Binance News
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Trader Eugene Ng Ah Sio Exits Stagnant Market Position
According to BlockBeats, trader Eugene Ng Ah Sio announced on his personal channel that he has exited his position after the market failed to break out of the 0.004 range. Ng stated that his trading strategy was no longer effective and decided to cut his losses and leave the market, emphasizing that it is not the time to hold onto stagnant assets.
Previously, on July 19, Ng had mentioned purchasing some PUMP tokens. Despite the initial market hype at the project's launch, which deterred his participation due to high attention, the recent sell-off piqued his interest.
Given the initial frenzy during the project's launch, most investors likely entered at an average price of 0.005 USD or higher. With the current price dropping to 0.004 USD, nearly all investors are experiencing significant losses. This situation is exacerbated by the fact that while ETH has risen by 30% in a week, holding an asset that has fallen by 25% is particularly challenging, leading to noticeable selling pressure.
The 0.004 USD level is considered a crucial support point, as the ICO was heavily oversubscribed at that price. Many participants had complained about not securing enough allocation, suggesting that Ng's personal bet on the current price being temporary might hold some validity.
Previously, on July 19, Ng had mentioned purchasing some PUMP tokens. Despite the initial market hype at the project's launch, which deterred his participation due to high attention, the recent sell-off piqued his interest.
Given the initial frenzy during the project's launch, most investors likely entered at an average price of 0.005 USD or higher. With the current price dropping to 0.004 USD, nearly all investors are experiencing significant losses. This situation is exacerbated by the fact that while ETH has risen by 30% in a week, holding an asset that has fallen by 25% is particularly challenging, leading to noticeable selling pressure.
The 0.004 USD level is considered a crucial support point, as the ICO was heavily oversubscribed at that price. Many participants had complained about not securing enough allocation, suggesting that Ng's personal bet on the current price being temporary might hold some validity.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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