A widely followed crypto analyst says the red-hot native asset of a Web3 protocol appears poised to continue its rally.
Pseudonymous trader Credible Crypto tells According to its 356,800 followers on social media platform
“[AIOZ] has now withdrawn and I think the correction is now complete. I think it is ready for the next stage to the top.”
The trader uses the Elliott Wave theory, which tries to predict price movements based on the psychology of the crowd that manifests itself in waves. Elliott Wave Theory suggests that price impulses occur in five waves, following three-wave “ABC” corrections.
“We see a series of impulsive movements…
We got a nice wave two correction. We’ve now had a recovery of this key swing low [at $0.136] which left us devastated after testing the question [at $0.115]. So now the green region [around $0.13] is essentially the buying zone, focused on new local highlights. And now we are looking for the next impulse upwards.”
Credible Crypto says that in a consolidation phase, the AIOZ correction may take a little longer at the current value before taking the next step upward.
“This corrective structure may or may not be complete, I should say. We could simply do something like this, consolidate here and then get the next boost. So the corrective structure may not be complete, but I think the low point is probably now that we’ve had this recovery.”
He continues that AIOZ could soon rise to more than 126% compared to its current value.
“I think we are now ready to move into the range highs of around $0.36, which is three times current levels. And on top of that $0.45, which is a 4x before we hit the next major resistance area…
I see no signs of weakness on the higher time frames, no bearish divs (divergence) on the daily…
The higher time frames look fantastic. Lower time frames look fantastic. This thing is ready to go.”
AIOZ closed at $0.0148 on November 7 and is now trading at $0.1592 at the time of writing, a gain of 976%.
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Generated image: Midjourney