I had a question from one of you about this coin, and decided to show my method of madness on how to find low/micro cap coins to invest in.
Sources of basic information:
www.livecoinwatch.com/price/IoTeX-IOTX
coinmarketcap.com/currencies/iotex/
Answer the questions using the above sources:
Who are the founders? (and are they trustworthy with my money) Stalk them! You are about to give them money.
What is the purpose of the project? I personally like protocols (ETH, SOL, AVAX), DEX (Uniswap), and unique utility (Think DOT and LINK)
Is anyone currently working on the project? when is the next update?
Website? You can learn a lot about what is going on with how well the website is built and upcoming milestones.
Technical analysis:
First, I would like to note, that I don't normally just ape into anything even if I think the project is good. I like to watch the price for a period of time to get a grasp of what is a good value buy.
Second, I would look at the chart and understand how much has it moved in the last 30-60-90 days and set a short/long term buy spot. For example here: now looks like a good buy spot and then sell around the $1.8 to $2 mark and wait for the correction. Due to my first rule, I would wait until after the correction.
My Chart Summary:
The chart has a bullish and bearish pattern formed on top of each other. It looks like the bullish Cup and Handle will play out first with a breakout to about $2. Followed by the bearish pattern playing out with a correction down to potentially $1. This whole chart does resemble a Elliot impulse wave with the rising wedge as wave one, first part of the cup as wave 2, second part of the cup as wave 3, handle part 1 as wave 4, and second part of the handle will be wave 5. The final correction to the second rising wedge will form the A-B-C correction post Elliot impulse wave.
Finally:
Technical analysis is nothing more of a possible solution to the current snapshot in time shown on the chart. Many things can develop over the coming weeks and months as we end this bull run. this chart could look totally different in a month with a look back at this post being totally wrong. With that said, nothing about this post is financial advice and I am not a financial advisor.
Sources of basic information:
www.livecoinwatch.com/price/IoTeX-IOTX
coinmarketcap.com/currencies/iotex/
Answer the questions using the above sources:
Who are the founders? (and are they trustworthy with my money) Stalk them! You are about to give them money.
What is the purpose of the project? I personally like protocols (ETH, SOL, AVAX), DEX (Uniswap), and unique utility (Think DOT and LINK)
Is anyone currently working on the project? when is the next update?
Website? You can learn a lot about what is going on with how well the website is built and upcoming milestones.
Technical analysis:
First, I would like to note, that I don't normally just ape into anything even if I think the project is good. I like to watch the price for a period of time to get a grasp of what is a good value buy.
Second, I would look at the chart and understand how much has it moved in the last 30-60-90 days and set a short/long term buy spot. For example here: now looks like a good buy spot and then sell around the $1.8 to $2 mark and wait for the correction. Due to my first rule, I would wait until after the correction.
My Chart Summary:
The chart has a bullish and bearish pattern formed on top of each other. It looks like the bullish Cup and Handle will play out first with a breakout to about $2. Followed by the bearish pattern playing out with a correction down to potentially $1. This whole chart does resemble a Elliot impulse wave with the rising wedge as wave one, first part of the cup as wave 2, second part of the cup as wave 3, handle part 1 as wave 4, and second part of the handle will be wave 5. The final correction to the second rising wedge will form the A-B-C correction post Elliot impulse wave.
Finally:
Technical analysis is nothing more of a possible solution to the current snapshot in time shown on the chart. Many things can develop over the coming weeks and months as we end this bull run. this chart could look totally different in a month with a look back at this post being totally wrong. With that said, nothing about this post is financial advice and I am not a financial advisor.