Technical analysis by globulltrader about Symbol COINX: Buy recommendation (5/16/2025)

Let’s analyze how the coin, trading at $264.99, can reach the 1.618 Fibonacci target of $1,504.65, using first principles and focusing on the chart’s technical setup without referencing the trend line labels. **1. Starting Point**: The coin is at $264.99 on a 4-hour chart, near a lower trend line around $260-$300 where the price has previously found support. This suggests potential for an upward move if buyers step in. **2. Elliott Wave Framework**: The chart shows a completed five-wave structure followed by a three-wave correction. At $264.99, the coin is likely beginning a new impulsive wave (e.g., wave 1 or C of a larger pattern), which often targets Fibonacci extensions like 1.618. **3. Fibonacci Target**: The 1.618 Fibonacci extension is at $1,504.65, a typical target for impulsive waves. This level is calculated by projecting the length of a prior wave from the current base around $260-$300. **4. Key Levels**: - **Resistance**: A descending trend line around $600-$700 acts as the first major barrier. Breaking above this with strong momentum signals a bullish continuation. - **Support**: The $260-$300 area must hold to maintain the uptrend. A break below could indicate a reversal. **5. Path to $1,504.65**: - From $264.99, the coin needs to rally, breaking the $600-$700 resistance to confirm the uptrend. - An intermediate Fibonacci level around $975 may pose minor resistance, but a strong trend should push through. - The $1,239.66 move ($1,504.65 - $264.99), a 468% increase, requires sustained buying pressure. **6. Market Dynamics**: Impulsive waves rely on strong buyer momentum. If volume and market sentiment align, the coin can climb steadily. Failure to break $600-$700 or a drop below $260 would challenge the bullish scenario. **Conclusion**: The coin at $264.99 can reach $1,504.65 if it holds above $260, breaks the $600-$700 resistance, and maintains bullish momentum. The Elliott Wave and Fibonacci structure supports this target, but the price levels suggest this isn’t Bitcoin. Watch the $260 support and $600-$700 resistance for confirmation.