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Alephium $ALPH Enters Extreme Daily Buying AreaAlephium is a Layer 1 blockchain network designed to address the limitations of existing solutions and initiate a new era of decentralized applications (dApps) and decentralized finance (DeFi). In today’s article, we’ll explore the daily Elliott Wave structure of the coin $ALPH and scout the potential path based on the Theory. $ALPH rallied from $0.0.046 low ( January 2023 ) to a high of $3.84 ( February 2024 ). The 14 months rally achieved an impressive +8170% gains before ending the cycle. The coin started a daily correction and it's currently down 60% from the peak. The decline from February 2024 is unfolding within a corrective 3 waves Zigzag structure and it did reach the buying area around equal legs at $1.8 – $0.8. The blue box showing in our chart is a technical area where we expect $ALPH to end the current correction then it's expected to start the next leg to the upside in a proposed wave ((3)) or at least bounce in 3 waves from there. Alephium $ALPH Daily Chart 5.15.2024Setup Recap -Time Frame : Daily -Entry Area : $1.8 – $1.4 -Invalidation Condition : Daily Close below $0.8 -Targets / Ratio : Target 1 at $5.3 (3.5 RR) – Target 2 at $7.7 (5.9 RR) Source: https://elliottwave-forecast.com/cryptos/alephium-alph-buying-area/ On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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