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Algorand (Possibly Bullish Breakout) for BINANCE:ALGOUSDT by marcosdaunte

07-16-2021
Algorand (Possibly Bullish Breakout)
Algorand is primed for a Bullish trend change, many factors back up this theory, listed below are a few supporting a possible uptrend prediction.

Chart Patterns/Fundamentals: Algorand is on the bottom of an Ascending Channel (lower orange line,) that is on the verge of busting-out of the Descending-Channel (blue.) Buying at $0.93 would be a “safe bet” since the buy-signal for a traditional ascending triangle (purple) is a break in the trend line , but the over-all popular opinion would suggest “buying the dip” is profitable…if done correctly. Algorand is (in my opinion) one of the most promising crypto currencies. Running off of a Pure-Proof-of-Stake protocol, it is one of the few “green” alternatives within this space. Recently Algo has seen an influx of projects enter the Ecosystem. Further chart patterns might predict future price movement, such as the copied bars-pattern from June 03, 2021 to the current date (07-16-2021) mirrored and placed on the opposite end of the ascending-triangle (seen as the green bars.) The RSI is showing an interesting price trending down overall, while the current price is under the exponential moving average . Along with the previous indicators I’ve mentioned, others (that I use in my personal trading) are showing strong buy signals.

Additional Notes: There was a recent article in Forbes about Algo, which might bring eager new investors to the project. Circle is used within Algorand’s Ecosystem, and Circle recently announced an IPO offering with a future estimated 4.5 billion dollar merger with Concord Acquisition Corp. Circle issues and maintains the USDC Stable Coin (which currently overtook Tether.) The number of Algorand address within the last 90 days has gone from 10.5 million to over 12 million, these metrics were found directly off of Algorand’s official site. The Federal Reserve is preparing a White-Paper for CBDC’s ( Central Bank Digital Currencies) by September. Algo is in a prime positioned (in my opinion) to be a leading role in the transition to this new currency.

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