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RE: DragonChain (DRGN): The Correction Could Soon Be Complete!

in #dragonchain7 years ago

I’ve Ben following this coin and while the chart and analysis is solid, it’s not the whole forest view. The ICO price ended on 11/02/2017 at 938 satoshi which is aprox $0.063. It hit exchanges at .25 in December and quickly impulses to all time high of 5.27. Calculations against the ico price shows an 88% retrace is at $0.63 which is aprox apex of your downward wedge. This heavy retrace was caused by over talking up of the tokens connection to Disney by ICO holders and heavy dumping after impulse. Kucoin is its only real viable exchange and so it’s liquidity is very little. I therefore expect to see lots of horizontal action near after the apex bottom hits. I expect this to turn into a cup and handle after a some more time. It’s a solid coin and I expect high profits on it if buying in at $0.63.