Algorand has been steadily moving upwards inside two long term rising channels. It has managed to break upwards out of the top channel and has now formed a bull flag.
Historically It has had similar run ups with a big pump followed by a retrace and long period of consolidation before retesting and breaking the highs. We could see this repeat again with a breakdown from this flag and retest of the mid line or the bottom line of the channel (this would probably be the worst case scenario).
Given the fundamentals just keep getting better and with Governance rewards now forcing people to lock in their tokens there is probably a better chance we will break upwards and test the previous high relatively quickly.
I will be trying to get in around $1.5 mark if we end up retesting that level or on a break upwards of the flag with volume confirmation and will be holding this long term.
Historically It has had similar run ups with a big pump followed by a retrace and long period of consolidation before retesting and breaking the highs. We could see this repeat again with a breakdown from this flag and retest of the mid line or the bottom line of the channel (this would probably be the worst case scenario).
Given the fundamentals just keep getting better and with Governance rewards now forcing people to lock in their tokens there is probably a better chance we will break upwards and test the previous high relatively quickly.
I will be trying to get in around $1.5 mark if we end up retesting that level or on a break upwards of the flag with volume confirmation and will be holding this long term.