Algorand (Algo) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

Algorand (Algo) Price News Today – Technical Analysis Update, Price Now! Elliott Wave Analysis!

[Music]
hello and welcome to another update
video about algorand algorand or the
price actually reacted again to a
support Zone on the chart which I didn’t
update but it was basically still valid
um would have needed some adjustments
actually but it would have still
um you know been a relevant support area
actually so this would be the updated
one for the b-wave pullback so I just
had it um on the same level as we well
discussed before but still it reached
one of the relevant FIP levels here
again I don’t cover this one too often
but why not adjust the support area uh
accordingly because if the price if the
price can’t break out now then we might
dip back into the support region and is
now defined
between 11.6 cents and 20 cents and then
from here a c-wave rally obviously could
be unfolding can’t really stay for sure
until we see a bit more structure also
it requires a substantial or let’s say
convincing break above the 33 Cent level
which is this a-wave top that formed on
the 14th of March yeah and then if wave
C to the upside is now unfolding then
and it should really reach the 100%
extension level that’s typically the
ideal first Target for a seawave and
then we have to see how it develops from
there but that would be the let’s say
the next the next Milestone Target that
would need to be basically reached you
know um such a
seawave usually usually Ries to the 100%
extension can also go a bit higher so
the next level to watch would be the
1.23 66 exension or the
1.38 yeah and we we just have to see how
the price develops you know as we go
along there are some Fibonacci
resistances here the 38.2 retracement
level the price reacted to it here okay
but if this is now the sea wve we should
break above it then there will be the 49
cent level ideally the seawave gets
however a little bit higher that’s s how
I see it it’s not a great chart because
it made a new all-time low in the bare
Market the rally initially into the 2021
highs was a three-wave move move and
this is a chart that would impress me if
it ever forms a new all-time high okay
it would impress me doesn’t mean I can’t
do it which just impressed me so at the
moment I’m tracking five waves down into
the bare Market lows of last year and
then this here could be a three-wave
move up in an ABC structure that is a
bearish wave count and I can really only
take it from the chart as soon as the
price breaks above the all-time high at
around $287
oops Yeah Yeah so Above This high it’s
not the alltime high that was always the
beginning here but above the 2021 High
only then I can take the one two setup
to the downside from the chart so in a
very favorable environment it might even
stretch to the all-time high if we get
above that level okay then we have to
look at the structure for now it doesn’t
make a difference if I track that here
as an ABC structure or if I’m tracking
that as uh something more bullish it
doesn’t matter really at the moment
because it it all depends on what
happens up here we can’t say for sure at
this stage so it doesn’t matter because
even in the let’s say bearish
count and that’s all you know provided
that the 14th of April low or 13th of
April low is holding which was formed at
14.5 cents here at the golden ratio
level provided this level is holding I’m
looking at higher prices regardless at
the moment and it doesn’t matter to me
if I call that a seawave rally or
something different all I want to share
with you is as we get into this price
region up there we have to be very very
much on the side of caution for now we
had five waves up three wve pullback and
now we can get the next five-wave move
to the upside and that will form a
larger three-wave move if this c-wave
extends a lot and then forms another
higher low then we can explore the idea
of a larger impulse or a larger diagonal
pattern to the upside but then the time
isn’t there yet for that okay it’s
always possible okay and it’s as soon as
we break support levels however that
will be a warning that maybe that third
wave to the Downs set has started for
now still looking at higher and yeah
that’s my update about algorand hope you
like the update if you did please hit
the like button leave a comment and
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additional content thanks a lot for
watching bye-bye

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