trend line down and have something lower.
Trade closed: target reached:
Well this played out pretty much as I said.
In May (when the value was $0.15) I predicted a dip down to around $0.10 (mentioning potential to go lower) followed by a 50% rebound to happen in June... it bottomed at $0.0915 (10th June) and rebounded to $0.1408 (25th June) which shakes out as a 53.8% rebound.
Really interested to see where this asset goes next. It's getting delisted from eToro on the 12th of July so the outlook doesn't look great.
In May (when the value was $0.15) I predicted a dip down to around $0.10 (mentioning potential to go lower) followed by a 50% rebound to happen in June... it bottomed at $0.0915 (10th June) and rebounded to $0.1408 (25th June) which shakes out as a 53.8% rebound.
Really interested to see where this asset goes next. It's getting delisted from eToro on the 12th of July so the outlook doesn't look great.