#ELAUSDT's Path to 115% Upside Potential

23 Sep 2023

💎#ELAUSDT is currently in the process of forming an extensive triangle pattern when examined on the 3D chart. This pattern exhibits the diligent respect for the uptrend trendline on the downside and the recognition of the supply zone around $2.07 on the upside.

💎A prominent development that has garnered our attention is the precise rebound from the 88.6% Fibonacci support level at $0.87. Remarkably, this bounce aligns almost perfectly with the Volume Profile level. Concurrently, when we consider the 50 Simple Moving Average (SMA), the price has consistently maintained trading above it, with the 50 SMA often acting as a reliable support.

💎At the present moment, #Elastos has once again descended close to the 50 SMA. Given the indication of a clean bounce from the Fibonacci support and the historical significance of the 50 SMA as a buying area, the probability tilts favorably towards an impending upward move.

💎The nearest resistance point is evidently the supply zone near $2.07. However, should this level be overcome by the buyers, the potential for a substantial price increase becomes apparent. The ultimate upside target rests near the 88.6% Fibonacci resistance level. Should this resistance level be reached, it would signify a remarkable 115% growth for #ELAUSDT.

💎Currently, the MCP team's focus is honed in on the price action surrounding the 50 SMA. As long as the price maintains its position above this level, the bulls are likely to maintain control. Subsequently, as the price begins to ascend, our attention will shift towards the supply area, which we anticipate may transform into a demand zone. At this juncture, the buying opportunity may manifest with heightened probability.

💎Amidst the positive aspects for #Elastos, it's essential to acknowledge the potential for an extended consolidation phase, where the price will undergo retesting of the uptrend trendline. Conversely, the worst-case scenario would materialize if the price breaches below the 88.6% Fibonacci support, thereby invalidating this bullish outlook.