Complete Analysis of #CakeElliott Wave Analysis: This cryptocurrency began its Wave 1 movement as a 5-subwave structure on October 18, 2023, reaching a price of $5.175 by March 14, 2024. The correction of Wave 2, in the form of an ABC structure, lasted until August 5, 2024, dropping to $1.42. From this point, the primary Wave 3 started and has not yet completed.
Fibonacci Channel: #Cake has successfully broken out of its descending Fibonacci channel, and according to a general rule, it can experience a price increase equal to the width of the previous channel.
First Target: The initial target for this cryptocurrency could be the peak of Wave 1 ($5.2), where I anticipate a correction (forming a cup handle) before continuing the third wave.
Second Target: I calculated this target using three methods:
2.61 times the length of Wave 1 based on Fibonacci ratios in Elliott waves (white Fibonacci projection line).
1.618 times the depth of the cup (dark red Fibonacci projection line).
Pivot derived from the Order Block.
Interestingly, these three zones are closely aligned, forming a clustered area between approximately $10 and $12. Thus, after the correction due to the completion of the cup and its handle, the main Elliott Wave 3 target will be placed between these two prices.
In the chart of this analysis, the end points of Waves 4 and 5 are hypothetical.
This analysis is highly speculative and should not be the primary basis for your decisions regarding buying, holding, or selling this valuable cryptocurrency.
I am #pirooztrader, a cryptocurrency analyst.
