TechDev: MANA, ZIL Ready To Rally, As Bitcoin Gears For Next Leg Up
According to a prominent crypto analyst, known as TechDev, Decentraland (MANA) and Zilliqa (ZIL) are gearing up for huge rallies, as Bitcoin (BTC) looks ready to to break out of months long accumulation phase.
Decentraland (MANA)
The popular analyst shared with his 380.6K followers on Twitter that virtual reality platform Decentraland is at the moment moving up in an ascending channel on the weekly chart.
“MANA has one of the cleanest channels out there with a clear repeating structure.”
$MANA has one of the cleanest channels out there with a clear repeating structure.
I review its targets, as well as key upcoming levels for #Bitcoin in this week's full issue.
Looking into Zilliqa, a blockchain for enterprise solutions, the analyst projects ZIL to first correct down to $0.09 level, and then stage a rally to $1.10.
“ZIL showing the way for the market in my opinion.”
In his analysis, TechDev uses Elliott Wave theory, which is a technical analysis approach with the aim to predict future price action by following the psychology of market participants. According to the theory, the market moves in waves, and ZIL is now on-going its fifth and final wave.
At the time of writing, ZIL trades at $0.13.
Bitcoin (BTC)
Moving on to Bitcoin, TechDev believes that BTC is following its market structure between May-July 2021 when it hit a bottom at around $30,000 before launching into all-time highs at $69,000 level.
A move above $45,000 shows that Bitcoin is getting ready for the next leg of its bull market, says the analyst.
“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.”
Assuming range highs flipped to support and SOS 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. pic.twitter.com/oSc7ktRKit
