Huge Rallies for Zilliqa (ZIL) and Top Gaming Project Ethereum in Sight as Bitcoin (BTC) Breaks Out: Crypto Analyst
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 streak.
Pseudonymous analyst TechDev tells his 380,100 Twitter followers that virtual reality platform Decentraland is currently trading in a long ascending channel on the weekly chart.
“MANA has one of the cleanest channels out there with a clear, repetitive structure.”
Source: TechDev/Twitter
Looking at the chart, TechDev forecasts a stunning 730% rally for MANA in the coming months. At the time of writing, Decentraland is exchanging hands for $2.65.
Next is Zilliqa, a blockchain for enterprise solutions. According to TechDev, he sees a correction in the ZIL to around $0.09 before launching a massive rally above $1.10.
“ZIL in my opinion groundbreaking for the market.”
TechDev’s prediction is based on Elliott Wave Theory, a technical analysis approach that predicts future price movements by following the psychology of market participants, which tends to manifest itself in waves. According to TechDev’s chart, ZIL is now in the middle of its fifth and final wave.
Looking at Bitcoin, the crypto strategist says that BTC appears to be following its market structure between May and July 2021, when the leading crypto by market cap bottomed above $30,000 before hitting a new all-time high of $69,000.
According to TechDev, the move above $45,000 suggests Bitcoin is preparing for the next leg of its bull market.
“Comparison of the last two BTC reaccumulation zones. Assuming range highs flipped to support and SOS (signs of strength) confirmed… At the next few levels I would try to take profits/re-enter if swing trading occurs in lower to mid time frames when ranges hit and be turned.”
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