Crypto Contest May 20: POA Network

POA Network (POABTC) 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, POA Network began a wave one advance on March 18. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on May 10, and the red wave two (blue sub-waves a-b-c) correction ended on May 18. If this wave count is correct, POA Network should be heading next towards the May 10 peak in the red wave three.

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

Funnymentals

POA Network is a sidechain to Ethereum utilizing Proof of Authority as its consensus mechanism. Crypto Love published a coin overview on May 3.

(Sources: https://poa.network/ and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "POA Network will takeout the May 10 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "POA Network will drop below the March 18 low".

If you think POA Network is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "POA Network will stay in a trading range between the March 18 low and the May 10 peak until June 25".

You can upvote the comment until 3 PM EST May 23 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).

Bonus

I will be sending one Trophy Token (@trophy-token) to everyone who manages to get these crypto contests right seven times in a row. If/when you accomplish this, please contact me at Steemit Chat with your BitShares address.