KMNO prices escaped from the falling wiggle after securing the Coinbase list. Can the hype be driven to $1 in the coming weeks?
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KMNO prices have slipped out of a few months of downtrend after it went public on Coinbase. KMNO’s forecast target based on months of fall wedge breakout is 35% above current price levels.
According to data from Crypto.News, Kamino (KMNO) rose to 22% on September 12th, reaching the top $0.071, with $0.071 before it stabilized at $0.066 at the time of writing. At this price, the token recovered from all of its August losses, exceeding 82% year-on-year.
KMNO prices rose yesterday as they secured the list of Crypto Exchange Coinbase.
Listed as one of the world’s leading crypto exchanges, community chatter was featured, which sparked retail interest in tokens. Tokens were also a trend on Google at the time of writing.
Kamino’s today’s profits were also supported by adding Pump.Fun’s native token, Pump, to the Kamino Lend platform. The addition attracted investors’ attention as pumps are widely traded and are a very popular cryptocurrency.
Another important development was the introduction of a new backtesting feature in Kamino’s “multiple” leveraged yield strategy. Backtesting allows investors to commit capital to these strategies before analyzing the historic performance.
According to Kamino, this was a highly requested feature. Therefore, its implementation could also spark retail interest and be seen by community members as evidence that the team is listening to feedback and building with a long-term vision.
On the daily chart, KMNO saw breakouts from the descending parallel channel. This was formed by connecting swing highs to create an upper resistance line and creating a swing reduction to form a lower support line. Breakouts from this pattern usually lead to a bullish reversal of the price of an asset.
Zooming out the charts, Kmno also saw a breakout from a massive falling shaking that had been formed since late May this year. Falling wedges are a strong bullish reversal pattern that forms when the asset price causes low and low values ​​within a converging trend line, indicating weak sales pressure.
Looking at the moving average convergence branching (MACD) indicator, it shows that the MACD line forms a positive crossover as the histogram bar begins to move from red to green.
In addition to that, AROON UP is currently at 100%, while Aron Down is at 21.43%, a combination that traders interpret as a purchase signal.
Therefore, KMNO’s immediate target is $0.089, which is about 35% above its current level. A critical break that outweighs this resistance could encourage buyers to push towards a psychological level of $1.
However, the validity of this setup depends on tokens that maintain support beyond the $0.055 psychological level. Below this threshold, the pattern is invalidated and the risk of reversal increases.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
