ALT that is ready to BOOM - Not allowing prices below $2
I want to start to note that I am not a financial advisor and that you should always do your own research before doing any trading. But I wanted to share my opinion on an ALT that is looking ready to BOOM as soon as the overall crypto market turns a little bullish.
Background
There have been a lot of ups and downs in crypto lately. Looking at BitCoin it was consolidating between 9-11k USD and no one knew where the market was going. ALTs have really taken a beating with many being down 50-90% from recent All Time High (ATH)
It is at times like these that I look for buying opportunities in the smaller ALTs since if market sentiment turns around it will most likely cause a big jump in them (5-10x is my hope).
Recently BTC dropped below the 9k USD support and dropped down to under 8k USD. In almost every ALT this caused an equal (or greater) drop in price since people were worried and sold off some of their holdings (LTC, NEO, CLOAK, XSPEC, etc...). This is the natural behaviour but it is also where outliers (and opportunities) can be found.
What most people missed!
During and after this dip I noticed something very interesting in a particular ALT. No matter how deep BTC dropped the USD price of this ALT didn't change. And NO I am not talking about Tether!
The coin I am talking about is DEEPONION. Before the drop, the price of DeepOnion was just below $2 but during the entire dip, the price of DeepOnion barely moved in USD price. The only reason I can think of is that people aren't willing to sell this coin for less than $2. Even though BitCOin showed high volatility and was going down quickly holders weren't selling.
My thoughts on the matter
DeepOnion is down to a 90% discount from ATH ($20) that happened during the bull run in January. Since then the project has moved steadily forward, new releases, added to new exchanges but despite that, the price had been steadily dropping. I think this was partially due to the fact that some people were taking out some profits (Did 20x in a short time) but mostly because the overall crypto market view had turned Bearish (BCT dropping from 20k to 10k USD).
As mentioned DeepOnion kept dropping together with BCT but two weeks ago it seemed to find support at $2 during the BTC consolidation phase (9-11k USD). The interesting part is that it kept the $2 support level, even when BTC dropped 20% in 24 hours (yesterday). This shows incredible strength and support of this coin.
The DeepOnion HODL:er aren't willing to part with their coins at anything less than $2 so the sell-off that has occurred is most likely all but done. If/When the market starts to turn Bullish again, people will move into ALTs and the people holding DeepOnion right now will not sell for cheap. They have held on to their coins during this bearish period and are looking long-term. That means that, in the future, even small volume spikes will quickly drive the price up. Supply and Demand, it will be as simple as that. The demand is going to rise but the supply is going to be very limited -> Price will rise.
Final Notes
This is, of course, assuming that the crypto market eventually turns Bullish and that we are close to a bottom for BCT. I am not guaranteeing that $2 is going to hold for DeepOnion if another 20-30% drop in BCT occurs. I am just saying that right now people don't want to sell and that it seems it will take something major to occur to get the DeepOnion HODL:ers to change their minds.
So keep a lookout on this coin in the near to mid-future since I think it could be in for some very good gains. Right now you can trade DeepOnion on KuCoin and Cryptopia.
DeepOnion Homepage
DeepOnion Whitepaper
DeepOnion Community Forum
DeepOnion BCT ANN Thread
Join DeepOnion AirDrop
Personally I think the price could "touch down" to $1, since it has reached $1.60 at a recent low. But either way, anytime from now I think we'll start to see a recovery towards $4/5 and we'll be stable at this price in no time. I feel like it might take a while to get higher from here though, but we'll get there.
The BTC market is still very volatile and there was some sell off at the last AirDrop, to $1.6. But the strength shown before was still true and, as mentioned in the article: WHEN the overall market sentiment turns bullish I think this coin could see some very large gains!
The price of Onions were around 50cents before the major bull run in December so I think we will still see some weak hands especially near or after the end of airdrops, people might just dump for instant profits. Though I see it as a great buy opportunity. This coin has so much to offer in the future and worth so much more than current prices!
The airdrops have been great. Much better than ICO. After airdrops are finished we will see bigger exchanges listing DeepOnion....
I think $1.5 is not bad considering the whole market dip. I'm sure Once we get back to the bullish market we'll get a real boost.
The recent drop was probably due to the AirDrop. It bounced back to 2$ but then settled somewhere in between at $1.75. There was no real spike in volume so no real dump, it was just a few selling off $ONIONs cheap.
Only five airdrops left. I really appreciated the Friday airdrops, but I am also looking forward for future development of the project. Currently it seems that the airdrops have a inhibitory effect on the growth. They will not get listed on bigger exchanges and it also seems that they hold back features until the airdrop is over. At least Vote Central will be released in the next few weeks.
I agree and am looking to the future. The AirDrop has been a very successful marketing campaign that has grown a strong supporting community. Soon it will be time for the project and development to do the major work. I have great hopes!
I think some upcoming releases are held back a bit on purpose (guessing) so that they are released after the AirDrop ends. Since some think that the price might drop a bit after the final AirDrop but if there are new releases coming out then that should quickly push the price back up again. Maybe we will even see a spike in price after the AirDrops since then there will be no more weekly "sell-off" of agins and demand will rise
This is also my guess, but I assume they will release at least vote central at the end of march as stated on their road map. So I expect a further price decrease next week before it rises again when they make the announcement.
Therefor I have sent some bitcoin to kucoin to buy the next weeks after airdrop dip on Friday. And buy maybe more at the end of the airdrop in five weeks. But as you said maybe there is even a price spike. We will see.
Well I was a little bit off since they released both Android Wallet and new Wallet update with Stealth Addresses this week. Great news for the project and think this will give a boost now that we are closing in on the end of the AirDrops. I don't see many people selling at these levels with these new releases showing the progress of the project
It is a great article, less than $ 2, the truth at this time you have to ignore it, after the Airdrops, the onion will shoot. I have all my confidence deposited in the project.
Yes it dropped below $2 but the strength it is shown is still valid. The BTC price hasn't dropped below the last support and there for sure was resistance at $2. Then, as you say, there was an AirDrop which finally broke the resistance as someone sold off some $ONIONs.
It is impossible to predict the market and if BTC continues down I don't expect DeepOnion to go against the current. BUT if the market turns around to bullish, then we could have 5-10x easily with this coin in a short period since then people won't sell cheap is my opinion.
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Really good article. Nicely explained and worth reading. Thanks for sharing it with us.
Really price is grow up? i think its group on future.