A widely followed crypto analyst says that one Web3 protocol’s red-hot native asset appears primed to continue its rally.
Pseudonymous trader Credible Crypto tells his 356,800 followers on the social media platform X that AIOZ, the native utility token of the AIOZ Network, is near the end of a correction after a massive rally and setting the stage for another leg up.
“[AIOZ] has now pulled back and I think that correction is now complete. I think it’s ready for the next leg to the upside.”
The trader uses the Elliott Wave theory, which attempts to forecast price movements based on crowd psychology that is manifested in waves. The Elliott Wave theory suggests that price impulses happen in five waves after three-wave “ABC” corrections.
“We are seeing a series of impulsive movements…
We got a nice wave two correction. We’ve now had a reclaim of this key swing low [at $0.136] that we broke down from after testing demand [at $0.115]. So now the green region [around $0.13] is essentially the buy zone, targeting new local highs. And now we’re looking for the next impulse to the upside.”
Credible Crypto says that AIOZ correction may last a little longer at its current value in a consolidation phase before making the next move to the upside.
“This corrective structure may or may not be complete, I should say actually. We could simply go something like this, consolidate here and then get the next impulse. So the corrective structure may not be complete, but I think that the low is likely in now that we’ve had this reclaim.”
He goes on to say that AIOZ may soon increase to more than 126% from its current value.
“I think we’re now ready to continue to the range highs which is about $0.36, which is a 3x from current levels. And above that $0.45, which is a 4x before we hit the next major area of resistance…
I’m seeing no signs of weakness on the higher time frames, no bearish divs (divergence) on the daily…
The higher timeframes look fantastic. Lower timeframes look fantastic. This thing is ready to go.”
AIOZ closed at $0.0148 on November 7th and is now trading at time of writing for $0.1592, a gain of 976%.
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Source: https://dailyhodl.com/2023/12/07/under-the-radar-altcoin-thats-exploded-over-970-in-a-month-ready-for-the-next-leg-to-the-upside-trader/