{"id":219164,"date":"2022-02-24T22:00:39","date_gmt":"2022-02-24T16:30:39","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=219164"},"modified":"2022-02-24T15:43:06","modified_gmt":"2022-02-24T10:13:06","slug":"algorand-how-an-old-demand-zone-might-give-investors-some-respite","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/algorand-how-an-old-demand-zone-might-give-investors-some-respite\/","title":{"rendered":"Algorand: How an old demand zone might give investors some respite"},"content":{"rendered":"

Disclaimer:\u00a0The findings of this analysis are the sole opinions of the writer and should not be considered investment advice<\/em><\/p>\n

Algorand took a turn to the downside following Bitcoin’s<\/a> rejection at $39k. This was amidst turmoil in global markets as fear mounted in response to Russia’s moves in Eastern Europe. Some people argue this is a buying opportunity, a deep discount- which could be the case, but crypto has a way of diving deeper south than most people expect. As far as the near-term is concerned, Algorand flipped the $0.87 to resistance, and a Fibonacci extension level gave a location for a possible bounce in price.<\/p>\n

ALGO- 1H<\/h4>\n
\"Here<\/a>
Source: ALGO\/USDT on TradingView<\/figcaption><\/figure>\n

The Fibonacci retracement levels (yellow) were plotted based on ALGO’s move from $1.1 to $0.76 in the second week of February. The psychological $1 level has been a strong resistance level for much of this month, and the horizontal $0.87 was also flipped to resistance a few days ago.<\/p>\n

Generally, the Fibonacci retracement levels have been respected to an extent- which indicated that there was the likelihood that the 27.2% extension level could also see a temporary bounce in prices for ALGO.<\/p>\n

At the time of writing, selling volume has been significant, and dominant. The market structure was also bearish- it was a time to sell the bounce and take profit on short positions at support levels.<\/p>\n

Rationale<\/h4>\n
\"Here<\/a>
Source: ALGO\/USDT on TradingView<\/figcaption><\/figure>\n

The MACD poked its nose above the zero line a couple of days ago. But immediately took a nosedive back under the zero line, in response to the surge in bearish momentum following recent market-wide fear. The Directional Movement Index showed a strong downtrend in progress, while the OBV confirmed selling volume far outweighed buying volume.<\/p>\n

Conclusion<\/h4>\n

The market structure was bearish, and the $0.72-$0.76 area could be used to enter short positions on Algorand, targeting $0.67 for short-term trades. In the long term, Algorand was extremely bearish as well, but the $0.69 area has acted as a demand zone in May, June, and July of 2021. USDT dominance was also at 5%- a factor whose implications are important for long-term investors to be aware of.<\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer:\u00a0The findings of this analysis are the sole opinions of the writer and should not be considered investment advice Algorand took a turn to the downside following Bitcoin’s rejection at $39k. This was amidst turmoil in global markets as fear mounted in response to Russia’s moves in Eastern Europe. Some people argue this is aContinue reading “Algorand: How an old demand zone might give investors some respite”<\/span><\/a><\/p>\n","protected":false},"author":57,"featured_media":219182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-219164","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nAlgorand: How an old demand zone might give investors some respite - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The market structure was bearish for Algorand and fear ruled the market. 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