Crypto Analysis | KOIN!

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Now that KOIN is trading on MEXC I want to dive into some TA

First, we still have some historic price info from CMC:

This is 2 years+ of data and I still remember when KOIN was at around 2 cents. Since then we have had an ATH of about $1.7 in December 2021 and a falling price to about 14 cents in July of 2022. With the anticipation of mainnet we got a price increase again with the culmination at the snapshot of about 70 cents. Then there was a hiatus of about 1 month (which explains the drop in price in the chart) in which there was no possibility of buying KOIN (unfortunately some people still bought the old ERC20 token).

The chart above is extrmeley important and useful. We can see a strong support at around 35 cents now which has held so far. The biggest resistance is at around 50 cents. This is exactly the range in which KOIN has basically been trading since the listing.

Since early December KOIN has been listed on MEXC exchange and has traded from 60 cents to about 30 cents. Lately, price has gone up again. We have to note that liquidity is extremely thin, which means that buy or sell orders of only one or two thousand KOIN can move price by about 1-2 cents.

So how does the most recent chart look like?

Price mostly moved sideways after the big price movements after the listing and bottomed out at around 30 cents. With price breaching the resistance in the 4h chart some days ago, we have seen a steady increase in price.

It is currently unclear how high price can reach before a bigger pull back. But I drew a line indicating a parallel channel at around 54 cents which is also a "bigger" sell wall. Again, the orders are extremely small with no one really wanting to sell under $1. This is because KOIN currently only has a market cap of about 10 million! There is extremely little KOIN out there as only about 37% have been claimed from the snapshot so far and 40% of it has been burned.

Without any bigger news I am expecting price to again go into the 30 cent range in the next weeks; but price will very likely find support here. In the coming months we could definitely see $1 and above. There is a lot of development ongoing with the next bigger dapp being KOINdx.

 

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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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