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CCNC-you dont know the next stock to ROCK the crypto world

Long
NASDAQ:CCNC   Code Chain New Continent Limited
so this is "Code Chain New Continent"

FUNDAMENTAL:
they are quietly building a crypto empire and staying under the reader - a couple of interesting facts:
1. In early February 2021, the company have an announcement for a new co-CEO -David Feng :
"David Feng holds years of experience as a senior computer network security engineer. As the strategic expert and architect in Blockchain, he has applied for several patents on Blockchain core technology, artificial intelligence, and big data"
this is on the tip of the iceberg to what Mr. Fang has done on the blockchain.
2. 23rd Feb, news for CCNC purchase 10,000 Bitcoin mining machines to start their mining business.
The company is expecting over 30k $ per day from these miners and has already put them to work.
3.On march 2nd Company published a ‘Letter of intent’ (LOI) to XiaoJin LangLang, in the intention of acquiring 61% of their business!!!
if they act on this LOI (any day this week!!) that will be a big jump on the stock.
“Under the terms of the LOI, the total consideration for 61% of Xiaojin Langlang's equity interest is expected to be RMB 36 million (approximately USD 5.6 million), subject to completion of a third-party valuation. Of this amount, 50% shall be paid in cash, and 50% shall be paid in the Company's shares of common stock. Code Chain is required to pay $500,000 within 7 business days from the signing date of the LOI, which will be applied to the final purchase price upon entry in to the material definitive purchase agreement. “
(taken from the SEC official LOI)

CEO is also a doctor in blockchain and innovative technology - full DD in our site contains full details.

Lets talk technicals :

So we got a motive wave from 8th of Feb to 17th of Feb with a high of 11.6$, and a volume measure of 14M.
After that we had a retracing wave to the 6.6$ line -what happened next in my opinion had nothing to do with the stock but with the stock market and Crypto market – the drop of 12% of the NASDAQ in a week took the stock in to new lows from 6$ to 4.2$.
Stock needs to go back to the 50% level at 6.6$ (if the market is done with sharp bearish moves).
If we are considering the Eliot wave theory then the stock is ready for its third stage of the impulse (the strongest one! ) to take us back to 10$+.

Stochastic oversold (8)
ADX on the 20 level (no trend)
• Ending volume is expected to arrive acc to market cycle theory
• Gap between 4.80 to 5.20 is filled
***If we see stock crosses 3.9$ downward we can enter a low of 2.8$ (at worst case)
***If we see stock trending up we expect it to go back to the POC (50% line is the same line at this case) 6.6$

Volume analysis :
3m average volume: 895K
1m average volume: 1. 3M
This week volume: 3.9M

Once the 500k will be transferred (if LOI is executed the stock is expected to give us an upside of 25% - 30%.
And a year from now accounting a 30k min mining gross profit the stock is expected to be well beyond 15$.
We will be waiting to buy the stock and once the market gives us a definite answer regarding the bearish trend that started this month.

please read full DD for the full picture

please trade safe !




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