PRIME is the native token of the Echelon Prime Foundation, a Web3 ecosystem advancing the next generation of gaming. In today’s article, we’ll explain the daily structure taking place based on the Elliott Wave Theory.
Prime started it’s bullish uptrend on May 2023. Since then, it rallied for 10 months straight achieving a total of +2255% and peaking at $28.3 on march 2024. That peak si proposed to be the initially wave ((1)) rally after it ended 5 waves advance and consequently it started 3 waves correction lower in wave ((2)).
The decline is currently still in progress and it’s unfolding within an Elliott Wave Zigzag structure. Prime is already trading within wave (C) of ((2)) and entering the extreme area between $11 and $5 where the daily correction is expected to end. Investors look to start accumulating in preparation for the next higher low. This will lead to a new rally within wave ((3)) with an initial target at $38 and extension higher at $54.
Prime Daily Chart 6.13.2024
Setup Recap
-Time Frame : Daily
-Entry Area : $11 – $6
-Invalidation Condition : Daily Close below $5
-Targets / Ratio : Target 1 at $38 (5.6 RR) – Target 2 at $54 (8.8 RR)
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