BitCoke token COKE is a new comer in the field of platform token. As the native token of BitCoke, like other competing exchange tokens, it functions as an utility token, whose holders exclusively receive a set of benefits and privileges.
Despite growing adoption cases and user numbers, COKE price has gone through a dramatic fall since the end of previous launchpad IEO. The close to 50% plunge may be attribute to a couple of reasons, like the weak broad crypto market, high inflation, interest hike from Fed, and so forth. Specifically, once the launchpad subscription ended, the locked COKE tokens become circulating, resulting in high selling pressure on the price.
This week, the price has appered to bottom around $0.8 - 0.9 range as we multiple lower-wick bars, indicting possible strong demand from the buy side. Even though the price movement over the last 2 weeks looks volatile and disorganized, the overall strucutre looks like a parallel channel in 4 hour timeframe. From the technical standpoint, this is a bullish sigal and the price will eventually break out somewhere at the channel. Besides, one must keep in mind that BitCoke, like most exchanges, have launchpad platform for new token funding. As a rule of thumb, in order to subscribe the new token, its users are required to commit COKE to get allocation. This create buying pressure when the next IEO project comes.
With that said, I expect COKE will manage to hold the $0.8-0.9 range even if the general market turns south. When the consolidation is over, the COKE price is very possible to soar to $1-1.2, to say the least. Long COKE is very safe play and you can set up stop losses below in case the situation doesn't go as planned.
Be aware that this piece of analysis is NOT financial advice. Always do your own research in crypto investment.
Despite growing adoption cases and user numbers, COKE price has gone through a dramatic fall since the end of previous launchpad IEO. The close to 50% plunge may be attribute to a couple of reasons, like the weak broad crypto market, high inflation, interest hike from Fed, and so forth. Specifically, once the launchpad subscription ended, the locked COKE tokens become circulating, resulting in high selling pressure on the price.
This week, the price has appered to bottom around $0.8 - 0.9 range as we multiple lower-wick bars, indicting possible strong demand from the buy side. Even though the price movement over the last 2 weeks looks volatile and disorganized, the overall strucutre looks like a parallel channel in 4 hour timeframe. From the technical standpoint, this is a bullish sigal and the price will eventually break out somewhere at the channel. Besides, one must keep in mind that BitCoke, like most exchanges, have launchpad platform for new token funding. As a rule of thumb, in order to subscribe the new token, its users are required to commit COKE to get allocation. This create buying pressure when the next IEO project comes.
With that said, I expect COKE will manage to hold the $0.8-0.9 range even if the general market turns south. When the consolidation is over, the COKE price is very possible to soar to $1-1.2, to say the least. Long COKE is very safe play and you can set up stop losses below in case the situation doesn't go as planned.
Be aware that this piece of analysis is NOT financial advice. Always do your own research in crypto investment.