Despite the current bearish climate within the cryptosphere as a whole, EMC2 appears to finally be re-testing the top of the current price wedge, which has been a month and a half in development. Note that the current price level reflects both a previous level of support and before that, a level of resistance.
Just as with the price wedge of KCS that I pointed out last week, this could be a very good sign for EMC2 to break out of the top and have several days of 50% plus price movement in a positive direction. KCS ended up breaking out, presenting a good sell opportunity to holders before falling dramatically during this week's sell-off. However, KCS was already well inside the top-50 on CMC and was due for a massive correction anyway. EMC2 has languished outside the top 100 for quite some time now and should soon make movements to regain its previous level of relative market valuation.
With a current market cap of $171 million and an overall rank of 146th on CMC, this coin seems very undervalued to me. It has a thriving community, a solid team, a regularly updated and clearly defined roadmap, and (in my opinion) a worthy mission.
What do you think? Is this the last opportunity to buy in or add to current positions before it breaks free?
OMG! This is SUCH an AMAZING post! Thank you for sharing! I gave you a vote!!
Thanks! Unfortunately with all the blood in the water today surrounding pretty much EVERY crypto, things are very difficult to predict. I've decided to close close every tab related to crypto (other than steemit) and take a breather!
I've read all your recent analysis on EMC2. Looks like it's currently following the overall trend down. Let's see what happens next days.
My thought is that when things do bounce- and i believe they will - those coins that were already depressed in price like EMC2 was will be among those most likely to lead the pack in gains.
Sounds reasonable and it probably is. I'm in a similar situation, however with EOS.
It appears I was wrong. Several of my positions bounced today by 20, 30,even 40%. EMC2? 4%. Ugh.