Updated
BNX buy wall at 61. The Dao say they will buy back.
BNX tanked 80% recently after some rumours hit the market that developers were selling the governance token. There have been massive inflows and dumping which fuelled panic selling.
I can see as the market dumps today that there is a strong buy wall at BNX $61.
BNX moved strongly to the upside through the bear market, so this reversal is either a signal that it may flatline, or is a strong signal that supply will be reduced.
I can't seem to get on the DAO's posts to see what are open proposals and dates - maybe just because I don't have my meta mask - just gives an error.
This is one for your watch list. If it can clear over $62 or so, the buy back may really cause a rally in the price. If it collapses under $60-61 area it may really flatline. Sad I missed it but happy to have a bit of a pulse on it here.
Keep your risk tight - there is a nice consolidation to play so you can find really strong risk/reward ratios in a trade either way.
I can see as the market dumps today that there is a strong buy wall at BNX $61.
BNX moved strongly to the upside through the bear market, so this reversal is either a signal that it may flatline, or is a strong signal that supply will be reduced.
I can't seem to get on the DAO's posts to see what are open proposals and dates - maybe just because I don't have my meta mask - just gives an error.
This is one for your watch list. If it can clear over $62 or so, the buy back may really cause a rally in the price. If it collapses under $60-61 area it may really flatline. Sad I missed it but happy to have a bit of a pulse on it here.
Keep your risk tight - there is a nice consolidation to play so you can find really strong risk/reward ratios in a trade either way.
Note
Buy back is for 100k tokens of apx 2.8MM circulating.The news may at least cause retail to drive back in. It could tank pretty hard - will trade it both ways.
Note
Caught some upside yesterday but doesn't appear to have much weight.
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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.