Crypto Contest November 14: Melon
Melon (MLNUSD) has broken out of the triangle pattern in the daily chart.
(Chart courtesy of Tradingview.com)
Elliott Wave Analysis
In Elliott Wave terms, Melon began a wave one advance on March 16. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 9, and the red wave two (blue sub-waves a-b-c) correction ended on July 16. If this wave count is correct, Melon should be heading next towards the June 9 peak in the red wave three.
(Chart courtesy of Tradingview.com)
Zooming in the daily chart, I believe Melon is currently in the red wave three (blue sub-wave iii). The red wave one began on July 16.
(Chart courtesy of Tradingview.com)
Funnymentals
Melon, the fund token, is described by the team as:
Melon ([méllō], μέλλω; Greek for "destined to be") is blockchain software that seeks to enable participants to set up, manage and invest in technology regulated digital investment funds.
(Source: https://melonport.com/)
If you think this analysis is correct, upvote this post and upvote the comment "Melon will takeout the June 9 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Melon will drop below the July 16 low".
If you think Melon is in a range, upvote this post and upvote the comment "Melon will stay in a trading range between the July 16 low and the June 9 peak until December 15".
You can upvote the comment until 3 PM EST November 15 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).
Melon will stay in a trading range between the July 16 low and the June 9 peak until December 15 (36 voters as of 3 PM EST November 15: helikopterben, bleujay, freiheit50, flemingfarm, bentleycapital, lydon.sipe, simonjay, me-tarzan, lucasgabd, ace108, reconnectnature, catena, misalen, dirty.hera, gregory-f, starline, tzap90, komischername, osmanbugra, mirda, yefet, ahinga, me-do, richard78624, elisablogs, allmonitors, ragnaros, andy23, bluewinter, amfid4846, heidelbaer, plumygg, utkarshvarma, freskil, m3rcos1ty, koskl).
You won.
Melon will takeout the June 9 peak (16 voters as of 3 PM EST November 15: cryptotem, criptorafa, eirik, crokkon, jznsamuel, themovieplace, mprgrmmr, toofasteddie, digitalking, kanoe, carlosdaniel, mihail.tsvetkov, elisablogs, incrediblesnow, margaritaradkova, abay).
Melon will drop below the July 16 low (2 voters as of 3 PM EST November 15: cassidyandfranks, napkin).
Since I have some Melon, let's hope it will takeout the June 9 peak ;-)
That makes two of us.