Author: 3HOUSE user @CryptoCo

ALGO is a cryptocurrency that was created to address some of the scalability and security issues of other cryptocurrencies, such as Bitcoin and Ethereum. The network uses a unique consensus algorithm called Proof-of-Stake, which is designed to be more energy-efficient than the Proof-of-Work algorithm used by Bitcoin. This allows for faster transaction times and lower transaction fees.

One of the unique features of ALGO is its consensus algorithm, which is known as Pure Proof of Stake. This algorithm ensures that the network is secure and efficient, while also allowing for a high level of scalability. In addition, the ALGO network supports smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. This feature makes it possible for developers to create decentralized applications on the ALGO network.

Another factor that makes ALGO an attractive investment option is its market capitalization and trading volume. As of April 2023, ALGO has a market capitalization of over $5 billion and a daily trading volume of over $500 million. This demonstrates a strong demand for the token and suggests that there is significant interest in the ALGO network.

Furthermore, ALGO has a strong team of developers and advisors behind it. The team is led by Silvio Micali, a Turing Award-winning computer scientist who is also a professor at MIT. The team also includes experienced developers and advisors from the tech and finance industries, including former executives from Google and Goldman Sachs.

In terms of adoption, ALGO has already gained significant traction in the cryptocurrency community. The token is listed on numerous exchanges, including Coinbase, Binance, and Kraken, and is supported by a number of wallets, including Ledger and Trezor. This makes it easy for investors to buy and store ALGO tokens.

In addition, ALGOrand has also partnered with various universities to advance research and development in the field of blockchain technology. These universities include MIT, Stanford, and Berkeley, among others. These collaborations have helped to further advance the capabilities of the ALGO network and position it as a leading blockchain technology.

ALGOrand has also collaborated with various companies to develop and implement decentralized applications on its network. These companies include AssetBlock, a real estate investment platform, and PlanetWatchers, an environmental monitoring platform. These collaborations have helped to showcase the versatility and potential of the ALGO network for various industries and use cases.

Before we jump into the $ALGO chart analysis we need to take a look at what $BTC has been up to lately. Bitcoin has been pushing for higher prices breaking every resistance since retesting the $20000 level on March 10 current year and has risen by 56% in just 33 days!

The Fear & Greed indicator is at 65/100 level which indicates Greed in the market but historically the biggest selloffs were at 80-90/100, therefore, we have some upside potential still left.

Looking at the Bitcoin CME Futures chart we can clearly see that we have 3 gaps below the current price, 1st around $28330, 2nd at $25110, and the 3rd closing at $20645. There is one above from $34240 to $35830 and once this is hit I would be looking for some short positions or realizing profit if long. Statistically 98% of those gaps are filled and they play a major part in the bear market as we can target them for our trade entries or TPs. For the last 15 days, the price has been rather stagnant because we were inside the gap.

Let’s also look at the liquidations chart as this will be very helpful to identify the best $ALGO trades. There are many long trades and little to zero support for them and I would like to see them taken out before pushing higher. In this case, our today’s setup on $ALGO will come to fruition after BTC visits its lower levels at 27-28k as everything would line up.

On the Weekly Chart, $ALGO is currently -92.3% from its November 2021 ATH so if anyone is a spot trader you should really consider adding that coin to your own portfolio. We can identify 4 major BSL levels: $0.2958, $0.4490, $0.7846, $0.9889 shown on the chart below. Like many altcoins the price may not look convincing as to some it would appear boring but lower time-frames allow us to dive deeper into seeking great setups.

On the Daily Chart, we can see the current price action. After the bullish push the price declined a bit and it formed two pools of liquidity. Currently, the price is at its bullish trendline, and considering that I would be aiming for a long trade after breaking the support line and taking the SSL into our entry. Our targets would be the BSL marked on the chart.

Let’s drop down to the 4-hour chart and I will present the potential trade with the visualization.

After breaking the support and taking local SSL the entry would be at our support band that has been tested 4 times since March 8th.

We also have a 4-hour Fair Value Gap just above our support and that would work like a magnet for the price to come and grab it before a possible blast-off!

Before entering the trade remember to wait for the price to stabilize inside the support band and make entries after a local bullish market structure change.

After the entry, we would be eyeing the two buy liquidity pools. If the move is very sharp there is a possibility of taking out the $0.30 level which would Risk to Reward ratio is 13.35.

• Support band: From $0.2040 to $0.2015

• Stop Loss: $0.1955

• First target: $0.2176 - Risk to reward ratio is 2.07, Stop Loss move to entry

• Second target: $0.2240 - Risk to reward is 2.96

• Final target: $0.2413 and beyond - Risk to reward is 5.36

All R:R were measured from the middle of the Support Band.

ALGO's fundamentals are strong, and cryptocurrency has seen significant growth in recent years. The network's unique consensus algorithm and support for smart contracts make it an attractive option for developers looking to build decentralized applications. Additionally, the cryptocurrency's market capitalization and trading volume demonstrate a strong demand for the token. As such, ALGO is a promising investment option for those looking to add cryptocurrency to their portfolio. The technical analysis and the long trade showed the local and long-term possibility of this cryptocurrency.

This is not trading advice, and any actions taken based on this information are solely at the reader's discretion. We do not make any guarantees or warranties about the completeness, reliability, or accuracy of this information. We encourage readers to do their own research before entering the market.

