DAO Is Searching For The Strong Support
Cryptocurrency DAO Maker is trading bearish for the last year, but the wave structure looks like an A-B-C corrective decline that can be slowly coming to an end, ideally at the end of 2022 or beginning of 2023.
From Elliott wave perspective we are already tracking a motive wave C, which should be completed by a five-wave cycle of the lower degree. In this case as an ending diagonal (wedge) formation, where final wave (5) of C can be now in play.
Technically speaking, we believe that strong support may not be far away, probably here at the yearly lows, here around 1.0 level or maybe slightly lower. There's also a chance for a spike down before we will see a bullish reversal, just keep in mind that first bullish evidence is only in case if we see sharp or impulsive rebound back above 2.55 region.
All the best!
From Elliott wave perspective we are already tracking a motive wave C, which should be completed by a five-wave cycle of the lower degree. In this case as an ending diagonal (wedge) formation, where final wave (5) of C can be now in play.
Technically speaking, we believe that strong support may not be far away, probably here at the yearly lows, here around 1.0 level or maybe slightly lower. There's also a chance for a spike down before we will see a bullish reversal, just keep in mind that first bullish evidence is only in case if we see sharp or impulsive rebound back above 2.55 region.
All the best!
Comment:
Remember $DAO shared back in October/November? It's finally breaking the wedge pattern after reaching projected strong support zone for wave C of a big A-B-C correction from the highs. First bullish evidence is above 2.55 region! #Crypto #DAOUSD #support #Elliottwave
