After the alt coin breakouts from 2 days ago a lot of people have been saying it is the beginning of alt season but I am still skeptical. However, there can definitely be some nice short term gains to be made if you look in the right places and time your entries and exits right.
KMD, as most other alts has been in a downtrend for months now but KMD has broken out of 2 long term resistances, it has broken out of the descending wedge and even tested it as support and it has broken out of the long term horizontal resistance but it has not tested it as support as of yet. If you look at the daily chart you will be able to spot a bullish divergence on the RSI which furthers my claim that there can be a possible breakout. The only thing I am concerned with is the volume is looking unconvincing, if you look at ICX now for example, it has had a massive volume increase which shows a large interest in ICX at that price level. I will be keeping an eye on KMD for now and see how it progresses.
KMD, as most other alts has been in a downtrend for months now but KMD has broken out of 2 long term resistances, it has broken out of the descending wedge and even tested it as support and it has broken out of the long term horizontal resistance but it has not tested it as support as of yet. If you look at the daily chart you will be able to spot a bullish divergence on the RSI which furthers my claim that there can be a possible breakout. The only thing I am concerned with is the volume is looking unconvincing, if you look at ICX now for example, it has had a massive volume increase which shows a large interest in ICX at that price level. I will be keeping an eye on KMD for now and see how it progresses.