Algorand testing the 4 Hour Resistance at USDT0.1043, breakout?
Updated
Take noted the below is not an investment advise, bet at your own risk. I am solely not responsible for any of your loses in money or assets.
The Current Algorand price is USDT0.1004 as of 8 October 2023.
The Algorand have potential to breakout from USDT0.1004 to USDT0.2185 range in the coming 1 to 2 months before the Fed's FOMC in November 2023. This is because the US court has ruled that SEC need to approved Bitcoin ETF from Grayscale. This is a very strong tailwind for the entire cryptocurrency market.
The price will hover between USDT0.1004 to about USDT0.2185 within this period.
The other Potential strong tailwind is the pause of US Fed's rate hike this coming November 2023. This along with the Bitcoin ETF approval will drive and test the resistance level at USDT0.2185. If there is a breakout then the next level of stronger resistance based on the dynamic resistance will be at USDT1.4052.
Currently there is no potential strong headwind in the cryptocurrency space. The only potential strong headwind is the S&P market falling to around 3900 to 3850 because of higher rate for longer by Fed's US. If next 1.5 months down the road if there is other or fews strong headwinds appears then the price might breakout from USDT0.0778 and head much lower maybe even USDT0.01 is possible. This is highly unlikely to happen since everyone is anticipating a positive news of strong tailwind from the Grayscale Bitcoin ETF win over SEC. Currently don't see any much potential of future strong headwind.
USDT0.0778 is not a strong support level based on the 4 hour chart of Algorand. I would only start buying a little at USDT0.0778 and reassess for 2 to 3 weeks before buying more. If by the time Algorand reach USDT0.0778 and the S&P most likely have no reach 3900. The buying scenario above might not happen in this month October 2023 cause everyone will not be selling because of a very potential Bitcoin ETF in the market soon but don't know when only.
Based on current market condition it is highly unlikely to get a low that surpasses last year bottom.
The Current Algorand price is USDT0.1004 as of 8 October 2023.
The Algorand have potential to breakout from USDT0.1004 to USDT0.2185 range in the coming 1 to 2 months before the Fed's FOMC in November 2023. This is because the US court has ruled that SEC need to approved Bitcoin ETF from Grayscale. This is a very strong tailwind for the entire cryptocurrency market.
The price will hover between USDT0.1004 to about USDT0.2185 within this period.
The other Potential strong tailwind is the pause of US Fed's rate hike this coming November 2023. This along with the Bitcoin ETF approval will drive and test the resistance level at USDT0.2185. If there is a breakout then the next level of stronger resistance based on the dynamic resistance will be at USDT1.4052.
Currently there is no potential strong headwind in the cryptocurrency space. The only potential strong headwind is the S&P market falling to around 3900 to 3850 because of higher rate for longer by Fed's US. If next 1.5 months down the road if there is other or fews strong headwinds appears then the price might breakout from USDT0.0778 and head much lower maybe even USDT0.01 is possible. This is highly unlikely to happen since everyone is anticipating a positive news of strong tailwind from the Grayscale Bitcoin ETF win over SEC. Currently don't see any much potential of future strong headwind.
USDT0.0778 is not a strong support level based on the 4 hour chart of Algorand. I would only start buying a little at USDT0.0778 and reassess for 2 to 3 weeks before buying more. If by the time Algorand reach USDT0.0778 and the S&P most likely have no reach 3900. The buying scenario above might not happen in this month October 2023 cause everyone will not be selling because of a very potential Bitcoin ETF in the market soon but don't know when only.
Based on current market condition it is highly unlikely to get a low that surpasses last year bottom.
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Written wrongly on the range that the price will fluctuate. The correct one is below.The Algorand have potential to breakout from USDT0.1043 to USDT0.2185 range in the coming 1 to 2 months before the Fed's FOMC in November 2023. This is because the US court has ruled that SEC need to approved Bitcoin ETF from Grayscale. This is a very strong tailwind for the entire cryptocurrency market.
The price will hover between USDT0.1043 to about USDT0.0778 within this period between now October 11, 2023 to 15 November 2023.
Comment
The AlgoUSDT price is hovering near the resistance USDT0.1043 with the strong tailwind of Israel and Palestine Hamas war, there is a potential breakout from this current level of resistance.Price in the coming weeks has the potential of going up until the next nearest resistance of USDT0.2185. This is an 100% increase in price. Trade don't be greedy and put all the money into this altcoin even since there is most likely no strong headwind coming in the next 3 months for Cryptocurrency.
Why? cause no one can know all the future confounding variables. Need to sell when strong headwind appear in the cryptocurrency market.
Comment
Current price of Algorand is USDT0.1106 has breach the USDT0.1043 but no breakout yet of 10% one 4 hour candle stick on the 4 hours resistance. Stock S&P500 rallying will cause some sellout from cryptocurrency and money flow to equity for today.However, there are current 2 strong tailwind exist for cryptocurrency.
