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Altcoin Thursday: Ethereum Takes the Lead

Almost $100 billion dollars was added to the crypto market Tuesday afternoon

These price movements confirm (for now) that the bottom is in for Bitcoin and Ethereum – barring some unexpected news that could cause some turmoil in the markets

Algorand / $ALGO

  • On Tuesday morning we looked into Algorand and identified upward momentum
  • And just as expected, price shot over the threshold peaking at $0.34 and finding new support at 33 cents.
  • I took profits at ~$0.34 range and will likely buy back in when price dips below $0.33 again
    • I’ll be watching technical indicators closely for a re-entry
    • Particularly looking at 4-Hour RSI levels to dip below 50
    • Also looking at the MACD cross to a buy signal – looks like we’re a few days away from that happening

Ethereum / $ETH

  • Ethereum showed the highest gains
    • This tells me the crypto space is betting on Ethereum leading the altcoins going into the next bull run
    • I will be reassessing my Cosmos, Polkadot, and Chainlink positions based on Ethereum’s price action over the next couple months
  • bull flag is in play for $ETH with the potential for another leg up based on price structure
  • But a few factors are indicating a move down instead:
    • FOMC is likely to get priced in by stragglers, particularly over the weekend
    • RSI is heavily overbought
    • MACD is about to cross over into a sell signal
    • I will be looking to enter an $ETH position when RSI dips below 50 and the MACD prints a buy signal
      • I may also wait for volatility around FOMC and midterm elections to die down

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Your investment strategies could differ from mine based on your risk tolerances, research, and time horizon, so I encourage you to do your own research as information provided by The Rebel Economist or Breaking Metrics should never be considered financial advice.