Technical Analysis
ETP is pumping since 26th of June from 0.5$. Following Elliot Waves theory, we are currently at the beginning of the third wave (subwave one completed, we are in the sub correction phase).
We can also see that there is a clear ascending broadening channel (purple lines). Breakout has been first rejected with completion of subwave 1 of the third wave. the next subwave should break out this pattern. Then, the top line of this channel, which acted as a resistance, could act as a support.
It is also important to note that this pump is also linked to the fact that there is a shortage of ETP in fundings. Then it's hard to find ETP for shorters. This is the reason why many of them have been liquidated, not being able to ladder their shorts. The lending rates are also crazy high, currently being 0.7% / day.
There are also about 8 times more longs opened than shorts.
Third wave could stop at around 3.2$. This is both a 1.618 Fib extension of the first wave and a resistance when you look at historic chart (peak of end of January)
considering all those points, it's clear that this pump has still steam and than price is likely to come back at 4-5-6$, depending on the strength of the fifth wave, before dued correction. Then, ETP will continue to rise considering its value versus its price (20-25$ needed to reach 1 billion market cap, there is plenty of room for growth).
Fundamental Analysis
ETP is one of the coins that has suffered the most on the market. It is a quality coin and the team and project are solid. It mostly suffered because of China ban and communications mistakes in December about new exchanges. That's why it did not benefit from altcoins bull run and plummeted first half of 2018. However, this price drop has nothing to do with the project intrinsic value.
Metaverse purpose (extract from white paper):
"Metaverse is a blockchain project that provides a foundational infrastructure for social and enterprise needs. Our goal is to construct a universe where digital assets (Metaverse Smart Token, or MST) and digital identities (Avatar) build the basis for asset transactions with the help of a value intermediary (Oracle), thus establishing a new blockchain ecosystem that will transform human society
Unlike other blockchain projects that use technology as an entry point, Metaverse started from an enterprise value creation perspective, with the relationships between people, people and assets as the core foundations of our project. We describe this relationship through the use of BISC (Built-in-Smart-Contract), which can reduce the technical risks of commercial applications during development and usage."
Metaverse team has delivered on time supernova hardfork in June, implementing digital identity.
Metaverse has also signed several partnerships. The most promising one being ParcelX. It is interesting to note that all the ICOs wanting to be part of the elite program will have to lock 10% of the risen funds in ETP for 3 years. This will contribute to reduce even more the circulating supply (in additions with holders who decided to freeze their coins), leading to high pressure on price to rise.
Links
some readings about ETP to understand its potential:
Metaverse White paper:
http://newmetaverse.org/white-paper/Metaverse-whitepaper-v3.0-EN.pdf
Metaverse roadmap:
https://medium.com/@mvs_org/metaverse-2018-roadmap-3b15a4621240
Supernova release and digital identity:
Partnerships (elite program):
82club.com/
ETP is pumping since 26th of June from 0.5$. Following Elliot Waves theory, we are currently at the beginning of the third wave (subwave one completed, we are in the sub correction phase).
We can also see that there is a clear ascending broadening channel (purple lines). Breakout has been first rejected with completion of subwave 1 of the third wave. the next subwave should break out this pattern. Then, the top line of this channel, which acted as a resistance, could act as a support.
It is also important to note that this pump is also linked to the fact that there is a shortage of ETP in fundings. Then it's hard to find ETP for shorters. This is the reason why many of them have been liquidated, not being able to ladder their shorts. The lending rates are also crazy high, currently being 0.7% / day.
There are also about 8 times more longs opened than shorts.
Third wave could stop at around 3.2$. This is both a 1.618 Fib extension of the first wave and a resistance when you look at historic chart (peak of end of January)
considering all those points, it's clear that this pump has still steam and than price is likely to come back at 4-5-6$, depending on the strength of the fifth wave, before dued correction. Then, ETP will continue to rise considering its value versus its price (20-25$ needed to reach 1 billion market cap, there is plenty of room for growth).
Fundamental Analysis
ETP is one of the coins that has suffered the most on the market. It is a quality coin and the team and project are solid. It mostly suffered because of China ban and communications mistakes in December about new exchanges. That's why it did not benefit from altcoins bull run and plummeted first half of 2018. However, this price drop has nothing to do with the project intrinsic value.
Metaverse purpose (extract from white paper):
"Metaverse is a blockchain project that provides a foundational infrastructure for social and enterprise needs. Our goal is to construct a universe where digital assets (Metaverse Smart Token, or MST) and digital identities (Avatar) build the basis for asset transactions with the help of a value intermediary (Oracle), thus establishing a new blockchain ecosystem that will transform human society
Unlike other blockchain projects that use technology as an entry point, Metaverse started from an enterprise value creation perspective, with the relationships between people, people and assets as the core foundations of our project. We describe this relationship through the use of BISC (Built-in-Smart-Contract), which can reduce the technical risks of commercial applications during development and usage."
Metaverse team has delivered on time supernova hardfork in June, implementing digital identity.
Metaverse has also signed several partnerships. The most promising one being ParcelX. It is interesting to note that all the ICOs wanting to be part of the elite program will have to lock 10% of the risen funds in ETP for 3 years. This will contribute to reduce even more the circulating supply (in additions with holders who decided to freeze their coins), leading to high pressure on price to rise.
Links
some readings about ETP to understand its potential:
Metaverse White paper:
http://newmetaverse.org/white-paper/Metaverse-whitepaper-v3.0-EN.pdf
Metaverse roadmap:
https://medium.com/@mvs_org/metaverse-2018-roadmap-3b15a4621240
Supernova release and digital identity:
Partnerships (elite program):
82club.com/