Good day Hiveians!
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Let's have another look at KOIN
Two weeks ago we talked about the positive outlook for KOIN. But we also noticed the 7-10x which normally calls for caution.
I don't think that prices will sustain the upward momentum much longer as many holders have already seen a 10x by now. A minority will sell and take some profits.
On the KOIN/ETH chart we could see the resistance forming at the upper trend line:
Which quite accurately predicted the correction:
On the KOIN/USD chart we can see another development: Price broke out of the downward moving price which reached a low of about 0.68$. Breaking out of this trend is quite significant and I think we could see a further breakout from this position currently at around 0.9$.
However, there are at least two major scenarios: A) Price has reached its low point and will continue its upward push towards new ATHs. And B) we could still see another "C" phase of the correction:
Scenario A)
Acenario B)
Both seem to me currently equally likely. The B) scenario would nicely confirm the trend line from the previous subwave and converge on the downward trend line from the previous ATH, which is always a nice thing to happen from a TA perspective. However it is also clear that prices have already pulled back by more than 55% since the ATH, which could mean that the correction is already over - thereby favoring scenario A).
What do you think?
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!
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