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Crypto Altcoin Strategies: Algorand and Polkadot

This week I’m trading Algorand and looking at accumulating Polkadot. I’ll throw in a few tips on how to grow your holdings.

First, a few assumptions:

  1. I’m assuming there will be a bounce back to the upside in the next few weeks possibly after FOMC and/or midterm elections.
  2. Also assuming there will be more dips in the markets (crypto and stocks) between now and midterm elections, particularly around FOMC – this is where I’ll be buying more.
  3. If this thesis plays out, there could be opportunities to make a few entries and take some profits.

Algorand / $ALGO

  • Looking for a long-term hold to sell somewhere in the 40-cent range and then look for a re-entry
    • Opportunity here to make ~7% or more
    • My buy range for $ALGO is anything lower than $0.33 <- key level
    • There’s good support at $0.28 going back to June of this year. I’ll buy more if we test those levels again
  • Holding on Coinbase will get you 5.75% APY as well

Polkadot / $DOT

  • Bullish pennant based on how the RSI has been printing
  • Good buy-range for $DOT between ~$5.60 and $6.30 based on support
    • Looking for a breakout from this pennant to $7 or $8
    • I’m accumulating here and staking through Binance getting 9.5% APY on my holdings
  • This is a very long term hold for me – your strategy might be different

Some Notes:

  1. Calculate your risk! My strategies are all long-term. I do not believe this is a good market to swing trade, but you may disagree. Your risk tolerances may be different and you could see opportunities where I see too much risk. Do your own research before investing.
  2. This is still a bear market. Altcoins are generally risky to trade, so I try to limit my trading to $1 billion or more market cap projects. Many small cap altcoins in this market will never recover.
  3. I see signals pointing to a bounce to the upside but I could be wrong. Markets behave irrationally and there’s always the possibility that price could go lower.

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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.