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By XTRAVAGANZA · Posted
I've been following the AI space closely, and the AI Network is a standout project. The concept of creating and trading AI applications is incredibly exciting. It's like taking the creator economy to the next level. At the core of this ecosystem is the AIN token, which powers everything from application development to transactions. I came across a recent tweet by Bitget where the exchange could list $AIN if deposit reach the exchange listing requirement. This listing could increase exposure for AI Network which will be a great milestone for the project. What really amazes me is the 1, 428,571 $AIN reward pool for users that deposit AIN on the exchange. It's going to be interesting to see how this listing impacts the token's price and the overall project. -
By tradinglounge · Posted
GX URA Elliott Wave Analysis The GX URA ETF, or Global X Uranium ETF, is designed to track the performance of companies within the uranium industry. This ETF provides investors with a diversified portfolio that includes firms involved in uranium mining, exploration, and production globally. As nuclear power gains recognition as a cleaner energy alternative, the demand for uranium is expected to rise, making the GX URA ETF an appealing option for investors aiming to benefit from the sector's growth. GX URA ETF Elliott Wave Analysis The GX URA ETF has resumed its downward trajectory, continuing the sell-off that began from its peak in May 2024. The recent decline suggests the formation of a bearish impulse wave structure, indicating that further downside movement is likely in the coming weeks. Daily Chart Analysis On the daily chart, the bullish corrective cycle that began in March 2020 concluded on May 21, 2024. During this cycle, the supercycle waves (a)-(b)-(c) unfolded, with wave (a) completing as an impulse wave in November 2021. This was followed by a wave (b) pullback, which ended as a double zigzag in July 2022 at 17.70. From the July 2022 low, a bullish impulse wave commenced, culminating at the May 2024 peak. From this peak, we are likely to witness either a full bearish impulse wave sequence (1-2-3-4-5) or an A-B-C corrective decline of the cycle degree. The price is currently in wave (3) of 3 (circled) of either a or I, suggesting that wave (3) could extend lower toward the 21.58-20.39 range in the coming weeks. H4 Chart Analysis The H4 chart aligns with the daily chart's outlook, reinforcing the expectation that wave (3) will continue to push lower. Sellers are in control of this ETF, and the bearish momentum is likely to persist, driving prices further down. Conclusion In summary, the GX URA ETF is amid a significant sell-off, driven by a developing bearish impulse wave structure. With the potential for wave (3) to extend lower, traders should expect continued downward pressure on this ETF. The outlook remains bearish, and selling opportunities may arise as the market progresses toward key support levels Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
NVDA Elliott Wave Analysis Trading Lounge Daily Chart, NVIDIA Corp., (NVDA) Daily Chart NVDA Elliott Wave Technical Analysis FUNCTION: Counter Trend MODE: Corrective STRUCTURE: Zigzag POSITION: Intermediate wave (A). DIRECTION: Downside within wave (A). DETAILS: Looking for a top in wave (5), as we seem to have failed to find support on top of MG1 of 100$. Looking for a clear break and retest of TL1 at 100$ to have additional confidence in further downside developments for the longer term. NVDA Elliott Wave Analysis Trading Lounge 4H Chart, NVIDIA Corp., (NVDA) 4H Chart NVDA Elliott Wave Technical Analysis FUNCTION: Counter trend MODE: Corrective STRUCTURE: Zigzag POSITION: Minor wave A DIRECTION: Bounce in wave B. DETAILS: Here we are entertaining the possibility of a bounce in either wave B or 2 to then fall back lower, breaking the 100$ barrier. Welcome to our latest Elliott Wave analysis for NVIDIA Corp. (NVDA) as of August 5, 2024. This analysis provides an in-depth look at NVDA's price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on NVDA's market behavior. * NVDA Elliott Wave Technical Analysis – Daily Chart* The analysis indicates that NVIDIA has likely reached a top in wave (5), failing to find support on top of the medium-grade level (MG1) at $100. This failure suggests further downside potential. A clear break and subsequent retest of the trendline (TL1) at $100 would provide additional confidence in the bearish outlook for the longer term. * NVDA Elliott Wave Technical Analysis – 4H Chart* The shorter time frame suggests the possibility of a bounce within wave B or wave 2, which could provide a temporary relief rally before the continuation of the downward move. This bounce would precede a further decline, potentially breaking below the $100 barrier as the corrective phase progresses. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!
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