Hello Crypto traders!
We want to share an educational chart about Algorand with ticker ALGOUSD, which is moving nicely as anticipated. Since the middle of 2023 into the beginning of 2024 we have spotted nice and clean five-wave cycle from the lows, which we pointed out it’s barely the first leg (A)/(1) of a minimum three-wave (A)/(1)-(B)/(2)-(C)/(3) rally. So, on August 13 we mentioned and highlighted that more upside is coming for wave (C) or (3) after a correction in wave (B)/(2) that turned out to be deep and complex W-X-Y one.
Later on October 29, we noticed a nice bounce back above channel resistance line, which was a confirmation for a completed correction in wave (B)/(2), so we were tracking new lower degree bullish setup formation with subwaves 1 and 2 that can shoot the price into the steepest wave 3 of a new five-wave bullish impulse.
As you can see today on November 25, ALGOUSD is in a massive rally within a projected wave 3 of a five-wave impulsive cycle for a higher degree wave (C) or (3). It’s actually just about to break March 2024 highs, so be aware of a jump into 0.35 – 0.40 area and then watch out for wave 4 pullback before the uptrend for wave 5 resumes.
For more analysis like this, you may want to join our live webinar today on Monday Novermber 25 2024 @ 15.00CET
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