Hello Everyone,
I am just recently trying to evolve from a lurker to a poster. I will to focus on under the radar projects and try to add some TA whenever possible.
So given the recent "sell dApps hold protocols" mantra I am here to tell you about Achain (ACT).
ACT is especially interesting right now as I will fork for aBTC on Jan 12 at 1:1 ratio. aBTC as mentioned above aBTC will be able to equipped with the same technology as ACT, meaning its the first BTC-origin smart contract platform, transactions will be 66x times faster than ETH and fees will be as low as 0.00001$.
I am very interested to see how this will work out, especially because it might be the very first fork that doesn't render one of the coins useless.
The Cash Wallet will support the aBTC fork but in case you are on a Mac and don't want to use the web wallet you can also store your ACT on https://www.kucoin.com/ to receive (and perhaps even instantly trade) your aBTC
Now, lets have a look at the chart
The red line is the base trend line, the final support so to speak. It's rising like 80% of all cryptocurrencies.
The orange line shows a possible temporary trend based support. Worst case, I suspect ACT to break it's bullish pattern right after bouncing off of it. Therefore I would add add my position slowly.
The green lines mark the bullish pattern, ACT is forming a falling wedge. The falling wedge is a seriously bullish pattern, on traditional asset markets it's regarded to indicate a growth of 43%, yet due to the crypto markets volatility we can expect way more, not even accounting the upcoming news.
The blue lines finally mark a target. This target is very conservative, but you won't ever see me calling tops or speculating on news-based rise of value. If you feel bullish after doing your own research, you might regard this target at 0.00155 as first resistance.
I used the ETH trading pair as I regard ETH more interesting to lock in gains than BTC right now.
As I am posting this, ACT is trading at $1.07 and sits at a $320MM marketcap (1/23 of NEO).
Update:
The outbreak happened somewhat earlier than I expected. I regard this as a bullish signal and therefor slightly adjusted the (first) target. Please remember, this analysis in only on TA, it doesn't consider any news or alike. Therefore the actual top will probably be way higher.
This is no financial advice!
Please make sure to DYOR!
Here are some more links for that:
ABTC fork scheme: https://medium.com/@AchainOfficial/abtc-fork-scheme-967c7fd87aa6
https://www.achain.com/; whitepaper: https://www.achain.com/Achain%20Whitepaper%202.0_EN.pdf
https://www.abitcoin.one/
(Disclaimer: I hold ACT)
