Crypto Analysis | KOIN Breakout Confirmed!

Good day Hiveians!

Join me in analyzing the crypto markets!

The long awaited KOIN breakout just happened

I have been talking about it for several months now, and I was fairly certain that it was just a matter of time before we would see it. Price was consolidating for a very long time and it has been completely stable for the last weeks which is very unusual for a non stable coin (it literally traded between 50-54 cents for a month).

This is the chart from my last TA post about KOIN:

This was back in July and instead of a breakout back then we got several weeks of more consolidation. Now the chart looks like this:

Price broke the two resistances; the line as well as the dotted line which rather indicates a resistance zone. So far the price action looks very silimar to what we saw at the end of March. This was a very volatile price movement going from around 30 cents to almost $1. With price now taking off 20 cents higher at 50 cents, we can expect price to go above the $1 area. At least two things have to happen for that:

• volume has to keep increasing. So far we saw an impressive 600k volume at the pump yesterday, but it has to keep going if price wants to climb higher
• the momentum has to hold. Volume does not mean price keeps going up, just that the coin is being traded at a higher rate. For a continued upward price action we need the current momentum to last for several more days. We can see that in the past a bigger impulse wave lasted for around a week. This would mean that price could top out at around the middle of August. If the recent high of 72 cents is not broken in this time period, we will probably not see the $1+ target in the coming weeks.

In the July post I also gave a bigger outlook for KOIN. Here it is again and I think it still holds, Although the time frame is slightly shifted:

After encountering our target, we can expect a larger sell off into the 70-80 cents area. But I will make a more detailed post about it once this target is reached.

Check out the project at www.koinos.io

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!