The following is a market commentary from “TheOne888” currently he is a ‘long’ PacCoin investor. He is honing his crypto market commentary analysis and this will be the first of a series of market look-backs. He is new to the cryptoscene but learning fast – we are honored to have him join our PacCoin advisory team.
First, since PAC trades vs DOGE. As a primary market it is important to realize that PAC owners are technically embedded long in DOGE.
Next, since BTC is the most heavily traded in terms of US Dollars, and the primary currency that one would need to have in order to move back to USD, that price movement is of major importance.
All price reference in PAC will be in DOGE terms, while DOGE prices will be quoted in USD as will BTC.
- The past month low for PAC was .00015514 while the high was .00047.
- DOGE range was .00097 to .001499.
- BTC traded from 5112 to 8288.
In late October PAC broke out of its range to trade at multi year highs.
October 30th PAC moved at high as .00047 and traded down to .000185 later that day.
It closed down that day on heavy volume , but it was 72% off of the days low which was bullish. The next seven days PAC closed down, but as we know markets are 24/7. That said the charisma have to look at something, so despite being sold for eight days it managed to stay above the spike low from October 30.
Next major day of importance was November 6th. PAC was slammed on the highest trading volume in history, only to close unchanged. To many market participants, this may seem unimportant, but to be able to withstand selling like that and close unchanged is very important and very bullish. The next week, PAC consolidated between .0002 and .0003 with with large tails or wicks on both ends. November 14th, PAC broke out of that range and traded up to .00044, then was sold down to .00022 which was a 50% sellout in just hours. PAC ended in the green at the settlement which was a very bullish sign. On the 16th there was a mother big range from .00044 to .00030. This was yet another challenge that PAC had to overcome closing near inched on the day. Since then PAC has traded in much tighter ranges and been in the top names in volume on Cryptopia. A strong name will generally experience high volatility, then consolidate over a period of time before making its next move.
The algorithms making the markets in here are rather unsophisticated, and one can see them in action as you out a bid or offer in that is at the front of the book and then they move in front of you by one satoshi.
Key levels to watch on the downside are .00022 and .00027 while upside resistance will come at .000400 .000440 and .00046