Good day Hiveians!
Join me in analyzing the crypto markets!
Koin is about to launch V3 of their testnet
This is a milestone for the project as V3 will be the finalization of the main blockchain framework. In other words, this is planned to be the final iteration of the base layer. No more Hard Forks after that!
But just like last time when KOIN launched V2 and prices went skyrocketing, I would expect the same thing to happen again. This is especially so, since the TA is looking like it will do just that. So in this post I want to update the TA for KOIN.
Before we dive into it, I just wanted to briefly reply to my post from yesterday "37k Make or Break for Bitcoin". With cryptos exploding yesterday in price it seems we got the "make" version for this junction. This is fantastic news, as I believe we are now once again on track to at least 100k for bitcoin. Interestingly, the buying spree seemed to have been triggered by the news that Russia might be trying to circumvent sanctions by using Bitcoin... without getting political, the good news of this is that Bitcoin is "getting back to the basics" by showing the world the pros of blockchain technology: immutable/trustless storage and transfer of value. It is something the world obviously needs!
In the last post I shared this TA with you:
I want to update this analysis a bit; the main premise, however, still stands (KOIN going to $10+)
Here is the chart from some weeks ago:
I added some more trend lines (which actually makes the chart a bit more confusing). But they have so far provided to be quite accurate and this means they will very likely have predictive value for the coming months. In simplest terms KOIN is currently following an upward channel and has now probably finished its corrective phase.
We can see the upward and downward phases in the next chart even better with the added rectangles. So far KOIN has followed a very similar path: a short impulse wave followed by a longer corrective phase (which is something that most/all coins actually do). These movements have established this upward channel. There is of course no guarantee that another movement like this will occur. But as I have argued before, there is a somehwat high probability that the whole market will be a "3 wave bull market top". This means there is one more wave missing.
The first green rectangle saw a price increase of 2500%, the second one 5500% and if all plays out the third one should have a 4500% increase. It is also noteworthy that both corrective phases have seen an ~80% drop from the top, which is very indicative that the corrective phase is now completed.
The final wave (for this macro cycle) should look something like this:
There is a smaller subwave first, which is then followed by the main impulse wave. It is therefore a classic 1-2-3 wave. The subwave for the thrid wave could reach ~$2 before retracing back to ~$1. This leaves room for the final push to somewhere between $14-$23. This is of course not a very exact target, but anything north of $10 is already a massive increase from the $0.5 currently.
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!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅
Check out the Love The Clouds Community if you share the love for clouds!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