Crypto Analysis | KOIN stuck in a Wedge

about 2 years ago

Good day Hiveians!

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KOIN has been trading on MEXC for some months now

This is after the mainnet went live in December. Since then, there is very little liquidity on the exchange with most hodlers of KOIN not wanting to sell under $1-2. The macro charts clearly show that there is an important wedge coming to a close soon which will decide future price movement. It is either going to be a big rise or fall in price.

Let's first look at the macro support which has been unbroken for 2+ years:

It is a sustainable trend line/support with about a 2 cents increase per month. If this should hold, we can expect price to be at least at around 70-80 cents at the end of 2023.

Now the wedge. We can see that room is quickly running out for it. It is rare to see a coin trading this long in a wedge. Generally, there is a breakout to either side much sooner. One reason is probably the transition into mainnet which explains the "gap" seen in the chart.

The last time price overcame a big resistance in fall of 2021, price jumped by about 1900%. I would argue that we are again in a similar situation with the price potential, however, somewhat unclear. Last time, after price broke the resistance it took another 2-3 months for price to go parabolic. So it could again take several months for price to make a decisive move (although you can see that price also increased substantially after the resistance was broken).

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!