SKYCOIN - Starting to form a new trend?
Updated
As previous charts would indicate, I have been following this project closely for over a year. The major pullback that happened last year after a date on an exchange listing was missed for Coin Hours ( SCH ) that are generated when you hold SKY in official wallets.
Eventually, the project is working to allow this asset to be the payment system to purchase bandwidth & services on the Skywire network. In April, Skywire Mainnet was launched to begin the transition towards this goal.
Recently SCH was listed on its first exchange & began to trade on XBTS. Most notable here is the FUD surrounding last years pullback is now finally getting filed as last years business.
The increase in volume since Mainnet launch and this listing have combined to create the largest volume candle on the chart. Volume is notable because SKY currently has only 18M in circulation. When this pumps, it seems like it moves similar to a low float stock.
TA:
Eventually, the project is working to allow this asset to be the payment system to purchase bandwidth & services on the Skywire network. In April, Skywire Mainnet was launched to begin the transition towards this goal.
Recently SCH was listed on its first exchange & began to trade on XBTS. Most notable here is the FUD surrounding last years pullback is now finally getting filed as last years business.
The increase in volume since Mainnet launch and this listing have combined to create the largest volume candle on the chart. Volume is notable because SKY currently has only 18M in circulation. When this pumps, it seems like it moves similar to a low float stock.
TA:
- Major trend resistance was recently broken by the exchange listing news (orange line).
- A fibonacci retracement pattern charted against last years high shows .8 range as major resistance. I would not be surprised to see this tested a few more times before the next breakout.
- If .8 becomes support, that is a clear signal for a strong continuation upwards. Note, there is a volume gap between .8 and 1 where not much overhead resistance will come into play.
- Trendline support will converge with the .8 resistance zone in roughly two months. It will be interesting to see how these two trends interact.
Note
Recently broke through the .8 resistance zone charted and pulled back towards long term trendline. Interesting spot right now, looks like a touch of the long term trend support is likely.
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