Alephium $ALPH Enters Extreme Daily Buying Area

Alephium  is a Layer 1 blockchain network designed to address the limitations of existing solutions and initiate a new era of decentralized applications (dApps) and decentralized finance (DeFi). In today’s article, we’ll explore the daily Elliott Wave structure of the coin $ALPH  and scout the potential path based on the Theory.

$ALPH rallied from $0.0.046 low ( January 2023 ) to a high of $3.84 ( February 2024 ). The 14 months rally achieved an impressive +8170% gains before ending the cycle. The coin started a daily correction and it's currently down 60% from the peak.

The decline from February 2024 is unfolding within a corrective 3 waves Zigzag structure and it did reach the buying area around equal legs at $1.8 – $0.8. The blue box showing in our chart is a technical area where we expect $ALPH to end the current correction then it's expected to start the next leg to the upside in a proposed wave ((3)) or at least bounce in 3 waves from there.

Alephium $ALPH Daily Chart 5.15.2024

Setup Recap 

-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)

Source:  https://elliottwave-forecast.com/cryptos/alephium-alph-buying-area/