Alephium 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 5.15.2024
Setup 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/
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