Technical analysis by cultureofwoods about Symbol ALGO: Buy recommendation (12/10/2024)

There are many ways to interpret this chart but I am viewing it as a high time frame ABC from the launch price, which is extremely bullish long-term. Given that Algorand is currently a key part of the planned quantum financial system, together with XLM, XRP, IOTA and XDC (all the biggest gainers in this recent run up), I think this is the most likely interpretation. Price has just broken above the B wave of the larger C wave and this is the first sign of reversal. The purple box is the expected consolidation zone before a move up to all time highs, with $1.844 being a likely minor resistance along the way. Looking at the recent move from a Wyckoff perspective, we have had the spring, retest and now price is probably at the last point of supply. The sell off has priced in an ABC from the all time lows, reaching the 1.236 extension of a possible A wave but I think this is likely a shakeout to cast doubt on the bullish hypothesis.