Today we will talk about cryptocurrency EGLD, its price action from technical point of view and wave structure from Elliott Wave perspective.
Looking at the weekly logarithmic scale chart, we can clearly see a completed five-wave cycle within higher degree wave III and with broken channel support line, EGLD could be now trading in wave IV correction.
Corrections are made by three waves A-B-C and ideally back to the former wave 4 swing low, so current recovery looks to be just a three-wave corrective rally in wave B before we will see another decline for wave C.
What we want to say is that in the short-term, EGLD can see more gains towards 250 -350, maybe even 400 area for that wave (C) of B, but later then watch out for another decline towards strong 50 support level before real bulls for a higher degree wave V show up.
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I have exactly the same hopium count as you. That only thing I don't like is calling that first candle a 1... If we ignore that first candle as a 1 we're prob going to see somewhere between 2 and 7$, as the first impulse is complete