KMNO price has broken out of a falling wedge after securing a listing on Coinbase. Can the hype drive it to $1 in the coming weeks?
Summary
KMNO price snapped out of a multi-month downtrend after its listing on Coinbase.
Projected target based on a multi-month falling wedge breakout for KMNO lies at 35% above current price levels.
According to data from crypto.news, Kamino (KMNO) rose to 22% to an intraday high of $0.071 on Sep. 12 before stabilizing at $0.066 at the time of writing. At this price, the token has recovered from all of its August losses and stands 82% above its year-to-date low.
KMNO price rallied as it secured a listing on crypto exchange Coinbase yesterday.
The listing on one of the world’s leading crypto exchanges drew increased retail interest in the token as community chatter picked up. The token was also trending on Google at the time of writing.
Kamino’s gains today were also supported by the addition of Pump.fun’s native token, PUMP, to its Kamino Lend platform. As PUMP is a widely traded and highly popular cryptocurrency, its addition also drew investor attention.
Another key development was the introduction of a new backtesting feature for Kamino’s “Multiply” leveraged yield strategies. Backtesting allows investors to analyze the historical performance of these strategies before committing capital to them.
According to Kamino, this was a highly requested feature; therefore, its introduction has also sparked retail interest and was likely viewed by community members as proof that the team is listening to feedback and building with a long-term vision.
KMNO price analysis
On the daily chart, KMNO has confirmed a breakout from a descending parallel channel, a pattern formed by connecting swing highs to create the upper resistance line and swing lows to form the lower support line. A breakout from this pattern typically leads to a bullish reversal for an asset’s price.
Zooming out the charts, KMNO has also confirmed a breakout from a larger-scale falling wedge formed since late May this year. A falling wedge is a stronger bullish reversal pattern that is formed when an asset’s price makes lower highs and lower lows within converging trendlines, indicating weakening selling pressure.
A look at the Moving Average Convergence Divergence (MACD) indicator shows the MACD line forming a positive crossover as histogram bars are starting to shift from red to green, a factor pointing to bulls starting to dominate over sellers.
On top of that, the Aroon Up currently lies at 100% while the Aroon Down is at 21.43%, a combination that traders interpret as a buy signal.
Hence, the immediate target for KMNO to the upside lies at $0.089, about 35% above the current level. A decisive break above this resistance could encourage buyers to push towards the $1 psychological level.
However, the validity of this setup depends on the token maintaining support above the $0.055 psychological level. A drop below this threshold would invalidate the pattern and increase the risk of a reversal.
