buy zone
Updated
it's no secret that i'm bullish on ALGO long term, and i think we're likely to see strong growth starting in Q1 2022. here are a few reasons why:
placing my next round of buy orders on this $1.30 support. price may dip further to retest either of the major bull trendlines, but i don't think the probability is high enough to risk waiting.
this is (not coincidentally) right around the same level i was buying last time:
- the new governance model is beginning, and users will be locking up supply for extended periods of time, effectively taking algo out of circulation. supply down, price up.
- el salvador committing to algorand for their crypto infrastructure. el salvador doesn't exactly have a great track record as a model government, but i do think their endorsement is a valid signal of adoption.
- it's fast and cheap and has some of the best minds behind it. and with MIT's ties to the Fed, i'm betting ALGO is on the U.S.'s short list.
placing my next round of buy orders on this $1.30 support. price may dip further to retest either of the major bull trendlines, but i don't think the probability is high enough to risk waiting.
this is (not coincidentally) right around the same level i was buying last time:
Note
2x margin pressure suggests strong support around this $1.30 level:(1) below $1.34 is where 2x longs can safely keep their liquidations below the $0.67 support
(2) below $1.28, 2x shorts are no longer protected by the $2.56 resistance
so i don't see the price going too much lower before bulls take control. that's of course assuming that BTC and the rest of the market continue to consolidate and don't make another decisive move down.
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