Crypto Analysis | KOIN Fib Retracement to $1+
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KOIN has been having a very successful start after being listed on MEXC
It is now trading at around 45 cents, but with very low liquidity. This is down from around 80 cents last week, but up from 30 cents the week before. First, lets have a look at the macro picture:
Koin is now at a critical juncture. It is "stuck" between a symmetrical wedge with room running out. It is clear that price will go either way very soon which will determine the future movement for quite a bit. We can zoom a bit more in:
This last part can now also be seen on MEXC's chart and opens up more analysis.
We see the black lines which are the macro support and resistance lines from the macro chart above. We can also see the purple trend line from the previous highs forming a trend line which might predict a future high. Stoch and RSI are at low and mid levels suggesting a trend reversal is possible. On the RSI there is also a hidden bull divergence.
If price follows the first subwave, I think it could look something like this:
The target, however, is even higher as the fib retracement would suggest a price of about $1.1-1.3 as a wick. If so, this would play out probably in the next 1-2 weeks.
The community is also awaiting the launch of KoinDx which will add great value to the ecosystem and could coincide with the price movement upwards.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
@tipu curate
Upvoted 👌 (Mana: 33/43) Liquid rewards.
The way this coin has recovered after listing on the exchange, we see it going higher in the coming days as soon as the market receives more gain. As Bitcoin has pumped up over night and from 23300 a while ago, it looks to be going up to 25,500.
Couple of more exchange listings will take this coin above 1 $ for sure. We just need to buy it and hodl.