Now this video were going to be talking about algorand, and this is going to be our first time actually doing a technical analysis of algorand. So many people have asked – and now here it is so what were currently seeing with algorand right now that it had reached its 52 week low back in the middle of June, like many other cryptocurrencies, but the thing here with algorand is: it has multiple times come Down and just really retested that low and what were finally seeing now within this wedge pattern that it had been trading within is its now showing signs that it is breaking out or looking to break out. So this could just be a really good attempt to break out, or this might be, that breakout getting ready to happen for algorand. So what we got going on here is that algorand had to come down Within These five waves, so it had a. It was at a price back in November of 2021, that was around 2.80 cents, and then it had come down significantly from there within five waves and then completed that fifth wave in the middle of June, and now were really just trying to figure out what all This is so anything that we really count just consider it being a sub wave with within a wave one impulse that were going to be having here so this uh. This consistent consolidation has been very interesting because its really a lot like what we were seeing with cardano, where it had tested its 52 week low, multiple times and then Edge, and now its attempting a breakout just like what we had seen with cardano do as well.

But very similar, as far as the way that it had come down where we had seen cardano, also come down from a price that was around three dollars. So weve seen the very similar uh type of price movement with algorand. So a lot that could potentially really even uh be retraced here from where it was Within These previous waves that it had to the downside so theres a lot of potential here now whats more important to look at though, since uh were here on the daily chart. What we can see is part of this pump that that were seeing this resistance within it is due to the 200 day moving average, which we recently just passed. Our 100 day moving average had a big pump that had took us up to test that 200 day. Moving average and we actually did manage to go a little bit above it and now what were seeing is just a bit of a resistance that is going on right now. So if we were to take this on over to the four hour chart – and what we can see is how this resistance is current and stacking up, you can see that were having a little bit of pullback, but that doesnt mean that we cant just go back And try to pump back through this trend line and then keep working up and get over that 200 day moving average. So the price that we need to see algorand uh overtake is a price of 45 cents.

So if we can see see this go to 50 cents here very soon, that would be absolutely amazing. Now, hopefully, we dont start to see even more more pullback within the price and it come down for another retest of that 52 week low. That would not be a good sight to see, but theres still a possibility, but hopefully this momentum that were seeing it does continue. Since we have been seeing that that go on here for a good while now so, hopefully that that theres enough accumulation within it. That is going to help benefit it to actually pump back through and overtake that 200 day. Moving average now lets real, quick look over at our bull market support band, which were currently above that that as well so thats very beneficial to see that we are above that bull market support band and if were able to continue holding on to that uh. The last time that were actually on the other side of the bull market, support band that was back in a January of 2022., so that whole time weve been underneath it so in the the bear Market, was the bear Market resistance band. So, just recently we actually also pumped through that so hopefully were going to be able to maintain a price above this, and so we need to maintain a price thats around 40 cents to be able to do such so. If we can see this not fall down below 40 cents, hopefully things are going to be um, be looking to the upside.

More now we have been seeing algorand climbing up the ranks in the crypto market cap, currently in the 26 largest cryptocurrency by market cap and over these last seven days, its actually up nearly 25, so were seeing a pretty significant price pump going on here now. The market cap for algorithm is around three billion dollars right now at the moment, and one of the things that is really helping out the pump is that there has been an increase of investments into different to five uh defy protocols that the algorithm has, and we Can see the total value locked on our grand right now and how much it has recently just jumped and its currently sitting at 217 million and if we look at it as far as the algo tokens go theres about 528 million tokens currently locked so its recently. Just up about 11, here in the last 24 hours now, since Al Gran did have these larger wave impulses that had taken it the price down. I expect that were going to be seeing the same thing happen within the next five waves upside, so were all still within the first wave from from these much larger impulses, but as far as things are going with their sub waves, thats whats very key right now To actually dial in now, there hasnt really been much going on as far as the price movement in comparison to where we would be looking at within our wave four.

So theres theres still a lot of possibility there that it couldnt be retracing within this first wave. So what Im actually going to do here is Im going to just account some of these sub waves out real quick that would all be part of the first first larger wave impulse. So I would actually say that this could be our our wave. One weve come down within our wave two, and this is all part of our Wave 3 that I dont think is complete. I think we might be seeing this wave three take us all the way up to a price of around 80 cents uh, and then we will see a little bit of retracement with that, and I think that this wave 5 will be. What would take us from that that price around 70 cents from the wave four that would take us upwards around one dollar to complete that wave one? So this will be a pretty pretty long wave one, but I expect its all to be something thats going to take a lot of time. The algorand has been through a lot theres been a lot of testing going on and theres been a lot of Correction within the price, so theres a lot of possibilities here, especially as theres a lot of new interests within it and were starting to see it start To start to take off I mean those are pretty significant price pumps that weve seen over these last seven days.

So hopefully we can see this type of momentum continue and algorithm can start breaking through these different, these different prices that it needs, especially that price of 45 cents that 200 day moving average, and that would hopefully really take us up within this way. Three to take it to um to a price that could be close to 80 cents before we see it eventually go to the price of one dollar so Ill, be sure to keep you guys updated on what does happen with Al Grant. Uh Ill. Try to keep you guys, updated at least once a week, if not more and if we do see any sort of significant price bumps Ill, be sure to update you on that. So if you guys like this content, I do talk about Bitcoin and ethereum every single day and I talk about different altcoins every day as well. So if you like comment like this content like this, please do consider, subscribing and give this video a like, because it really does help me out a lot.