This old project suddenly surged by 27%. Is it an opportunity or a trap?
$AERGO This old buddy has been quite aggressive lately, soaring by 27% in a single day, but looking at the price, it's barely a fraction of its historical high.
This project debuted in 2018, focusing on enterprise-level blockchain data sharing. The concept is quite serious, but it has always been lukewarm. Now, its market value is less than 60 million dollars, and with a circulation rate of 94.5%, there isn't much risk of a large sell-off.
In the short term, it's a rebound from a significant drop, considering it fell 91% from its high in April; any random pump seems impressive. But be aware that the 24-hour trading volume is 67 million dollars, with a turnover rate as high as 57%, clearly indicating that speculative capital is playing hot potato.
What about the future? If it can stabilize at 0.13 dollars, it might attempt to challenge the previous high resistance level of 0.2 dollars.
However, for the long term, it still depends on actual implementation. At this price, it's hard to say if it's a bubble or if it has value. Such old clones either play dead for three years or suddenly resurrect. It's not recommended to play with it; if you do, treat it like a lottery ticket.
If you are still confused and unsure how to grasp buying and selling opportunities, you might want to follow @Crypto余辉 for irregular updates on the latest market hotspots, in-depth strategy analysis, and those easily overlooked potential tracks.
