A popular crypto strategist and trader is predicting massive rallies for Decentraland (MANA) and Zilliqa (ZIL) as he believes Bitcoin (BTC) is poised to break out of a multi-month accumulation period.
Pseudonymous analyst TechDev tells his 380,100 Twitter followers that virtual reality platform Decentraland is currently trading within a long ascending channel on the weekly chart.
“MANA has one of the cleanest channels out there with a clear repeating structure.”
Looking at the chart, TechDev predicts a staggering 730% rally for MANA in the coming months. At time of writing, Decentraland is exchanging hands for $2.65.
Next up is Zilliqa, a blockchain for enterprise solutions. According to TechDev, he sees ZIL correcting to around $0.09 before igniting a massive rally above $1.10.
“ZIL showing the way for the market in my opinion.”
TechDev’s prediction is based on the Elliott Wave theory, a technical analysis approach that predicts future price action by following the psychology of market participants that tends to manifest in waves. According to TechDev’s chart, ZIL is now in the midst of its fifth and final wave.
Looking at Bitcoin, the crypto strategist says BTC appears to follow its market structure between May-July 2021 when the leading crypto by market cap carved a bottom above $30,000 before printing a fresh all-time high at $69,000.
According to TechDev, the move above $45,000 indicates that Bitcoin is gearing up for the next leg of its bull market.
“Comparison of last two BTC reaccumulation zones. Assuming range highs flipped to support and SOS (sign of strength) confirmed… Next levels are where I’d be looking to take profit/reenter if swing trading on lower to mid timeframes as areas are reached and flipped.”Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/YUCALORA