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:
- I’m assuming there will be a bounce back to the upside in the next few weeks possibly after FOMC and/or midterm elections.
- 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.
- 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
- 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.
- 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.
- 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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