I like the project EfinityEfinity falling wedge breakout targets.
* The purpose of my graphic drawings is purely educational.
* Never take my personal opinions as investment advice, you may lose money.
EFIUSDT trade ideas
EFINITY(EFI) bullish long-term with immediate downside potentialHey fellow analysts, EFI has had a fascinating 100% run in the past month. It broke some significant resistances on its way up which fueled its short-term rally. Time for some serious correction to cement future growth, eh? :-)
As you can see on the chart, EFI broke out of the fallng wedge that formed after the significant price drop from it ATH levels. This is good news as this pattern signals a potential trend reversal.
The price ran straight up to between the 0.5 - 0.618 Fibonacci retracement zone (aka "Fib Golden Zone" or "Fib Golden Pocket") of the higher-time-frame downtrend and got rejected significantly. This may signal a trend continuation, ie further bearishness BUT checking more thoroughly you can see a flag forming, which is pointing in the direction of the flagpole trend (yellow dotted parallalel lines). That again signals a higher chance of trend reversal! (flags building counter trend to the flagpole signal potential trend-continuation).
So we have both bullish and bearish signals on the chart but based on the previous breakout form the trend-reversing wedge I would expect a breakout from this trend-reversing flag too. Am I expecting it in the short-run? No way. To be fair, I would not be surprised to see price back-testing on the blue resistane (that could turn support now). I can see that scenario as a good opportunity to scoop up some more Efinity tokens. If the macro environment sours, it could even go as low as the flag's lower trendline. As for the short term, the quick fall in price has brought us back to the short-term runup's Fib Golden Zone. It is yet to be seen if this zone holds the price. If it does than a short-term continuation of the bullish run-up may continue. I would be more assured if we saw a longer mild correction first.
With macro data still not looking very reassuring, with the markets running up despite Fed chairman J.Powell's warnings of their intention to avoid market prices running up (as that would lead to an increase in inflation), with the job market being ever tighter, near record-low levels, I still see the menace of a recession looming over the US market - and consequently all proxy markets such as the EU for eample. So if I could then I would advise against taking any position right now in EFI but would keep a close eye on either the breaking of the flag pattern or the retest of the short term resistance or even the flag's lower trendline to do some more buys. But I cannot give such advice, I only ponder my own potential actions here. ;-)
Take care, do not forget cryptos are highly speculative and have yet to prove themselves in the world. Never invest more in the sector than you can afford to lose!
EFI is catching up !In a nutshell , I believe EFI has a good roadmap and will grow in future . it was left behind from the recent bullish moves , so we could see a good movement .
I would buy when it's stable above 100 ma .
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THANKS IN ADVANCE :D
NOTE: Trade on your own .
EFI - Sleeping GEMEFI is very much under valued sleeping gem....
30 days Forecast = TP1
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EFINITY TOKEN can bounce from this levelHello traders
EFIUSDT is interesting when it's cheap.
In last 14 days, we experiencing -%40.
IMO we can see new high for this pair.
Efinity is the world's cross-chain NFT blockchain.
Powered by the deflationary Efinity Token (EFI),
the network is environmentally friendly, scalable,
and built for games, apps, enterprises, and
creators to deliver their own non-fungible tokens
to mainstream audiences.
Built on Polkadot in partnership with Parity
Technologies and the Web3 Foundation, Efinity is
a new blockchain that's purpose-built for NFTs.
It's a token highway designed to enable a specific
kind of future-where NFTs are as widespread and
easy to use as smartphones today.
Long efinityEnjin is developing Efinity, a next-generation blockchain for digital assets, built on Polkadot.
Businesses and developers seriously need a platform that can deliver a modern, mainstream and developer-friendly NFT experience. Since the release of Ethereum, there have been attempts to build infrastructure and tokenization around this general-purpose computing blockchain, but there’s an ever-growing thirst for a better solution.
Creators are forced to work with crippling fees, inflexible smart contracts and disjointed interoperability. Adoption of today’s NFTs is still limited to die-hard crypto enthusiasts.
The blockchains that non-fungible tokens live on give actual users no incentives (other than the prices rising), because miners are given the full share of generated tokens. Prices rise, infrastructure companies create silos and paywalls, and it becomes difficult to make real progress in this industry - unless we can unify the community and think a bit differently.
Efinity is built to solve these problems.
We're developing a new token standard called Paratokens, which will be compatible with the entire Polkadot and Kusama ecosystem.
Efinity Token (EFI) will be the first ever paratoken.
