Have conditions changed to be bullish on Chaos Legion packs?
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A few days ago, if you lived in the United States, you could buy a Chaos Legion pack on Hive Engine for the same price as a Large Coca-Cola at McDonald's with sales tax included. While the Coca-Cola at McDonald's is lauded, it does not deliver the same possible results as a Chaos Legion pack could. Usually, the expected value of the 5 cards combined from an individual pack are greater than $1.25 combined in this current market. The price of a pack has surged above the current expected value and is $1.369 leaving many to wonder if the price surge is just a dead cat bounce.
Chaos Legion prices were less than 4 SWAP.HIVE a few days ago and challenged 5 SWAP.HIVE today to be rebuffed, but this happened June 13 and the price came back below 4 HIVE. However, today the Low never went below 4 HIVE. This is an interesting development. The last time there were this many green candles in a row leading up to a surge, there was a two day surge that was followed by a correction and then a sustained bearish price pattern with the occasional surge in price that is short lived.
There is positive momentum and clear bullishness according to the MACD indicator. However, there could be a sign that a top has been hit in this run or at the very least this run could come to an end soon.
The Relative Strength Index (14 day) shows that Chaos Legion packs are priced in the overbought range. It is quite a swing from two weeks ago when packs were priced in the oversold range.
The Stochastic Oscillator supports the idea that the price is now strongly overbought. If there was time to sell off packs, it's now at least according to the Relative Strength Indicator and Stochastic Oscillator. However, most packholders would be selling at a loss.
Presently, there are 3 million packs that have yet to be opened. This is a lot of supply to be added to both the card market and secondary pack market.