Not your average Crypto Token
Unlike most CryptoCurrency projects, Cocos was a company long before entering in the Blockchain space. Cocos was founded in 2011 with the intent of making gaming easier across the board for developers and creators. Cocos has served more than 1.4 million developers from over 195 countries around the world. Cocos has built gaming engines that have been used in Xbox, Playstation, Andriod, Facebook, and iOS games.
In 2017, Cocos launched a Whitepaper that would lay out their vision of how Blockchain and Gaming could merge together in the future and set out to build upon what they already built and used for many years prior. One of Cocos main objectives now is the ability to build Dapps easily on the Cocos blockchain and have the ability to have in-game asset management allowing players of these games to fully interact with, use, transfer and sell their in-game assets. Cocos has come a long way since 2011 and they have built strong partnerships along the way, including monsters like Binance Labs, NGC, Loom, ONTology, and about a dozen more. Cocos is the real deal when it comes to Blockchain projects as they are a software company first that integrated their knowledge and technology to push Blockchain into places it has never been before.
What about the Price Action?
Cocos recently put in an 833% peak move in less than 2 days of trading. The massive move catapulted Cocos onto the scene and gave everyone a reason to revisit this token. As often is the case, after the big move, Cocos dropped 60% in just two days and is now consolidating.
Lucky for us – the consolidation pattern is a Bull Pennant and these come with Entries and Exits as well as Stop-Losses. The pattern works in a multi-leg fasion. By this, I mean that the first leg is considered the initial pump that went for 833%. That pump ends up being the Flag Pole and it’s also used as the measured move after a confirmed break of the downward sloping resistance trend – or the top of the pennant.
This measured move is not percentage-based – rather – dollar-based. So Cocos had a $5.80 cent move to make the pole, we would target another leg of the same amount. This $5.80 move starts when Cocos breaks to the high side.
Bull Pennant or not, Cocos still has a lot of resistance sitting in front of it at the moment.
That resistance comes in the form of prior historical resistance, fibs, and current ATHs. If Cocos is able to break north out of the pennant, we could be looking at a 129% move to reach the measured move from the pattern and of course, re-enter price discovery.
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