1) Israel and Hamas war. Getting more intense so the strong tailwind still exist.
2) Grayscale ETF will be approved without any resistance from SEC.
Indirect Strong Tailwind or might be strong Headwind.
1) Fed's FOMC good news might be strong tailwind but could also be strong headwind depending on the price action next couple of days. Need to re-evaluate the price action for 2 to 3 weeks before deciding the price will go up or down
Comment
Price will hover around USDT0.1043 to USDT0.2185.Comment
Current price as of 12 November 2023 for Algorand is USDT0.1429 has rise 42.9% from the October 8, 2023 post. The price will continue to rise further until USDT0.2185 for another 52.9% in the coming months. Maybe 1 month to 2 month time if there is no appearance of a strong headwind in the cryptocurrency market.
Almost all clear to USDT0.2185 in a slow and steady manner if there is not 10% breakout in 2 to 3 weeks time in the 4 hours charts.
Comment
However there is still some risk and confounding variable to account for the increase in Algorand price but the risk is less than 15%.Comment
Algorand USDT0.1550 for 3 December 2023. No breakout from the 4 hour resistance charts yet.Price will slowly raise to 1 day resistance level at USDT0.2185 as posted on 8 October 2023.
Trader should keep the token for now. Sit back and relax until 0.2185 before deciding to sell.
However, there will be quite a correction downwards every time the price makes a higher high. Please trade without fear on the corrections.
Since no strong headwind currently for cryptocurrency market and only strong tailwind of the coming Bitcoin spot ETF and possible Ethereum spot ETF soon.
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Current ALGOUSDT price is at 0.2134 currently testing the previous post of USDT0.2185 as posted on 8th October 2023. The previous post was correct that the price will reach this 1-day resistance.The price action for 9th December 2023 is currently at 0.2116 about 14.76% for the day. The remaining 8 hours 34mins if the price close with 10% above then can be consider a breakout.
If there is a breakout and no strong headwind happening in the coming 2 to 6 months time. ALGOUSDT price will hit USDT1.3253 at the 1-month charts resistance.
Trader should pray that the closing green candle for today and with more than 10% upside for today. Trader also needs to just keep the tokens now until there is a strong headwind appearing for the cryptocurrency or when the price reach around USDT1.3253. But most likely until there is a strong headwind.
Keep the token and enjoy the ride to 500% plus percent profit in couple of months time.
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There is uncertainty in the crypto market and ALGOUSDT might not go to USDT1.3253 since the S&P 500 large companies with high business revenue exposure with China, UK and Europe might miss on their top line revenue in Q4 2023 earnings report. China GDP slow to 5% next year and this year, Europe is in recession, UK is going into recession. Then there might be lots of S&P 500 companies have revenue decline and lower guidance in Q1 2024.There most likely be a selloff in the S&P500 soon in January or February 2024 if this strong headwind happen. Risky asset like bitcoin and ALGOUSDT will also be in an selloff mode during this time period.
I am uncertain about the ALGOUSDT direction currently. I sold off all the ALGO few days ago with profit. Trader who want to trade need to be in caution mode.
I suggest if have profit sell the tokens currently until the strong headwind for S&P 500 appear and then short on S&P 500 or ALGOUSDT.
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The potential strong headwind of S&P 500 companies has bad earning reports missing top line revenue due to weak international market in Europe, UK and China is no longer a worry. This strong headwind will not appear. The current drop of core PCE number from 2.9% to 2.8% is a strong tailwind for the market. The price for ALGO USDT will increase. The current price for ALGO USDT is USDT0.2201 near the level I sold previously.
Currently ALGOUSDT is also a BUY the dip thing.
This token still has the chance to go uptrend to reach the price of USDT1.3253 since this token is not the top 10 cryptocurrency by market capitalization.
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If the USA May, June and July 2024 CPI, PPI, ECI and PCE data is a good number causing the fed's FOMC to have 2 rate cuts or more. Then ALGOUSDT might reach the all-time high again.If hotter than expected number, then buy the dip at USDT0.1300 or lower. Buy the dip when the strong headwind of no rate cuts this year end. Or buys when FEDS confirm the first rate cut this year. At this time the price might be at USDT0.13 or lower.
Mixture of possible good news and bad news coming into play and have much uncertainty on the general uptrend or downtrend of the price action.
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The Fed's has just cut 50 basis point and the price of AlgoUSDT currently is USDT0.1321 from the lows of USDT0.0938 on August 5, 2024. The price has rebound and most likely will head higher from here if all the incoming Macro economic news is good for the next 3 to 6 months' time.
If there is no recession this year or next year then AlgoUSDT will reach USDT1.3253 as predicted above on December 9, 2024.
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