In this video, Nick from Cheeky Crypto provides a technical analysis of World Mobile Token (WMT). He uses a variety of indicators and charting techniques to identify potential trends and price movements.
Technical Analysis – 1 Hour Timeframe
On the 1-hour timeframe, Nick observes a double zigzag pattern, which is a bearish signal. He expects the price to reach around 11.9 to 12.3 before bouncing back. He also mentions that the 50 EMA and 50 SMA have crossed the 200 EMA, which is another bearish signal.
Smart Money Concepts and Elliott Wave Theory
However, Nick also identifies a bullish structure on the 1-hour chart. He suggests that there may be a short-term corrective pattern in place, and that an eventual bounce is likely. He uses Elliott Wave Theory to support this analysis.
Technical Analysis – Daily Timeframe
On the daily timeframe, Nick observes a more significant uptrend. However, he also identifies a three-wave correction to the downside. He predicts that there could be a further upside move, targeting 16.84 to 18.96. However, he also warns that a move to the downside is possible due to the bearish daily structure. He notes that the price is between the 50 EMA and 200 EMA, and that the bottom may not have been reached yet.
Weekly and Monthly Analysis
The weekly chart shows rejection at the 50 SMA. Nick notes that there is a lack of available data for the 200 EMA on this timeframe. He speculates that there is still room for downside movement. He also points out that the monthly and weekly charts are showing overbought conditions. This suggests that there may be a short-term lift on the daily chart before a move down.
Nick concludes the video by promoting his Cheeky Crypto membership website. He encourages viewers to check it out for free, and reminds them to subscribe, like, and join the Discord community.