DefiPulsePro

PLS and ETH Update - Bearish overtones after todays sell off A quick look at ETH tells us more downside is likely. The area circled on the chart now looks very much like a corrective wave 4 (or bear flag) leaving a 5th wave down still to come. This 5th wave down likely to hit the upward sloping trend line in place since June 2022, and creating divergence on the RSI - providing impetus for reversal. I'd give this scenario > 50% probability with a final price target and local low around 1600 for ETH. Looking at the PLS chart, todays sell off is sharper than anticipated and unless we recover above 0.000011 fast we could follow ETH down, possibly to a new ATL. These are the risks at the moment, mentally preparing for new lows is the thing to do now. Daily ETH chart and 4 hour PLS below. 👇

PLS Update: 5 waves in the making So far our anticipated 5 wave count is playing out as expected. Consolidation around (preferably above) 0.00001 to finish wave 4 and then a final push to complete wave 5 is what we are looking for now. Staying above 0.0000097 keeps the bullish momentum while a sustained break below 0.0000092 would be bearish and could undermine our 5 wave count off the lows, ultimately taking us lower. So far so good 🚀 1 hour chart below...

PLS Update: Count is still bullish For those of you following this PLS analysis note that the bullish count I outlined in my previous quoted post still stands - although slightly adjusted. We tracked lower, below the diagonal trend line, however did not go down enough to invalidate the count. My expectation is that we progress above 0.00001 quite fast, and then higher over the next few weeks as we complete a bullish 5 waves to the upside. 1 hour chart below 👇

USD appreciation of some of these 'newer coins' is also heavily dependent on the price of $PLS not continuing to bleed ad infinitum. A few thoughts on the topic from us: ✍️ Ultimately, $PLS needs to succeed for the ecosystem to succeed. It has the vast majority of stablecoin/ETH liquidity, and is therefore the defining factor of how much liquidity is available in the system. The price of $PLS forms the 'floor' on which everything else sits (to varying degrees). ✍️ All pumptires coins are permanently bonded to $PLS. You need $PLS to perform to realise decent USD gains on your tokens long-term. ✍️ Nobody truly measures gains in ratio form. Doing a 5x vs PLS whilst PLS is down 90% over a similar timeframe isn't worth bragging about - acquiring more 'units' of PLS is kind-of irrelevant if the price keeps going down. ✍️ KOLs that actively tell you to buy their PulseChain tokens, then in the next breath shit on the chain (+it's founder) and the price performance of $PLS, don't seem to understand how liquidity bonding works. "Hey you should buy my coin, but also fuck the chain it's on" is peak stupidity, and screams 'I need exit liquidity'. ✍️ Heavier liquidity pairing with ETH and stables can help your individual token, but does little to improve the price of $PLS. The chain wins if $PLS wins.

PLS Update - Wave 2 complete 🚀 I'm sticking to the bullish count, giving greater odds to the last ATL being the final boss bottom. We're looking for a 5 wave move off the ATL to confirm this. In my last post I noted the leading diagonal off the ATL, this is wave 1. Today we've come back to test the diagonal trend line I referred to in the post prior to my previous, this test is bullish and completes wave 2. If this count is correct we should soon reverse upwards with some power and resolution to complete wave 3, usually the longest and most powerful of the 5 waves. Wave 3 should comfortably take us above 0.00001 where we'd likely consolidate before moving higher to complete all 5 waves. I give the above bullish count decent probability, however, breaking below the diagonal trend line would largely invalidate it. 1 hour chart below 👇 Scroll through previous posts quoted below to follow the full story.

PLS Update - Leading Diagonal Count On the 15 min chart I can now count a leading diagonal off the ATL (it's the wedge shaped structure on the chart below). A leading diagonal is a 5 wave impulse made of overlapping three wave moves and only occurs at the start of something, in this case the start of a bullish reversal. It's only on the 15 min chart but it's promising and increases the odds that PLS finally bottomed at the last ATL. Next we need to see a clear break above 0.00001 and consolidation above that level. All these little steps are slowly adding up 🚀 15 min chart below.