Good day Hiveians!
Join me in analyzing the crypto markets!
It's been a while since the last update on KOIN
But since I think that this is a promising project I think it is a good idea to stay updated.
The team has just launched Testnet V2 and they are getting more and more attention. Interestingly, one of their main selling points is feeless transactions with a mana system. As the developers for Steem, they obviously kept that idea and are now adding additional features like modular upgradeability.
Price has followed these developments very closely and from the last update I thought a further increase in price seemed reasonable:
Plotting the trend line from the previous peaks made in Spring of 2021, we can see a resistance that was first broken in August. There is a common feature that forms when a resistance is broken. It is generally always retested. If price does not break downwards the former resistance becomes a support. This is very nicely visible here. After the confirmation of a support prices have gone up by ~50%. I think even with a macro downturn in the market, prices will not break downwards of this support line. So, now would be a great buying opportunity.
Since then, price has increased gradually, and really picked up since a couple of days ago with the release of testnet V2.
KOIN is currently trading in an ascending channel and it seems likely that a breakout to the top could happen soon. With the momentum currently, I therefore think it much more unlikely for it to correct back to the 10 cents range. With a supply of only 100 milion, I can easily see KOIN being traded above 1$ rather sooner than later. But obviously, the mainnet is still not launched. So if you are thinking of investing, be sure to first check out the project to see if you agree with the fundamentals. However, once mainnet launches I think it could attract even more attention.
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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