Alephium is a Layer 1 blockchain network that aims to revolutionize decentralized applications (dApps) and decentralized finance (DeFi) by addressing the limitations of existing solutions. In this article, we will delve into the daily Elliott Wave structure of the coin $ALPH and analyze its potential path based on the Theory.
The coin $ALPH soared from a low of $0.046 in January 2023 to a high of $3.84 in February 2024, marking an impressive gain of +8170% over a span of 14 months before the cycle came to an end. Currently, the coin is undergoing a daily correction and has retraced 60% from its peak.
The decline from February 2024 is unfolding in a corrective 3 waves Zigzag structure, and it has reached the buying area around equal legs at $1.8 – $0.8. The blue box on the chart represents a technical area where $ALPH is expected to conclude the current correction and potentially initiate the next upward leg in a proposed wave ((3)) or at least a bounce in 3 waves from that point.
In the Alephium $ALPH Daily Chart dated 5.15.2024, the setup recap includes the following key points:
– 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)
In conclusion, Alephium $ALPH is undergoing a corrective phase after a significant rally, and it is currently approaching a potential buying area where it is expected to conclude the correction and resume its upward trajectory. Traders and investors can consider entering the market within the specified entry area and setting their targets based on the proposed Elliott Wave analysis. It is essential to monitor the price action and adhere to the invalidation condition to manage risk effectively. With a solid understanding of the Elliott Wave Theory and technical analysis, market participants can make informed decisions and capitalize on the potential opportunities presented by Alephium $ALPH.
