SpaceTravel’s ERC20 token (MAC) had been listed on their first ever exchange (Hint: Yours Truly) for over a month now and it’s phenomenal growth is just not something you can ignore!

After making a monstrous rally of over 300% from the lows of 0.05 to 0.17(USDT), the price found support off the 0.1USDT level, which is the ICO price. We can see that the point at which the price is rejected off coincides with the 17EMA as well.
Here’s a logical explanation for the formation of the long-wicked rejection candle we see above:

  • All of the investors/speculators who bought in at the ICO price of 0.1USD had moved their stoplosses to breakeven or above, after seeing the strong bullish rally .
  • The quick drop of the token value to that level caused a mass liquidation of all the stop-loss(sell-stop) orders, resulting in an influx of supply.
  • Market-makers then saw this opportunity to buy back the tokens at a ‘cheaper price’, securing a larger stake of the token shares.

Token Summary

The Singapore based satellite and navigation company seeks to provide ease of navigation for daily commuters all over the world through their newly-launched app called “BUBU” (步步). The app is powered using the firm’s superior satellite map technology, AI, big data, blockchain and virtual reality. Think of a Google maps, but now with REAL CONNECTIONS established between the merchants and consumers through forms of gamification. The real-applications of this project offers multiple solutions across the board from driver/commuters to tourists to logistic companies, etc.

Leave a Reply

Your email address will not be published. Required fields are marked *