One of the MOST UNDERVALUED assets with huge POTENTIAL? ULTIMA continues its correction and by the looks of it, the end of the correction is getting closer.
⚡️ Let's see why I think there is a huge potential here in the short term.
The current correction is caused by the start of the token unlocking period after the freeze and many of them went straight to the market. However, they are not in a hurry to pay off yet.
Now, above are two huge GAPs. The first one is $11,400 - $15,320 and the second one is $15,400 - $19,000. As you know, GAPs are 99% of the time closed sooner or later. Especially such huge ones that leave behind such untraded areas.
📰 On every impulse, historically, there are 3-4 down pushes. Right now, ULTIMA has completed the second one. Not sure what the 4th will be, given what impulses were on the first two. So the next one (if there is one) could be the last and entail a BOS and a return to growth.
⚙️ Metrics and indicators:
Volume - the entire correction that started as early as $20,000 continues on lower selling volume, signaling seller exhaustion. Potentially signaling a rebound in the short term.
RSI - the second impulse was weaker than the first and a divergence was formed on the indicator chart. Which indicates a potential change of trend back to growth.
CMF - here is the most interesting thing. During the whole correction, fresh liquidity continues to enter the token. Also forming a divergence.
This indicates that holders continue to accumulate the coin. 🔥
VRVP - shows that at the price of $14,000, trading volumes have almost completely disappeared. The asset was probably overheated speculatively as it gave over 500% in a short period of time last year alone. And the current correction is landing gamblers with shoulders that obviously don't want to re-enter and go try their luck further.
Small volumes have started to appear in the $11,000 zone. Which, combined with the fact that we know we could be in for another downward momentum, is very correlative. After all, we are seeing more and more volume at a low price and the next impulse may just spark interest from those who have been waiting for a lower price for a long time.
📌Conclusion:
My first key point was $10,000. The next one will be $8,000. I don't expect a move below $6,000. But am buying at each key point so I don't miss the upside and average the position. Not trying to guess where the long awaited bottom is.
