Algorand Cryptocurrency Price Analysis: Pullback to support. It’s HOLDING! What’s next?

The Algorand price has pulled back to support and is currently putting in a bullish engulfing candle. Looks like it’s going to hold.

In this cryptocurrency analysis video, I discuss trade setups and show where the important levels are.

#algorand #algorandcrypto #cryptocurrency #cryptotrading

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Hey what’s up guys uh going to take a quick look here at aloran ticker for this is elgo and I’m currently on a weekly time frame uh a couple things before I get into it the Market’s starting to heat up now so if you want to get uh notified when I release new

Videos make sure you’re subscribed and make sure that you have the notification Bell on because if you do you’re going to be one of the first people to uh see the videos as I drop them right and maybe I’m going to see a breakout or a breakdown or you know want to get

Something to you quick uh definitely helpful to have that uh alert belt on also if you want a place to trade algorand and pretty much any of the other coins I talk about on his channel the links to three exchanges are in the Ping comment and description and through

Those links if you sign up you’re going to get a bonus all right so algorand uh obviously recently the market had a bit of a crash actually I wouldn’t even call it a crash everyone’s freaking out it’s just a pullback right so I’ve had these levels marked on this chart for quite a

While now just to recap where we are here um we had this huge run up to the upside and then we had a full retrace all the way back down to the starting point at around 9 cents right so every time I talk about aloran I use this as

Example to show you why it’s so important to take profits um when you have that feeling of euphoria when you’re in the middle of the bull market make sure you’re scaling out of your positions because it’s very hard to call the exact top and a drop like this if

You’re holding all the way down is very very uh painful right so if you’ve experienced this drop I don’t have to tell you again but if you’re new to the game make sure you’re scaling out of your positions because these markets are incredibly volatile and don’t get fomo

Right like if you sell at a good profit and it keeps going up don’t stress you’re going to have another opportunity to buy it back likely for cheaper prices if you just wait okay so uh this retracement or this pretty much crash here uh took the form of a falling wedge

Which believe it or not is actually bullish and right around here as we were breaking out I was making videos telling you it’s probably a good time to get in and I had these targets marked okay so this first level here hardly give us any

Trouble if I go to a smaller time frame you’re going to see a little bit of resistance not too much now this level here was a little bit more significant at around 0.647 and I have this based on the uh low of these candle bodies right here so

Definitely mark this on your chart because it’s very relevant particularly regarding where we are right now so just take a horizontal trend line and just paste it right at the low of these candle bodies here now as you see as we broke through it we didn’t get much

Resistance from it but often times when that happens the price will come back and retest the level the breakout level okay and that’s pretty much what we’re seeing right now okay so the level of support to pay attention to again it’s slightly over 16 C so 0.645 I would say

And we’re quite a bit extended from it now but uh if the price does end up pulling back buying off this level with a stop loss slightly below is a pretty good entry in my opinion now because we recently broke out of a multi-year falling wedge pattern I’m prioritizing

Uh long positions right so I’m a little bit more apprehensive to take short positions instead what I’m doing at these levels of resistance is I’m just taking profits from my entries and then if we pull back then I’m hoping to reaccumulate and then just ride the next

Wave up now I would say that we’re currently in a bull market for most of the coin coins however on this one even though we have broken out of this uh long-term resistance level technically we’re not in an uptrend just yet I would like to see this level break here at

Around 27 cents that’s going to be the big test for me and this is where I thought the price was heading however we came a little bit short right we only made it to about 25 cents so a couple cents off which is why it’s good to kind

Of front run your targets a little bit and where we got rejected here was actually based on the top of these candle bodies right here you see here the price traded uh above it briefly but by the time the candle closed again I’m on a weekly time frame uh sellers came

In sold off and the candle bodies closed back below we got a couple rejection candles right here and then ultimately we came back down to retest the broken level of resistance now this is a good sign right now this is two consecutive weeks where the price came down to

Retest it and it’s holding and we are getting some good momentum to the upside off of it this time so I’ll change the time frame once again and here you can see basically this looks like a little bit of a bullish engulfing now this candle has not closed yet but this looks

Uh quite bullish right and if this candle were to close as it is I would anticipate uh more moves to the upside in the days and weeks to come okay so zooming back out this is your local support level if the price comes back down that offers a good opportunity to

