Yesterday, the token finally broke through, triggering a massive 650% rally that pushed prices to a new all-time high of $0.233 before cooling off slightly.
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So far, momentum remains strong. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) continue to climb, with no bearish divergences forming.
This suggests that the breakout may still have legs, and the rally could extend further if buying pressure continues.
One of the few traders who called the pump was Julius Elum, who suggested that the BLESS and HANA prices would pump.
While HANA has yet to pump, the BLESS price quickly surged to a new all-time high.
Nevertheless, there are concerns that the rally is not organic since the BLESS price has trended downward for the past three weeks.
Why Is BLESS Going Up?
The wave count suggests the impulsive part of the breakout is wave three in a five-wave upward movement, since that is most often the sharpest portion of the rally.
Wave five is already 2.61 times longer than wave one, so it may have reached its peak.
If the count is accurate, BLESS will complete wave four near the 0.382-0.5 Fibonacci retracement support levels at $0.129-$0.154.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
