Crypto Contest May 16: Elastos

Elastos (Huobi: ELAUSDT) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Elastos began a wave one advance on February 16. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on April 8, and the red wave two (blue sub-waves a-b-c) correction ended on April 26. If this wave count is correct, Elastos should be heading next towards the April 8 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Elastos is creating a completely modern internet infrastructure powered by blockchain technology. You can watch their introduction video below.

(Sources: Elastos and YouTube)

How

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.