Author: 3HOUSE user @CryptoCo

ALGO is a cryptocurrency that was created to address some of the scalability and security issues of other cryptocurrencies, such as Bitcoin and Ethereum. The network uses a unique consensus algorithm called Proof-of-Stake, which is designed to be more energy-efficient than the Proof-of-Work algorithm used by Bitcoin. This allows for faster transaction times and lower transaction fees.

One of the unique features of ALGO is its consensus algorithm, which is known as Pure Proof of Stake. This algorithm ensures that the network is secure and efficient, while also allowing for a high level of scalability. In addition, the ALGO network supports smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. This feature makes it possible for developers to create decentralized applications on the ALGO network.

Another factor that makes ALGO an attractive investment option is its market capitalization and trading volume. As of April 2023, ALGO has a market capitalization of over $5 billion and a daily trading volume of over $500 million. This demonstrates a strong demand for the token and suggests that there is significant interest in the ALGO network.

Furthermore, ALGO has a strong team of developers and advisors behind it. The team is led by Silvio Micali, a Turing Award-winning computer scientist who is also a professor at MIT. The team also includes experienced developers and advisors from the tech and finance industries, including former executives from Google and Goldman Sachs.

In terms of adoption, ALGO has already gained significant traction in the cryptocurrency community. The token is listed on numerous exchanges, including Coinbase, Binance, and Kraken, and is supported by a number of wallets, including Ledger and Trezor. This makes it easy for investors to buy and store ALGO tokens.

In addition, ALGOrand has also partnered with various universities to advance research and development in the field of blockchain technology. These universities include MIT, Stanford, and Berkeley, among others. These collaborations have helped to further advance the capabilities of the ALGO network and position it as a leading blockchain technology.

ALGOrand has also collaborated with various companies to develop and implement decentralized applications on its network. These companies include AssetBlock, a real estate investment platform, and PlanetWatchers, an environmental monitoring platform. These collaborations have helped to showcase the versatility and potential of the ALGO network for various industries and use cases.

Before we jump into the $ALGO chart analysis we need to take a look at what $BTC has been up to lately. Bitcoin has been pushing for higher prices breaking every resistance since retesting the $20000 level on March 10 current year and has risen by 56% in just 33 days!

The Fear & Greed indicator is at 65/100 level which indicates Greed in the market but historically the biggest selloffs were at 80-90/100, therefore, we have some upside potential still left.

Looking at the Bitcoin CME Futures chart we can clearly see that we have 3 gaps below the current price, 1st around $28330, 2nd at $25110, and the 3rd closing at $20645. There is one above from $34240 to $35830 and once this is hit I would be looking for some short positions or realizing profit if long. Statistically 98% of those gaps are filled and they play a major part in the bear market as we can target them for our trade entries or TPs. For the last 15 days, the price has been rather stagnant because we were inside the gap.

Let’s also look at the liquidations chart as this will be very helpful to identify the best $ALGO trades. There are many long trades and little to zero support for them and I would like to see them taken out before pushing higher. In this case, our today’s setup on $ALGO will come to fruition after BTC visits its lower levels at 27-28k as everything would line up.

On the Weekly Chart, $ALGO is currently -92.3% from its November 2021 ATH so if anyone is a spot trader you should really consider adding that coin to your own portfolio. We can identify 4 major BSL levels: $0.2958, $0.4490, $0.7846, $0.9889 shown on the chart below. Like many altcoins the price may not look convincing as to some it would appear boring but lower time-frames allow us to dive deeper into seeking great setups.

On the Daily Chart, we can see the current price action. After the bullish push the price declined a bit and it formed two pools of liquidity. Currently, the price is at its bullish trendline, and considering that I would be aiming for a long trade after breaking the support line and taking the SSL into our entry. Our targets would be the BSL marked on the chart.

Let’s drop down to the 4-hour chart and I will present the potential trade with the visualization.

After breaking the support and taking local SSL the entry would be at our support band that has been tested 4 times since March 8th.

We also have a 4-hour Fair Value Gap just above our support and that would work like a magnet for the price to come and grab it before a possible blast-off!

Before entering the trade remember to wait for the price to stabilize inside the support band and make entries after a local bullish market structure change.

After the entry, we would be eyeing the two buy liquidity pools. If the move is very sharp there is a possibility of taking out the $0.30 level which would Risk to Reward ratio is 13.35.

• Support band: From $0.2040 to $0.2015

• Stop Loss: $0.1955

• First target: $0.2176 - Risk to reward ratio is 2.07, Stop Loss move to entry

• Second target: $0.2240 - Risk to reward is 2.96

• Final target: $0.2413 and beyond - Risk to reward is 5.36

All R:R were measured from the middle of the Support Band.

ALGO's fundamentals are strong, and cryptocurrency has seen significant growth in recent years. The network's unique consensus algorithm and support for smart contracts make it an attractive option for developers looking to build decentralized applications. Additionally, the cryptocurrency's market capitalization and trading volume demonstrate a strong demand for the token. As such, ALGO is a promising investment option for those looking to add cryptocurrency to their portfolio. The technical analysis and the long trade showed the local and long-term possibility of this cryptocurrency.

This is not trading advice, and any actions taken based on this information are solely at the reader's discretion. We do not make any guarantees or warranties about the completeness, reliability, or accuracy of this information. We encourage readers to do their own research before entering the market.