By now it's painfully obvious to Bit Brain readers that I am very bullish about CargoX
For those who have still managed to miss a post which I must have linked to at least 20 times; I wrote in detail about CargoX four months ago: https://mentormarket.io/cryptocurrency/@bitbrain/cryptocurrency-spotlight-cargox.
I did a mini-update about it a week ago: https://mentormarket.io/cryptocurrency/@bitbrain/a-bit-of-crypto-news.
As I mentioned yesterday, I was so busy managing my portfolio two days ago that I didn't get a chance to post. One of the things I was doing was looking for the best coin to put a little more funds into (having sold some STEEM). For what it is worth, I decided on CargoX. Of course things never work out as planned, I set a STEEM sell order and it took a while to execute. Once it had, NEO was looking even more appealing than usual. Long story short, I turned my little bit of STEEM into exactly 2 NEO, and then decided to leave it in NEO. Because if there is one thing that Bit Brain loves even more than CargoX, it's NEO!
Tonight I want to look at CargoX (CXO) from a perspective that I don't normally present it from: a TA one.
TA of my favourite low market cap crypto: CargoX 📈
Acknowledgement: All chart screenshots are from KuCoin (which uses TradingView software).
I'm posting this today because I noticed (while doing my research as mentioned above) that CXO is looking good for a buy.
It looks like a short-term converging triangle is developing:
This is indicative of a pending breakout any time from now.
CargoX is not an old crypto, to give you some perspective; its entire history can be seen here:
Of course a triangle like that could break either way, but there are a few good reasons that I expect the break to be in an upwards direction:
1. Support
CXO is nearing its ATL support base:
2. Order book
The order book is heavily weighted in favour of buying. Of course this backs up the idea of the strong support.
Call me an optimist, but I don't see a triangle breaking downwards through a buy wall like that.
3. Fundamentally:
CargoX recently did what it was made to do for the first time. Many cryptocurrencies are still pipe dreams. Many will never make it out of the "Pipe Dream Phase". CargoX has just done its job for the first time in the real world. CargoX tokens were used to purchase an electronic Bill of Lading (B/L). The 3752 kg of Garment cargo appearing on that B/L was shipped from Shangahi, China to Koper, Solvenia. Read more about it here: https://cargox.io/news/first-ever-blockchain-based-bl-was-issued-route-china-us-first-lady-melania-trumps-home-country-slovenia/
By proving itself in the real world and being used by real shipping companies, CargoX tokens will be bought by real shipping companies. Companies that have more than just a dollar or two in their pockets... So yes, I think CargoX is a strong 'Buy".
But hey, if you'd rather hang around in Tether or BTC and wait until the end of September for some Centralised Government institution to make a ruling on Bitcoin ETFs... ... then be my short-sighted, conservative and narrow-minded guest! (If the truth hurts, then maybe you should make the decisions that will stop it from hurting 😉)
If and when CXO breaks out, I don't forsee it having any trouble breaking right through all of these short-term Fib levels. Perhaps an intial break to the 0.382, but I doubt that any level will hold it for very long. As the earlier charts show, this coin is a steep climber when it does choose to climb.
I believe that once it breaks free of this bearish range, it should turn be far freer to climb rapidly:
Thereafter I think that we can expect good growth with possible pauses at the major Fib levels as indicated below.
You can get my favourite low market cap crypto on my favourite exchange: KuCoin. For a referral link to KuCoin, click on the KuCoin picture in my signature below.
You can thank me later.
Yours in crypto,
Bit Brain
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