Crypto Contest November 25: MonaCoin

MonaCoin (MONABTC) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com)

Elliott Wave Analysis

In Elliott Wave terms, MonaCoin began a wave one advance on August 15. The wave one finished on September 4, and the wave two correction ended on October 2. The wave three advance finished on October 13, and the wave four correction ended on November 2. If this wave count is correct, MonaCoin should be heading next towards the October 13 peak in the wave five.

(Chart courtesy of Tradingview.com (log scale))

In the weekly chart, I believe MonaCoin is currently in the red wave three (blue sub-wave v). The red wave three began on August 15.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

MonaCoin is the first Japanese cryptocurrency. Here is a video by Crypto Robin explaining MonaCoin.

(Source: YouTube)

If you think this analysis is correct, upvote this post and upvote the comment "MonaCoin will takeout the October 13 peak".

If you think this analysis is wrong, upvote this post and upvote the comment "MonaCoin will drop below the October 2 low".

If you think MonaCoin is in a range, upvote this post and upvote the comment "MonaCoin will stay in a trading range between the October 2 low and the October 13 peak until December 26".

You can upvote the comment until 3 PM EST November 26 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).