Hello TradingView Community!
Today, I'm excited to share my technical perspective on Portal (PORTAL), an incredibly promising project poised to be the leading cross-chain gaming hub in the Web3 space, powered by LayerZero. PORTAL aims to simplify Web3 for traditional gamers, offering a universal token for in-game payments, NFT trading, staking, and governance.
While PORTAL's fundamental vision is strong, its price action since its early 2024 launch has, like many new altcoins, experienced significant volatility. It's currently trading around $0.06 - $0.08 USD, with a market cap around $35-$40 million. However, my technical analysis suggests a significant shift may be underway.
My Elliott Wave Prediction: WXY Correction Complete, Impulse Wave Initiated!
(IMPORTANT DISCLAIMER: My Elliott Wave analysis is based on my interpretation of the chart and is inherently subjective. Different analysts may have varying counts. This is NOT financial advice, and cryptocurrency investments are highly volatile. Always do your own research (DYOR) and manage your risk accordingly.)
Based on my detailed analysis of PORTAL's price history on the 4-hour chart, I believe we have witnessed a complex WXY corrective pattern to the downside following its initial price movements.
Wave W (1st Zigzag):The initial sharp A-B-C leg down from the ATH.
Wave X (Connecting Wave): A subsequent corrective bounce, which connected the two zigzags.
Wave Y (2nd Zigzag):The final A-B-C leg down, bringing price to the current lows and completing the entire WXY structure.
As per my count, I predict that this WXY (Double Zigzag) downside correction is now complete, or in its final moments, potentially having found a strong bottom.
Crucial Confirmation: The Downtrend Line Break!
Adding a significant layer of confirmation to my Elliott Wave count, you can clearly see on the chart that PORTAL has recently decisively broken above a significant downtrend line that has been capping price action throughout much of this corrective phase. This breakout, ideally accompanied by volume, is a strong signal that the bearish momentum has shifted.
Following the completion of this corrective phase and the confirmed trendline breakout, I anticipate that PORTAL is now poised to embark on a new impulse wave to the upside. On the chart, I've outlined the potential path for this new impulse, which would typically consist of five sub-waves (1-2-3-4-5).
Potential Wave 1: I believe we are currently seeing the early stages of a strong move up as the first wave of this new impulse, which is supported by the recent trendline break.
Confirmation: Sustained price action above the broken downtrend line and the visible development of a clear five-wave structure would further confirm this bullish outlook.
Invalidation: My current bullish Elliott Wave count and the trendline breakout confirmation would be invalidated if PORTAL were to fall back decisively below the broken downtrend line and, more critically, break below the low of my proposed 'Y' wave. This would suggest the corrective phase is not yet over or that a deeper, more complex correction is unfolding.
Outlook:
Portal's fundamental value proposition in the Web3 gaming space is incredibly strong. From a technical standpoint, the combination of a completed complex corrective pattern (WXY) and the clear confirmation of a trendline break provides a compelling setup for a significant directional move upwards. I will be closely watching for the development of impulse wave characteristics to further confirm this bullish shift.
Always remember to conduct your own thorough research (DYOR) and implement sound risk management. This analysis is for educational and discussion purposes only.
Today, I'm excited to share my technical perspective on Portal (PORTAL), an incredibly promising project poised to be the leading cross-chain gaming hub in the Web3 space, powered by LayerZero. PORTAL aims to simplify Web3 for traditional gamers, offering a universal token for in-game payments, NFT trading, staking, and governance.
While PORTAL's fundamental vision is strong, its price action since its early 2024 launch has, like many new altcoins, experienced significant volatility. It's currently trading around $0.06 - $0.08 USD, with a market cap around $35-$40 million. However, my technical analysis suggests a significant shift may be underway.
My Elliott Wave Prediction: WXY Correction Complete, Impulse Wave Initiated!
(IMPORTANT DISCLAIMER: My Elliott Wave analysis is based on my interpretation of the chart and is inherently subjective. Different analysts may have varying counts. This is NOT financial advice, and cryptocurrency investments are highly volatile. Always do your own research (DYOR) and manage your risk accordingly.)
Based on my detailed analysis of PORTAL's price history on the 4-hour chart, I believe we have witnessed a complex WXY corrective pattern to the downside following its initial price movements.
Wave W (1st Zigzag):The initial sharp A-B-C leg down from the ATH.
Wave X (Connecting Wave): A subsequent corrective bounce, which connected the two zigzags.
Wave Y (2nd Zigzag):The final A-B-C leg down, bringing price to the current lows and completing the entire WXY structure.
As per my count, I predict that this WXY (Double Zigzag) downside correction is now complete, or in its final moments, potentially having found a strong bottom.
Crucial Confirmation: The Downtrend Line Break!
Adding a significant layer of confirmation to my Elliott Wave count, you can clearly see on the chart that PORTAL has recently decisively broken above a significant downtrend line that has been capping price action throughout much of this corrective phase. This breakout, ideally accompanied by volume, is a strong signal that the bearish momentum has shifted.
Following the completion of this corrective phase and the confirmed trendline breakout, I anticipate that PORTAL is now poised to embark on a new impulse wave to the upside. On the chart, I've outlined the potential path for this new impulse, which would typically consist of five sub-waves (1-2-3-4-5).
Potential Wave 1: I believe we are currently seeing the early stages of a strong move up as the first wave of this new impulse, which is supported by the recent trendline break.
Confirmation: Sustained price action above the broken downtrend line and the visible development of a clear five-wave structure would further confirm this bullish outlook.
Invalidation: My current bullish Elliott Wave count and the trendline breakout confirmation would be invalidated if PORTAL were to fall back decisively below the broken downtrend line and, more critically, break below the low of my proposed 'Y' wave. This would suggest the corrective phase is not yet over or that a deeper, more complex correction is unfolding.
Outlook:
Portal's fundamental value proposition in the Web3 gaming space is incredibly strong. From a technical standpoint, the combination of a completed complex corrective pattern (WXY) and the clear confirmation of a trendline break provides a compelling setup for a significant directional move upwards. I will be closely watching for the development of impulse wave characteristics to further confirm this bullish shift.
Always remember to conduct your own thorough research (DYOR) and implement sound risk management. This analysis is for educational and discussion purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.