Up 450% off its recent lows, and well over 500% off its low lows. This thing has blossomed, and we still are not at all time highs.
With todays pump and dump, we are currently retracing 50% of the 150% breakout move, right back to......you guessed it, prior high resistance..now hopefully turning into support.
It's a safer play to wait for a few hourly candles that confirm these prior highs at 1.50-1.8 as support. There is a chance there may be no more buyers. Though, that scenario is unlikely with the broader market context. Profit takers of the other cryptos, will use that money to play these moves.
Historically, these 100% breakouts in short time periods, are actually normal for most crypto alt coins. With every pump we get in the big dogs (bitcoin, eth, etc...) Those profits will roll over to the next juicy looking alt coin.
This is Alt Season.
With todays pump and dump, we are currently retracing 50% of the 150% breakout move, right back to......you guessed it, prior high resistance..now hopefully turning into support.
It's a safer play to wait for a few hourly candles that confirm these prior highs at 1.50-1.8 as support. There is a chance there may be no more buyers. Though, that scenario is unlikely with the broader market context. Profit takers of the other cryptos, will use that money to play these moves.
Historically, these 100% breakouts in short time periods, are actually normal for most crypto alt coins. With every pump we get in the big dogs (bitcoin, eth, etc...) Those profits will roll over to the next juicy looking alt coin.
This is Alt Season.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.