TECHNICAL ANALYSIS: PINKCOIN (PINK/BTC) [+2500% return in 60 days!]
Today's post is about PINKCOIN (PINK/BTC)
This is a very volatile coin that aggresive traders might find interesting.
What is PinkCoin ?
Pinkcoin is a unique digital currency inspired by the pursuit of philanthropy and pareto-optimal game theory.
Pinkcoin offers a secure and trustless network to disrupt the non-transparent charity model. On our network, help yourself by helping others; earn money while holding Pinkcoin and simultaneously be a champion of charity. Our newly upgraded Pinkcoin blockchain is a hybrid model incentivizing users to secure the network by either mining via traditional Proof-of-Work (PoW) or by participating in an innovative and gamified Proof-of-Stake (PoS) design. Flash-stake (FPoS) and side-stake blockchain technologies encourage PINK holders to earn stake rewards while concurrently sharing their wealth. Users are further motivated to stake and share due to Donate 4 Life (D4L), a system designed to reward participants for helping others.
If you're interested, check more about PINKCOIN at https://getstarted.with.pink/
To be honest, I've never heard of this coin before but I'll make a technical analysis on it due to @idcinc request!
Technical Analysis on PINK/BTC
Let's take a look at the daily chart to see the bigger picture
Major pattern spotted: symmetrical triangle
Bear hammers everywhere!
Check out the trends and the major movements going on in PINK/BTC
Look at that volatility!
Fibonacci Ratio analysis: Fibonacci Retracements of the last major bear impulse
Shorter time frame chart: Let's zoom in!
PINKCOIN (PINK/BTC) : CONCLUTIONS
This is not the type of coin I would be investing or even trading.
As much as volatility is great for making money in the financial markets, PinkCoin moves to much for me.
Rally's of +2500% in barely 3 weeks are great... but then -70% of total value in just 4 days.
That means two things: is very easy to get trapped for months or even years and... is also very hard to take profits near the top.
The safer way to trade this coin is to wait till breakout of the symmetrical triangle occurs.
That means you might buy at a higher price but with the background of a confirmed bull move which is something very important in these kinda super volatile coins.
For informational purposes only
I probably already pointed you in the direction of our article on PINK when I first asked you to do analysis, but even if I did, this seems like a better place to leave it anyway.
The fundamentals... the 2 unique features are "Flash proof of stake" and "side staking." FPos decreases the PoS block time to 1 min for 4 hours of every day, eliminating any congestion that may arise. Side-staking is a bit newer, not mentioned in the picture below. It allows specific percentages of staking rewards to be automatically distributed to other address(with absolutely no fee). All donations made to charities with PINK are staked for eternity, with the rewards going to the charity(rather than the initial donation), which should have a similar effect as constantly "burning" coins would. For those that don't know, right click the picture below and choose "open in new tab" to see the full-size version. Or check out their ANN thread instead.
Thanks for sharing those details. There are far too many cryptos to research, so layout out this summary is great!
That is one nice looking symmetrical triangle! A really complete post. Your quality just keeps getting better...
Thanks for your support my friend, means a lot for me.
Check out this Bitcoin's chart. I think you will find it interesting.
Each red line marks a consensus date.
Crypto about to make moves! :)
Wow! That is an incredible chart. Thanks for sharing. I'm even more excited about my portfolio!
Describing future moves is almost impossible. However this would be something in the cards
@idcinc
Thanks for your unbiased analysis. Exactly what I was hoping for.
-Tom
Much appreciated. I'm glad you liked it. Feel free to request charts about any financial asset anytime.
Are you holding some PinkCoins?
I thought MannaBase was the only charitable coin going on!
Yeah I've been holding and staking it for over a year. The volatility is indeed rough, but at least the staking rewards are always gradually effectively reducing my average buy-in. And I have full confidence that it won't be very long before ~800-1000 satoshis is the absolute bottom price for PINK, after paying close attention to the PINK/USD and PINK/BTC charts the whole time, getting better and better at TA throughout the year. Every weekly ~$30 I get becomes more like $100 very soon :)
"Donate with PayPal" everywhere --> "Donate with PINK" > everywhere, PayPal fights crypto and dies.
There are other charitable projects like MannaBase (wealth redistribution)
I've not studied the fundamentals of pink so I don't know if Pink has a major advantage in relation the other projects competing for market share.
However, I think several charitable coins will shine in the future (after mass adoption)
People will make huge gains in crypto and they will be more proned to donate part of the gains to the people that need it the most.
Wish you great luck with PinkCoin!
Yeah I've heard about at least a couple of them, one that I believe is now dead, and one that seemed like a cash grab ICO, though MannaBase is a new one to me. I'll definitely have to check it out because one the main things about PINK that I'm bullish on is the use case. Thanks again and good luck with your investments as well!