ERGO next leg up - analysis
Updated
ERGO/USDT
Possible outbreak from symmetrical triangle and wondering where this might lead.
I used data point from coinmarketcal and coingecko to have a minimal price history (since feb 2021). Tradingview only has data since the listing on Kucoin.
FYI: The highest USD valuation was 22.37 on 16 december 2017. NOt the 18.18USD on 18 may 2021.
The fibonacci extensions line guide us to profitable moves upwards.
Target 1: 27.86
Target 2: 41.87
Since BTC dominance possibly fades further to 40% by september (where we expect a strong bounce), a lot of altcoins have room for growth.
ERGO is a very promising project but not 100% operational and only availible on 1 DEX (KUCOIN) (and swap protocols). Many will follow down the road.
A lot of upside on the implementation of the technology itself and the market valuation make the short term targets above not so radical.
As for timing I think no patience is required. It looks quite ready for a leg up.
Kind regards,
ThVD
Possible outbreak from symmetrical triangle and wondering where this might lead.
I used data point from coinmarketcal and coingecko to have a minimal price history (since feb 2021). Tradingview only has data since the listing on Kucoin.
FYI: The highest USD valuation was 22.37 on 16 december 2017. NOt the 18.18USD on 18 may 2021.
The fibonacci extensions line guide us to profitable moves upwards.
Target 1: 27.86
Target 2: 41.87
Since BTC dominance possibly fades further to 40% by september (where we expect a strong bounce), a lot of altcoins have room for growth.
ERGO is a very promising project but not 100% operational and only availible on 1 DEX (KUCOIN) (and swap protocols). Many will follow down the road.
A lot of upside on the implementation of the technology itself and the market valuation make the short term targets above not so radical.
As for timing I think no patience is required. It looks quite ready for a leg up.
Kind regards,
ThVD
Note
timing UPDATE 
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