On the above 1-day chart price action has corrected almost 90% since early April. A number of reasons now exist to be bullish, including:
1) The multiple buy signals during the consolidation period.
2) Price action is printing higher lows, no higher higher high yet.
3) On the 6-day chart (below) there is huge buying pressure following the ascending triangle breakout - excellent.
4) RSI is trending within a ascending triangle formation with the apex by the year end. According to Bulkowski a breakout typically occurs 64% of the way into the formation, by December 15th then!
On a fundamental note:
“MobileCoin is designed so that a mobile messaging application like WhatsApp, Facebook Messenger, or Signal can integrate with a MobileCoin wallet.
MobileCoin was developed using the Stellar Consensus Protocol, which is a Proof of Reputation protocol. The intention of the developers was to create an end-to-end encrypted ecosystem similar to the messaging apps Signal and WhatsApp, both of which use the Signal protocol that was developed by Marlinspike.
It’s important to note that the Stellar Consensus Protocol is not the same as the Stellar Network. While the Stellar Network runs on the Stellar Consensus Protocol, it is a separate implementation to that used by MobileCoin. However, MobileCoin does use the Stellar blockchain because of its speed and efficiency.”
A blazingly fast, private, secure, payment method on your phone integrated on popular messaging apps whilst all on Stellar network that has patterned with IBM. You’ve got my attention!
Is it possible price action falls? Sure.
Is it probable? Unlikely. A buy from <$14. Don’t bother if it drops below $10.
- Coinbase and Binance are both early investors, along with many other VC's.
100m in total funding.