Elliott Wave Forecast Team
ElliottWave-Forecast.com
Vulcan Forged $PYR is a utility token used to buy NFTs and virtual assets within Vulcan Forged games marketplace. In today’s article, we’ll dive into the daily structure setting up a bullish reversal based on the Elliott Wave Theory.
$PYR started its rally from November 2022 low similar to Bitcoin, the token moved +315% to the upside until March 2024. The advance unfolded within a regular 5 waves impulse in wave ((1)) therefore a correction in wave ((2)) was inevitable. $PYR saw a 64% decline in the recent two months to correct the entire rally. The 3 swing move to the downside is labeled as a ZigZag structure (A)(B)(C) and it reached its target area within the blue box at equal legs $3.95 – $2.92.
$PYR found buyers as expected from the blue box showing in our chart which represent a technical area where we expect the market to end the correction and bounce higher from there. Consequently, as long as price stays above recent May’s low $3.84, then $PYR is expected to remain supported within wave ((3)) and will be looking for a rally into new highs with a minimum target at extreme area $12 – $17.
Vulcan Forged $PYR daily chart 5.21.2024
Setup recap
-Time Frame: Daily.
-Entry Area: $3.95 – $2.92.
-Invalidation Condition: Daily Close below $2.72.
-Targets / Ratio: Target 1 at $12 (6 RR) – Target 2 at $17 (9.6 RR).
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