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Efinity

EFINITY(EFI) bullish long-term with immediate downside potentialHey fellow analysts, EFI has had a fascinating 100% run in the past month. It broke some significant resistances on its way up which fueled its short-term rally. Time for some serious correction to cement future growth, eh? :-) As you can see on the chart, EFI broke out of the fallng wedge that formed after the significant price drop from it ATH levels. This is good news as this pattern signals a potential trend reversal. The price ran straight up to between the 0.5 - 0.618 Fibonacci retracement zone (aka "Fib Golden Zone" or "Fib Golden Pocket") of the higher-time-frame downtrend and got rejected significantly. This may signal a trend continuation, ie further bearishness BUT checking more thoroughly you can see a flag forming, which is pointing in the direction of the flagpole trend (yellow dotted parallalel lines). That again signals a higher chance of trend reversal! (flags building counter trend to the flagpole signal potential trend-continuation). So we have both bullish and bearish signals on the chart but based on the previous breakout form the trend-reversing wedge I would expect a breakout from this trend-reversing flag too. Am I expecting it in the short-run? No way. To be fair, I would not be surprised to see price back-testing on the blue resistane (that could turn support now). I can see that scenario as a good opportunity to scoop up some more Efinity tokens. If the macro environment sours, it could even go as low as the flag's lower trendline. As for the short term, the quick fall in price has brought us back to the short-term runup's Fib Golden Zone. It is yet to be seen if this zone holds the price. If it does than a short-term continuation of the bullish run-up may continue. I would be more assured if we saw a longer mild correction first. With macro data still not looking very reassuring, with the markets running up despite Fed chairman J.Powell's warnings of their intention to avoid market prices running up (as that would lead to an increase in inflation), with the job market being ever tighter, near record-low levels, I still see the menace of a recession looming over the US market - and consequently all proxy markets such as the EU for eample. So if I could then I would advise against taking any position right now in EFI but would keep a close eye on either the breaking of the flag pattern or the retest of the short term resistance or even the flag's lower trendline to do some more buys. But I cannot give such advice, I only ponder my own potential actions here. ;-) Take care, do not forget cryptos are highly speculative and have yet to prove themselves in the world. Never invest more in the sector than you can afford to lose!
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by LaiChee81
EFINITY TOKEN can bounce from this levelHello traders EFIUSDT is interesting when it's cheap. In last 14 days, we experiencing -%40. IMO we can see new high for this pair. Efinity is the world's cross-chain NFT blockchain. Powered by the deflationary Efinity Token (EFI), the network is environmentally friendly, scalable, and built for games, apps, enterprises, and creators to deliver their own non-fungible tokens to mainstream audiences. Built on Polkadot in partnership with Parity Technologies and the Web3 Foundation, Efinity is a new blockchain that's purpose-built for NFTs. It's a token highway designed to enable a specific kind of future-where NFTs are as widespread and easy to use as smartphones today.
Long
by StockAndMoreCom
EfinityEfinity formed a descending triangle. Usually a bearish pattern. But it breakout two weeks ago with a low volume. Yesterday, EFI then tested the strong support line again at around 0.70$, and then successfully bounced with a metaverse hype all the way to the 1,22$. The ideal entry would be at the support line - at around 0.70$. So you can wait for this to happen, but with the metaverse hype it may not happen. You could set a limit orders at around 0,75$ or 0,70$. But overall, I think it is good time to buy Efinity even if the price today is up about 15%. Why? Efinity is the NFT project developed by Enjin for the Polkadot ecosystem. EFI is sitting at around 55million market cap. With a metaverse hype and upcoming Polkadot auctions and crowdloans, when Polkadot ecosystem projects could do very well, this project could 10x in the coming weeks or months.
ELong
by Matej_
An Eco-System Is BornI have been long awaiting the launch of Efinity I can't attest to what will happen with price action in the short term, but long term ENJIN and its surrounding ecosystems are posed to take over the NFT and Gaming crypto space. Do your own due diligence and research into what ENJIN is building here with launch of Efinity and Jumpnet. Small piece of information pulled from the Efinity whitepaper: "The Enjin JumpNet blockchain allows users to execute transactions for free. In order to offer this, JumpNet imposes a series of limits against each address on the network. By holding EFI on JumpNet (referred to as "JEFI"), users will be able to increase their JumpNet transaction limits. For every 100 JEFI* a user holds on JumpNet, their limits will be doubled (up to designated limits)." ENJIN chart linked below in related ideas. As Always, Good Luck And Safe Trading.
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by CapitulationCalls
EFI : Polkadot NFTEfinity is one of Coinlist's newest projects to be released. A purpose built chain for NFT's destined for Polkadot at some point, I'm guessing they will try and get a parachain slot in the upcoming auctions. This chain is built by the team over at Enjin which are responsible for much of the NFT token standards currently pumping pixelated jpgs. Overall seems like a strong project, but as with all new releases, token unlocks are looming. Still I think this is worth a trade as the ascending triangle set up is tempting, and hopefully will get a nice pump in the coming days before the unlock.
ELong
by crossedfingers1
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