I am making a gamble on EdgewareHi folks!
Long time no see, as the market has been largely untradeable in my view!
Now, I still think the market is in a chop,
but it might be tempting to bet some small funds on a bounce these days due to the really fearful sentiment and the very low liquidity in the markets.
In that sense, I have researched some potential candidates for long-shot bets, and I believe that the Edgeware project is extremely undervalued
from a fundamental standpoint - at least measured in multiples to the crypto market.
(Due to its potential both as a general purpose DAO and smart contract platform, its really decentralized community and the fact that it`s built on substrate)
In addition, the technicals look really good (Massive bullish divergence, very low liquidity on the downward move, two consecutive buy signals).
I am making a punt here, and I just thought I`d share it!
DYOR.
NFA.
Never take the word of others as a given, and never take advise from someone without skin in the game.
I wish you all well :)
EDGUSD
Edgeless Hitting Resistance LevelAfter Edgeless coin hit the bottom at $0.267, back on the 29th of June, price went up and broke above the 50 Moving Average. But price found the resistance at 61.8% Fibonacci retracement level, that is $0.37.
Currently EDG/USD is right at the downtrend trendline, which if rejected, could result in the correctional move down or a continuation of a downtrend. At the same time, price might close above the recent high at $0.377, which would result in a break above the Fibonacci resistance and the trendline.
In this case uptrend continuation will become highly probable and should send Edgeless coin up to the next resistance level, that is 38.2% Fibs at $0.46. This resistance could play a key role in further price development as the daily break and close might confirm the uptrend and eventually send the price to the new all-time high.
Edgeless (EDG) - Potential Trend Reversal1. Release of the dice game.
2. Launching the bankroll staking.
3. Start of the marketing program.
4. Launching the referral program.
5. Collaborations with other platforms.
Edgeless Coin Found The SupportFinally, it seems that Edgeless coin has found the support at $0.53. This is 427.2% Fibonacci retracement applied to the corrective wave after the ascending channel breakout. The support was rejected cleanly, followed by the downtrend trendline breakout.
This could indicate that EDG/USD is either getting ready or already correcting/reversing to the upside. There are two strong resistance level to watch. First is 50% Fibs at $0.84, and second is 76.4% Fibs at $1. The $1 is psychological round number and it corresponds to the channel breakout point.
At the same time, it is possible that Edgeless will consolidate for a little while or even form a double bottom before starting to move higher. But only daily break and close below $0.53 support could invalidate bullish outlook.
CoinLoop AI Signal: Edgeless (EDG) - BUYEdgeless ( EDG ) · Loop A.I.
Indicator: Sell volume decreasing. Price slowly moving up. Positive market sentiment.
Signal: Likelihood of price increase: 69%
Edgeless Coin Might Go SupersonicFollowing the previous idea on Edgeless Coin , it has reached the upside target at $1.6 and broke above it. Currently, it is finding the support at this level, which previously acted as a resistance.
$1.6 could be the starting point for Edgeless to start moving at the supersonic speed towards the $5.5 upside target. This resistance level is supported by two Fibonacci retracement levels, first 1127.2% and second is 427.2% applied to the corrective wave started in September.
Edgeless indeed looks like a very attractive investment opportunity with the potential gain of 250% over the USD. The only way it could reverse down is if price breaks below the $0.6 support. But at this point, EDG/USD is extremely bullish.
