#MG8 Coin Chart Analysis While other #altcoins have seen upward movement, this coin is still in a converging pattern.
Converging patterns are indeed challenging to predict in terms of direction.
With MG8 only listed on a single exchange, it’s difficult to anticipate how price fluctuations may unfold, as both buy and sell orders are limited.
As a result, the chart currently shows a triangular convergence. There’s a 50% chance of either upward or downward movement; it’s hard to say which direction it will go. However, holding Megalink during this bull market, especially with potential upcoming developments, seems like a reasonable approach.
I personally trust the chart alone!
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I wondered what would happen if #Chainlink (LINK) kept rising, defying chart analysis.
Fortunately, with Bitcoin undergoing a correction, LINK is also correcting.
When I refer to a correction, it doesn’t mean I want it to drop. A moderate correction is beneficial, as it adds strength for a bigger upward move in the next wave.
So, for those #holding LINK in spot, it’s a good time to wait patiently with confidence.
We can’t predict how deep the correction will be, but corrections are entirely natural.
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For #Aptos (APT), it seems the correction phase may be over. Similar to MASK coin, it makes me wonder if this is a genuine rebound, as the price has reached a resistance level.
However, after an impulse wave and a corrective wave, we’ve seen some strong #upward movement.
This makes two price levels particularly important.
If the #price falls below $9.49, a significant drop is expected. Otherwise, I believe it could rise close to the $18 level, as this would complete the chart pattern.
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The MASK coin’s chart doesn’t appear as promising as some other #altcoins . However, it does look favorable for short-term trading, so I’m sharing the chart here.
I’ve adjusted the levels according to resistance.
At this point, the price needs to rise once more, as shown by the yellow line. This is essential to maintain the potential for further upside.
Additionally, if the price doesn’t break above $3.6 in the short term, I’ll discontinue this analysis.
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#Avalanche (AVAX) started its rebound after dropping from $65 down to $17.
It appears that the complex WXY corrective pattern has completed.
From here, I see two possible scenarios for its upward movement.
In the first scenario, AVAX forms an ABCDE wave pattern, followed by a correction and then a rise. However, unlike this pattern, coins like #ADA and #Chainlink are continuing to rise, which makes me question this scenario.
The second scenario involves an extended wave 3. In this case, the target price is $40. If it goes above $40, I’ll have to reassess, but in the short term, it seems like a good point for profit-taking. Rapid gains are often followed by pullbacks.
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It seems that Bitcoin's upward momentum is stronger than I anticipated.
Therefore, I should enter a long position again, but it’s not an easy decision.
Since I'm trading with short-term positions rather than swing trades, it's challenging, especially during sudden drops. Today, I have prepared two scenarios:
The first scenario is that Bitcoin has completed wave 3. Following this, wave 4 will go through only a brief correction before wave 5 continues to rise.
The second scenario assumes that wave 3 has extended into a 3-3 wave, indicating an extended wave 3. In this case, sustained upward movement is expected, potentially reaching levels beyond Fibonacci projections.
With capital continuously flowing into #ETFs , trading with short-term long positions rather than short positions may be more favorable.
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I analyzed the #XRP chart a few days ago, and my thoughts remain the same as back then.
Currently, after the short-term correction (ABC) has taken place, an upward pattern has emerged. Although I can’t say with 100% certainty that it will rise, I believe it’s likely.
For those holding spot positions, now is the time to hold on and wait until the right buying opportunity arises.
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ADA has been undergoing a prolonged correction phase and, in many ways, has shown a classic pattern in its movements.
It seems that ADA completed the first ABCDE impulse wave with Wave 1 and, after an ABC correction, formed the 3-1 wave as another ABCDE structure.
While we might see some short-term correction at the current level, the important point is that the chart is showing signs of a potential #upward trend.
For those who have patiently waited on ADA for a long time, this could be promising news.
I’ll continue to monitor and analyze the chart closely.
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Looking at the daily chart I posted previously, I believe we’re nearing the end of a wave cycle. Naturally, after some correction, another major upward movement will likely follow.
In the short term, I’m considering two scenarios:
1. The first is a wedge pattern. In this case, we could see a moderate decline before a rise.
2. The second scenario continues the trend, creating a final fifth wave with upward movement.
The common factor in both views is a #bullish outlook.
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The previous chart is no longer available, and we now have a new chart to track. Despite once reaching $2, the coin has been in a continuous decline.
Polygon saw rapid growth through the NFT market and DeFi. Observing the current state, it seems that the correction phase might be nearing an end.
Analyzing the chart, we see that over the past few months, the price has dropped from $0.43 to $0.23. The recent upward movement appears to be forming an impulse wave. While it's uncertain if this is indeed an impulse, the possibility looks promising.
I hope those holding Polygon Ecosystem coins will gain profits in this bull market. I believe there will be a strong upward movement at some point.
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#Solar Coin has been experiencing a strong short-term rise over the past two days.
As Uniswap’s coin increases, Solar Coin is also following this upward trend. It appears that coins used primarily for transactions via swaps are seeing gains.
Currently, Solar Coin’s chart has not yet formed an impulse wave.
For a more robust upward trend, an ABCDE wave formation should ideally complete before further rise. A sharp increase from this position could also lead to a substantial correction.
For Solar Coin, it might be wise to approach with some caution.
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However, a correction phase can occur after any rise. I’m uncertain whether we’ll see a definite correction at this point, given the strong upward momentum.
Still, for those following Elliott Wave theory, a correction is likely to be expected here. If it happens, this would mark the fourth wave.
Because the depth of the second wave correction was significant, there’s a high possibility the fourth wave correction will be brief.
The real bull market will only begin once Bitcoin surpasses $80,000. It’s still a bit early to call this a full-fledged bull market, but it’s a good time to enjoy the current momentum.
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Currently, alongside Bitcoin’s rise, most altcoins that hadn’t seen much movement are now rallying together.
Meanwhile, some coins, like #Doge and #Solana , are seeing even greater increases.
So, will altcoins continue to rise significantly tomorrow as well? Can we expect that much new capital to flow in immediately? I don’t think so.
Certainly, altcoins could continue to rise for a few days. If Bitcoin keeps rising without any correction, this could happen, but someone still needs to buy in.
That’s why I believe a rotation will soon take place.
Only certain coins will continue to rise in this upcoming phase. Keeping this in mind, we should be selective and careful in buying altcoins right now.
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