Elliott Wave Forecast Team
ElliottWave-Forecast.com
SuperVerse $SUPER is building and delivering Web3 products that empower crypto natives with next-generation NFT functionality, and onboard Web2 users through immersive blockchain gaming experiences. In today’s article, we’ll take a look at the recent daily bullish setup that took place and explore the potential path based on the Elliott Wave Theory.
$SUPER rallied within an impulsive 5 waves advance since October 2023 and it reached a high of $1.6 on the 7th of March 2024 marking an impressive 2140% advance in wave ((1)). Down from there, the token faced a 56% decline within a corrective 7 swings structure ( Double Three ) in wave ((2)). The correction to the downside reached the extreme blue box area at equal legs $0.83 – $0.48 and it provided buyers with a good investment entry for a potential higher target in wave ((3)).
As we can see in the following chart, $SUPER has already reacted from the blue boxe area which is a High-frequency area where the market is likely to end cycles and make a turn. The daily bullish structure is suggesting more upside to follow when the trend resumes and we expect the token to remain supported in 3, 7 or 11 swings during pullbacks.
$SUPER daily chart 4.16.2024
Setup recap
-Time Frame: Daily.
-Entry Area: $0.83 – $0.69.
-Invalidation Condition: Daily Close below $0.5.
-Targets / Ratio: Target 1 $2.2 (3.55 RR) – Target 2 $3.1 (5.88RR) – Target 3 $5.6 (12.3RR).
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