Hey guys, looking at the chart I'm quite confident we have finished the 4th leg of the Elliot wave now, and have had a running flat ABC correction. With this in mind, where do we go from here for the 5th leg? Well in my opinion a not so greedy price prediction for the 5th wave would be in the $2.5 - $3 range. This would complete either the 1.618% inverse fib extension or the 61.8% combination of both wave 1+3. However for those who want to take a bit more risk we could have a impulse extension wave which would put the price beyond this. ($3-$5 range at a guess based on Fibonacci extensions).
There is going to be a re-structure of the ALGO stake distribution towards the end of this year to a new governance system which will require locking up ALGO for stake rewards. This might effect price when approaching the end of the year (positive or negative), so keep an eye out. However the sentiment is bullish still and the 5th wave is yet to complete. Thanks.
There is going to be a re-structure of the ALGO stake distribution towards the end of this year to a new governance system which will require locking up ALGO for stake rewards. This might effect price when approaching the end of the year (positive or negative), so keep an eye out. However the sentiment is bullish still and the 5th wave is yet to complete. Thanks.