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KOIN could be going into a trend reversal
One month ago I reported on the breakout which took KOIN briefly to around 70 cents. While I had thought that this could be the big move taking us to $1+, price dumped and took us back down into the 30s! But... we can learn from these events. On hindsight of course everything looks much clearer and I can now see the "M" pattern that was necessary to play out before the next move could start. It was also obvious from the state of the project: the DEX that launched did not have a bridge to ETH and no major Dapps were released in that time. I am very confident that this is why price dumped so much. It's great that more positive things are on the horizon:
- Confirmed Coinstore listing for KOIN in the coming weeks!
- Confirmed Chainge integration with a bridge to ETH
- Kollection upgrade (October?)
- Dapps from the Hackathon
Just to name the most important developments. The listing as well as the bridge should already have a big impact on price imo. If we get more dapps as well, we could truly head for the dollar range.
This is the current chart. We see the macro support in black which beautifully held price at ~40 cents as well as the top range for where price could be heading when we connect the former highs.
As for the "M" pattern, we can see it in the patterns that played out in 2023, but I visualized them here for more clarity:
To me this is a clear indication of a repeating fractal playing out at similar scales. The last one ended by having a bigger impulse wave from 0.3 to 0.9 dollars. I would be surprised if we wouldn't see at least some bigger positive price action in the next days and weeks. The blue path outlined here is, however, the most bullish scenario. We could have a less extreme price movement, yet I would expect price to at least encounter the red resistance in the high 50s.
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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