Enter Longs off of it again around 16 1.2 cents and if we push back up obviously your first level of resistance is going to be this rejection point right here at around uh 20 I’d say around 23 up to 25 cents But ultimately I think if we do push back up and make

It to this level once again I think it’s likely going to break and uh I would look to uh this level right here at around 27.2 cents and I would expect that uh at the decent amount of selling pressure comes in right here now you see

Here that I have this box drawn here so the start of the Box again is around 27.2 cents and the top of it the top of this range uh I’m pretty sure it’s based on the Fibonacci retracement so let me uh just double check that if I take a

Fib run it from the top down to the bottom here and yeah this is going to be the 3a2 Fibonacci retracement level and that’s on the logarithmic if I switch the chart and take off the logarithmic the 382 is all the way up here at over a dollar but personally I like trading

Loog scale and my fibs are based on the lock scale as well and I find that a lot of Traders seem to be looking at these levels so yeah that’s just my preference okay so that 382 Fibonacci retracement level potential resistance is going to be around 33 cents so if you want you

Can kind of replicate this you could just draw the range uh that’s going to be from 27.5 cents up to 33 cents okay so next levels beyond that I should mention just because I have the FIB draw here and I I I mentioned this in other

Videos but I’ll just do it again quickly the 50 uh% Fibonacci retracement level comes in at 50 cents so that’s easy to remember and I think this might be the breakout Target based on this falling wedge let me measure that so just roughly I’ll measure the the widest part

Of the the wedge here and I’ll just project it from the breakout point it’s not you know it’s kind of sloppy there but yeah this takes us right up here to the 50% retracement levels so the fact that that is the uh projected breakout Target for this pattern gives us a

Little bit more Confluence at this 50 50 Cent level now if I look left you’ll see that this 50% retracement and this 50 c level also lines up with the rejection point right here so we do have Confluence based on the price as well not only that actually this was the

Support right here resistance right here so a lot of people are going to be looking at this 50cent level on alaran so keep that in mind if you are in a long position and the price uh heads up to this level you’re likely going to get

A sell off right okay so those are the near-term levels I’ll remove this and actually I’m going to take a look at the algo Bitcoin chart okay here it is I mean it’s been bleeding out pretty badly against Bitcoin and we have this descending channel so the price is just

Within this uh lower level of support this upper level of resistance so keep that in mind if you watch this and the price comes up to this resistance level then there might be a bit of a sell-off and it might lose value against Bitcoin however if we’re able to break out of

This Downs sloping level of resistance then that’s when I would anticipate alaran to have a really serious Run Okay so definitely I would suggest drawing this channel on your uh Alo Bitcoin pairing and just keeping an eye on it every now and then uh but more often

Than I do like to trade the uh usdt pair so let’s switch it back to that and yeah nothing too out of the ordinary here this is just a healthy pullback after a good move to the upside to be expected I thought we were going to make it up to

The 27 Cent level at least but we came a couple cents short however when I look left here it it makes sense while we got rejected right so 16 1.2 cents is going to be your local level of support and your uh levels of resistance to the

Upside going to be around 23.2 cents uh 27 cents and then all the way up here at 33 C then beyond that as I mentioned uh this 50 C Level has just a a lot of Confluence right so pay attention to that definitely Mark that on your chart

And yeah I know it’s it’s frustrating because you know while it looks quite insignificant on the chart we were up here around 27 cents and we came all the way back down to 16 cents that’s a huge drop let’s measure that out so that’s a 36% drop so even in the bull market

You’re going to get these painful retracements but it’s important to just remain levelheaded and zoom out zoom out to the weekly time frame instead of panicking and just look structurally this pullback makes perfect sense right very rarely you just going to rock it to the upside without having these

Retracements and if you do that’s actually unhealthy right so this gradual stair stepping motion actually puts in structure on the chart it’s good for the chart and it’s healthier long term okay so if we’re able to break out of this resistance Zone and we come to the 50

Then don’t be surprised if we put in another retrace back down to maybe the 33 level right it’s just how the markets move so I see people in like Reddit and Twitter and they’re panicking what’s going on with algo or whatever guys just zoom out it’s just part of the process

All right hopefully you found out helpful if you did Smash the like button and once again if you’re not subscribed and you want to get notified when I drop new videos uh click subscribe click the Bell click on all and if you want to trade algo and you want to get some

Really good signup bonuses then check the links in the pin comment and description all right guys take care have a good day bye