ALGORAND (ALGO/USDT) : 0,77 Key Tactical Support to watch (3 to 12 Weeks view)

Many of you asked me to have a look on Algo, so lets go..

Context

The structure of the trading range (2021 – second flat rectangle ) is similar at we what we observed on many other L1/L2 Network protocol Token, however the previous wave structure is not totally similar (first ascending rectangle ). It is important to notified this details because it help to articulate the two different scenrio around the key Pivot level set at 0,77.

In a correlated scenario to ETH or BTC the equivalent structure to be develop is new abc pattern to complet a Y major cycle. With ana equivalent of 1,57 and 3,50 as graphical level of the last ETH analysis

– In terme of % th e potential is 3X more than ETH so it is quiet interesting to watch this coin in term of COIN PICKING.

However and not the less, the bullish element from graphical and indicators are not yet at the same level from what we are seeing on ETH at the moment , the bullish presignal is not yet strong and that why a break above 1,07 is mandatory to jeopardize any new negative price action (test and break of 0,77)

The global picture within a global macro approach is bullish in order to replicate an auto-similar move which could develop a rise to 12 area in log scale in the best case 🙂

Key Level to Watch on daily chart basis

0,77 Overlap + Key Fibonacci level (auto-similar short-term wave structure)
0,87 perfect entry level in setback (if we see it)
1,07 upside conf level = auto-similar move within a bearish structure
1,57 key first taking profit level = 3800 ETH + Overlap

Key Element to watch

RSI is providing clear pre-signal
EMA 21/34 are support but no golden cross
EMA89 is Resistance
Elliot Wave Structure is showing a potential strong bullish pattern on going (3rd ascending rectangle )

Tactical View 3 to 12 Weeks

As long as 0,77 remains support, accumulating around 0,87 make sense to anticipate a break above 1,07 and play 1,57 on a shorter run before developing a further upside potential towards 3,50 (Almost 300%)
Else A failed below 1,07 could reinforce the bearish scenario confirmed with a break of 0,77

Enjoy my friends