Algorand Longterm Trading Strategy. +Buy and Sell zones
For the last few years Algorand has been one of the leading candidates for a Government-backed stable coin, already securing contracts with nations such as the marshall islands and having massive institutional backing from investors. However, due to a flawed initial coin sale, the price has lagged behind the general market this year in terms of gains.
The issues with the emission schedule of Algo and its supply have been addressed by the Algorand foundation and I now believe we have the potential to see some significant gains over the next few months and years.
I am not jumping on to the train just yet as it still needs to break its current channel that has been holding since late May. Hence the reason why this trading idea contains two buy zones, the first buy zone is the area I will begin loading up at if we go lower from here.
Buy zone 2 is the area I will begin buying at if we have a confirmation of this current channel's break out in the upward direction.
I will allocate 40% of my total purchased $ALGO to my long-term portfolio, and the rest of it I will sell at the indicated target levels.
I labeled the strong reaction zones (orange) These are areas where higher volatility is to be expected if reached. This could be up or down, but they are definitely areas to watch for strong rejections and breakouts. Therefore if you see the beginning of a rejection at one of these levels I’d consider trimming the position.
The issues with the emission schedule of Algo and its supply have been addressed by the Algorand foundation and I now believe we have the potential to see some significant gains over the next few months and years.
I am not jumping on to the train just yet as it still needs to break its current channel that has been holding since late May. Hence the reason why this trading idea contains two buy zones, the first buy zone is the area I will begin loading up at if we go lower from here.
Buy zone 2 is the area I will begin buying at if we have a confirmation of this current channel's break out in the upward direction.
I will allocate 40% of my total purchased $ALGO to my long-term portfolio, and the rest of it I will sell at the indicated target levels.
I labeled the strong reaction zones (orange) These are areas where higher volatility is to be expected if reached. This could be up or down, but they are definitely areas to watch for strong rejections and breakouts. Therefore if you see the beginning of a rejection at one of these levels I’d consider trimming the position.
