Technical analysis of a low cap altcoin that has potential

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  • Post category:Altcoins

Unfortunately due to my low karma, I couldn't post anywhere else about this thing and most of the major cryptocurrency subreddits just outright removed the post. Even a smaller crypto currency subreddit shadow banned it for some reason despite the legitimate TA I'm putting out. People make fun of my posts too which is disheartening to say the least.

The chart shows that there's significant consolidation that has been on going for about 3 or so weeks, and the symmetrical triangle that formed is pretty much on the cusp of breaking out to the upside. Not to mention the price action is above my preferred moving avgs which further reinforces price action. Low volume presents an interesting scenario where there could be hidden accumulation here, while price is steadily moving up. Compared to the volume of the first week of this coin, the volume levels now are abysmal, but price is steadily and surely moving up. According to cmc the low was 8 days ago, and there's a chance this could run up if there's enough momentum to break out of this low volume lull. All in all from a technical analysis perspective it has potential, but the low volume can drastically affect the movement of the coin as lots of 1-3k buys and sells really moves the price around. Still it seems like there's been more accumulation over these last few week especially with the bounce off the fib retracement lines and subsequent higher low. Just my opinion and this isn't financial advice.

My mistake, I didn't know it required a cmc and/or coin gecko link so here it is:

submitted by /u/Timel3ss

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