Crypto Contest August 17: Covalent

Covalent (Kraken: CQTUSD) has broken out of the triangle pattern in the four-hour chart.

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

Elliott Wave Analysis

In Elliott Wave terms, CQT began a red wave one advance on July 29. The red wave three peaked on August 14 and the red wave four correction ended on August 15. If this wave count is correct, CQT should be heading next towards the August 14 peak in the red wave five.

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

Zooming out in the daily chart, I believe CQT is currently in the red wave three (blue sub-wave v). The red wave one began on July 20 and the red wave two correction ended on July 29.

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

Funnymentals

Covalent provides a unified API bringing visibility to billions of blockchain data points. Young And Investing reviewed the project last week.

(Sources: https://www.covalenthq.com/)

How Will Covalent Trade?

Covalent (Kraken: CQTUSD) daily chart by Tradingview.

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

Prizes

I will be giving upvotes to the correct answers with minimum reputation of 25.

Rules

This poll will expire in one week. Only one vote per person.

Which one will happen first?

Please select one of the three choices and comment below.

CQT will takeout the August 14 peak

CQT will drop below the July 29 low

CQT will stay in a trading range between the July 29 low and the August 14 peak until September 23