- gertvanlagen
$VET, $RARE, $ORN, $LTC, $CHR - 24th draw October challenge
The higher a target, the more likely a lower target will be the cycle top. Highest targets are deemed possible when the total market capitalization grows to 10T EOY '21.
--> link to challenge dashboard
$VET - VeChain
This token is clearly in a huge bull run. After the resistance breaks, I expect it to hit at least $1.5 end of this year. See also my earlier tweet about it this year below with this target. This target is also the 2 extension of the 3-4 correction wave. Lower (intermediate) targets are $0.45, $0.6, $0.8. A higher (unlikely) target would be $2.4 at 2.618 extension.
Key support to hold: lower trend line of green rising channel
Key resistance to break: $0.15-$0.2
Tip: in the tradingview chart you can press the play button, to see how price evolved after this analysis was made.
$RARE - SuperRare
Tokenomics:
This project started only 2 weeks ago, so there cannot much be said about price action or targets. The circulating supply is currently 143 million $RARE, which will be doubled before September next year, so approximately 20 million tokens are issued each month. This is not enough to fully suppress price action and looking at the market cap, there is a lot of room to grow. Since it's listed on Binance already, I wouldn't be surprised if this one gets a shot during the blow-off phase of the current bull cycle. DYOR.
$ORN - Orion Protocol
Tokenomics:
On October 16th 3.4% of the total supply was added. Before end of this year (bull cycle BTC) only on December 16th another 1.7% will be issued. (Source) This makes that the issuance of tokens will not suppress price action too much.
Technical analysis
This is a huge project with a crazy low market capitalization. DYOR.
It's interesting to see how the $3.5-$5 range first acted as resistance and has been flipped to support. Currently price is being squeezed between the lower support range and the higher resistance range $13-$19. The longer such a squeeze takes, the more aggressive an outbreak is likely to be.
Targets:
$50 1.272 extension of correction; (easily)
$70 1.414 extension of correction; (very likely)
$110 1.618 extension of correction; (likely)
$250 2 extension of correction; (possible)
$900 2.618 extension of correction; (not very likely)
... only 25B market cap at $900, so could continue here. Let's wait and marvel.
Key support to hold: $5
Key resistance to break: $13-$19
Tip: in the tradingview chart you can press the play button, to see how price evolved after this analysis was made.
$LTC - Litecoin
I don't like this project as it is a fork of Bitcoin with some small adjustments to the source code.
Elliott wave analysis targets:
$1000 1.618 extension of 3-4 correction; (likely)
$1700 2.272 extension of 3-4 correction AND 2.414 extension of I-II correction; (possible)
$2500 1.618 ext. of bear market, 2.618 of I-II correction, 2.272 of 3-4 correction; (unlikely)
Key support to hold: $140
Key resistance to break: $250-$310
Tip: in the tradingview chart you can press the play button, to see how price evolved after this analysis was made.
$CHR - Chromia
This is a project with a very low market cap and it has been around since end of 2019. The top of the bear market has been broken, so the project is most likely in a bull run. DYOR.
Elliott wave analysis targets:
$2.65 1.618 extension of 3-4 correction; (likely)
$5.65 1.618 extension of 3-4 correction AND 2 extension of bear market; (less likely)
$10 2.272 extension of 3-4 correction AND 2.414 extension of bear market; (possible)
Key support to hold: lower green trend line $0.35
Key resistance to break: $0.4-$0.5
Tip: in the tradingview chart you can press the play button, to see how price evolved after this analysis was made.
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