ALGORAND 1 possible long term scenario
First things first, monthly chart looks very bullish. Very obvious higher highs and high lows, market structure break leaving monthly demand zones. Using the fib trend tool, we can guess at AlGOs next target which would be 3.3057 which is our 1.618 fib target.
Judging by the current swings in the market, if there is some sort of major correction, I'd expect price to go down either to the 0.5 fib level or below it to fill that imbalance zone it left behind and maybe bounce from there. Though at the moment, we are still in a bull market so I don't expect such a major correction.
But if we do get one, it wouldn't be a bad thing because at 0.5 or below it, we could potentially find amazing long term entries.
So if you do see ALGO going way down for some reason, look at the monthly.
Cheers.
Judging by the current swings in the market, if there is some sort of major correction, I'd expect price to go down either to the 0.5 fib level or below it to fill that imbalance zone it left behind and maybe bounce from there. Though at the moment, we are still in a bull market so I don't expect such a major correction.
But if we do get one, it wouldn't be a bad thing because at 0.5 or below it, we could potentially find amazing long term entries.
So if you do see ALGO going way down for some reason, look at the monthly.
Cheers.