How are you all? A new token #MET has been on my mind all day today. Whenever something new comes out on Binance, I look at it with a little extra interest. So I thought, I'll write down what I saw and understood today in my own way.
Friends, In the morning, I saw the price hovering in the 0.323–0.324 range. The 24-hour range was 0.3213 to 0.3547, meaning there is fluctuation, but not much excitement. This reminded me that the token is still trying to make its place.
I saw the market cap of 157M USD, and the fully diluted value is about 323M USD. Here is the first thought, such a large supply has not yet come to the market. If unlocked in the future, the price may be pressured, I always look at this separately in new tokens.
My eyes were caught by the money flow, the sale is increasing in large transactions. The total inflow stands at -2.82M MET. It seemed like the big players weren't showing much faith today. Small traders were buying, but big traders were selling, the pressure from both sides was clear.
Looking at the 30-minute candle on the chart, it seemed like the market was actually a little hesitant. MACD was flat, slightly negative. The MA lines weren't giving any clear signals either. The price was looking for its place, that's what I felt all day.
I was confused to see that the order book was 68% buy orders, 31% sell. Small traders were buying, but big traders were selling more today.
Overall, my personal conclusion is that #MET token is now in a testing period. If it wants to go up, big investors will have to buy again. Otherwise, the price may test below 0.30.
Personally, I would advise waiting with small positions for now. New tokens mean opportunities, but they also carry risks, that's what I understood the most today.
Posted using SteemMobile
