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Cheeky Crypto: Algorand Price Analysis and Outlook for 2023

Algorand Price Prediction: Is a ALGO CRASH coming?
Algorand Price Prediction: Is a ALGO CRASH coming?

Introduction

Nick from Cheeky Crypto is back with a new video on Algorand’s recent price action. He discusses the pros and cons of the current situation, and gives his outlook for the rest of 2023.

Algorand’s Performance

Algorand’s price has risen by 18.24% since October 19th, but it hasn’t broken any significant structural levels yet. This suggests that the current rally may be a corrective move within a larger downtrend.

Three-Wave Corrective Pattern

Nick identifies a three-wave corrective pattern in Algorand’s price chart. This pattern is often seen as a prelude to further upside movement. However, it’s important to note that corrective patterns can also be complex and unpredictable.

Potential Upside

Nick believes that Algorand has the potential to push higher, possibly above the swing high at 10.7 cents. This would represent a significant gain from current levels.

Concerns About Topping Out

However, Nick is also concerned that Algorand may have already peaked at 10.7 cents. He notes that there’s a risk of a downside move towards 7 cents if the price can’t break through the resistance at 10.7 cents.

Daily Time Frame Analysis

The analysis of the daily time frame reveals that Algorand remains in a bearish structure. This is because the price is still below the 200 EMA.

Past Rallies

Nick points out that Algorand has seen previous rallies in the past, but these rallies have all been short-lived. He remains cautious about the possibility of a sustained bullish trend.

Expectations

Nick expects Algorand to continue heading down in the near term, possibly towards 7 cents. However, he also acknowledges that there is a potential for further upside movement if the price can break through the resistance at 10.7 cents.

Technical Analysis

Nick discusses the technical analysis of Algorand’s chart in more detail. He notes that the three-wave correction pattern is still in play, but that the five-wave pattern may have been invalidated. This makes the situation more bearish overall.

Alternate Possibilities

Nick also discusses an alternate scenario where Algorand may be in its final stages before a significant upside move. He notes that the price has been forming a bullish wedge pattern, which is often seen as a precursor to a breakout.

Weekly Chart

The analysis of the weekly chart shows that Algorand has been in a five-wave movement since the beginning of the year. This suggests that the current downtrend may be coming to an end.

End of Video

Nick concludes the video by encouraging viewers to like, subscribe, and join the Discord community. He also encourages viewers to do their own research before making any investment decisions.

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