Crypto Contest December 24: Decentraland
Decentraland (MANAETH) is breaking out of the triangle pattern in the four-hour chart.
(*Chart courtesy of Tradingview.com *)
Elliott Wave Analysis
In Elliott Wave terms, Decentraland began a wave one advance on October 23. The red wave one advance finished on November 8, and the red wave two correction ended on November 12. The red wave three advance finished on December 7, and the red wave four correction ended on December 8. If this wave count is correct, Decentraland should be heading next towards the December 7 peak in the red wave five.
(Chart courtesy of Tradingview.com)
Zooming into the four-hour chart, I believe Decentraland has completed the red waves one and two. The red wave one (blue sub-waves i-ii-iii-iv-v) advance began on December 8.
(Chart courtesy of Tradingview.com)
Putting it all together, Decentraland is currently most likely in the red wave five (blue-sub-wave iii).
(Chart courtesy of Tradingview.com)
Funnymentals
Decentraland is a virtual reality platform powered by the Ethereum blockchain. Here is the official video explaining the platform.
(Source: https://decentraland.org/)
If you think this analysis is correct, upvote this post and upvote the comment "Decentraland will takeout the December 7 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Decentraland will drop below the November 12 low".
If you think Decentraland is in a range, upvote this post and upvote the comment "Decentraland will stay in a trading range between the November 12 low and the December 7 peak until January 24, 2018".
You can upvote the comment until 3 PM EST December 25 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).
Bonus
I will be sending one Trophy Token to everyone who manages to get these contests right seven times in a row. If/when you accomplish this, please contact me at Steemit Chat with your BitShares address.
Decentraland will takeout the December 7 peak (22 voters as of 3 PM EST December 25: lydon.sipe, eirik, bentleycapital, fitinfun, simonjay, flemingfarm, digitalking, jznsamuel, reconnectnature, tfeldman, dlwagner, libert, wallsnow, coolthings, mihail.tsvetkov, freskil, cassidyandfranks, psywalker, incrediblesnow, yefet, barbadosso, utkarshvarma).
Decentraland will takeout the December 7 peak
Thank you soccersteem.
Please remember to upvote the right comment.
Decentraland will stay in a trading range between the November 12 low and the December 7 peak until January 24, 2018 (27 voters as of 3 PM EST December 25: gregory-f, twinner, ace108, crokkon, osmanbugra, catena, themovieplace, toofasteddie, mprgrmmr, tzap90, cryptotem, criptorafa, miniature-tiger, abay, mirda, starline, glennolua, richard78624, ahinga, me-do, andy23, elisablogs, heidelbaer, koskl, amfid4846, huasipi, kanoe).
You won.
Decentraland will drop below the November 12 low (3 voters as of 3 PM EST December 25: dlina-v-metrah, mgood, ragnaros).
With this market volatility I think Decentraland will be swinging both up and down. Where will it wind up in 1 month? I'll go with down just because everyone else so far has gone with up or in the range. More of a gambler's move rather than a traders' analysis move.
After all - who does not need "Virtual Real Estate!"
👍👍👍👍
Thank you beautypics.