EOY potential: 10$ (top 5 based on current mcap)
Fundamentals:
* Predominant layer 2
* Most Eth dapps bridged already
* Chain merge? (Hermez Network) <pretty historic
TA/Price action:
* Elliot:
1. Appears to be in the process of wave 5, like most coins. (Following the rule of: equal to wave 1, 1500%=10$)
1. Wave 2 is by the book: flat, low volume.
2. Wave 3 is by the book: 1.618 of wave 1 (the first fib/circle shows that price stopped *exactly* there but momentum was too high for it to start a wave 4.
3. Wave 4 is by-the-book: 23.6% of wave 3 (the 2nd fib/circle lands *exactly* there)
* BBand shows that the trend was never broken, just tested. So wave 3 can't be a wave 5.
* TSV rising sharply since it's visit to the wave 4 end, supporting that it can't be an A/B wave.
* RSI weekly building a breakout (RSI 70)
* Gann catching the wave 4 descent & -60% correction after hitting top fan's 1/1.
^ But first will require a breakout outside of: 2, 3.5, 4.3, 6.3$
RSI resistance will be broken if it hits previous ATH and likely give it momentum shoot to the 4$~ area
Risk/reward:
1. Short term (bad): 1'ish (@2$)
2. Mid (standard): 2'ish (@Previous ATH)
3. Long (fantastic): 19.72 (@10$)
Disregarding 1. as there's not much point doing short term trends when upside breakout's more probable than down.
Fundamentals:
* Predominant layer 2
* Most Eth dapps bridged already
* Chain merge? (Hermez Network) <pretty historic
TA/Price action:
* Elliot:
1. Appears to be in the process of wave 5, like most coins. (Following the rule of: equal to wave 1, 1500%=10$)
1. Wave 2 is by the book: flat, low volume.
2. Wave 3 is by the book: 1.618 of wave 1 (the first fib/circle shows that price stopped *exactly* there but momentum was too high for it to start a wave 4.
3. Wave 4 is by-the-book: 23.6% of wave 3 (the 2nd fib/circle lands *exactly* there)
* BBand shows that the trend was never broken, just tested. So wave 3 can't be a wave 5.
* TSV rising sharply since it's visit to the wave 4 end, supporting that it can't be an A/B wave.
* RSI weekly building a breakout (RSI 70)
* Gann catching the wave 4 descent & -60% correction after hitting top fan's 1/1.
^ But first will require a breakout outside of: 2, 3.5, 4.3, 6.3$
RSI resistance will be broken if it hits previous ATH and likely give it momentum shoot to the 4$~ area
Risk/reward:
1. Short term (bad): 1'ish (@2$)
2. Mid (standard): 2'ish (@Previous ATH)
3. Long (fantastic): 19.72 (@10$)
Disregarding 1. as there's not much point doing short term trends when upside breakout's more probable than down.