Vulcan Forged $PYR is a utility token used to buy NFTs and virtual assets within Vulcan Forged games marketplace. In today’s article, we’ll dive into the daily structure setting up a bullish reversal based on the Elliott Wave Theory.

$PYR started its rally from November 2022 low similar to Bitcoin, the token moved +315% to the upside until March 2024. The advance unfolded within a regular 5 waves impulse in wave ((1)) therefore a correction in wave ((2)) was inevitable. $PYR saw a 64% decline in the recent two months to correct the entire rally. The 3 swing move to the downside is labeled as a ZigZag structure (A)(B)(C) and it reached its target area within the blue box at equal legs $3.95 – $2.92.

$PYR found buyers as expected from the blue box showing in our chart which represent a technical area where we expect the market to end the correction and bounce higher from there. Consequently, as long as price stays above recent May’s low $3.84, then $PYR is expected to remain supported within wave ((3)) and will be looking for a rally into new highs with a minimum target at extreme area $12 – $17.

Vulcan Forged $PYR daily chart 5.21.2024

Setup recap 

-Time Frame: Daily.

-Entry Area: $3.95 – $2.92.

-Invalidation Condition: Daily Close below $2.72.

-Targets / Ratio: Target 1 at $12 (6 RR)  – Target 2 at $17 (9.6 RR).

Share: Feed news

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Recommended content


Recommended content

Editors’ Picks

GBP/USD consolidates above 1.2700 mark as traders await BoE policy update

GBP/USD consolidates above 1.2700 mark as traders await BoE policy update

GBP/USD ticks lower on Thursday and snaps a three-day winning streak to the weekly top. The USD draws support from rebounding US bond yields and exerts pressure on the major. The downtick lacks follow-through as traders look to the BoE before placing directional bets.

GBP/USD News

EUR/USD escapes Wednesday’s holiday volatility trap, set for wait to meaningful data

EUR/USD escapes Wednesday’s holiday volatility trap, set for wait to meaningful data

EUR/USD cycled on Wednesday with US markets out for a midweek holiday, and the Fiber heads into the back half of the trading week with mid-tier data on the offering, leaving investors to look ahead to Friday’s PMI activity figures for meaningful data releases to drive sentiment in either direction.

EUR/USD News

Gold: Will XAU/USD buyers recapture key resistance near $2.340?

Gold: Will XAU/USD buyers recapture key resistance near $2.340?

Gold price regains upside traction early Thursday after the Juneteenth holiday lull. The US Dollar pauses its decline as Treasury bond yields edge higher amid risk aversion. The daily RSI gradually moves above the midline, supporting the Gold price upside.

Gold News

Bitcoin price continues to plummet as whale activities deepen

Bitcoin price continues to plummet as whale activities deepen

Bitcoin's price fell below $65,000 on Wednesday following Increased whale activities that may be sell orders. Meanwhile, hedge funds have experienced a drag in their Bitcoin exposure, which may be fueled by consistent outflows among Bitcoin ETFs.

Read more

Will the BoE signal that rate cuts are looming?

Will the BoE signal that rate cuts are looming?

At its latest gathering, the Bank of England appeared dovish enough to encourage market participants to assign a decent chance for a first quarter-point rate cut in June, but that didn’t last for long as the hotter-than-expected inflation data for April prompted investors to take their summer rate cut bets off the table.

Read more

Forex MAJORS

Cryptocurrencies

Signatures