HGETUSD
- 4H I see a lot of people wanting to find coins/tokens that are considered "moonshots." Typically a moonshot offers >20x returns, sometimes in the 100x range. In order for a moonshot to manifest, you have to take on a variety of risk and see the coin/token's underlying value - what does it bring to the table? What does it solve? Why would anyone think of buying this?
I've been dabbling quite a bit in DeFi and came across HGET last week. Options trading is as lucrative as it is destructive. HGET brings non-custodial options trading to DeFi and launched in Sept 2020. It debuted at ATH and has plummeted downward since. Some of the downward moves are almost musical in their curvature. What has hampered HGET growth is - there haven't been any buyers. Looking at the 4H chart we only see sustained buying interest in the past two weeks. Tall green bars are rare in its history - but that's all going to change in near future. HGET is providing impossible returns in the form of LP yields and the market is starting to digest its value in that regard.
Looking at the tokenomics there is a circ supply of 1.75M, max supply of 10M - or roughly half of BTC's max supply. If HGET were to blow off to the stratosphere and reach 10k/coin, it would still only be 9% of ETH's current marketcap and remain ranked below Ripple. It's currently ranked in the 700s on CMC and will popularize with the platform's release this quarter. As more people enter crypto and want to make money on trading, more will entertain trading options on DeFi as there is no kyc nor mandatory reporting.
I've added some fib extension levels on the chart for anyone looking at a good entry point and potential target levels. The ride from now to $8 will be a bit tough unless it just facemelts past it all. $10.50 marks ATH and the coins debut price, and once it clears that we'll see some strong strides up into price discovery. Most of the early bagholders have been chased out following a -90% drop. I'm not in HGET currently to trade, but am in it for LP token staking. I'll enter it to trade at $8.50 with a short term target of ATH and holding a portion for the moon trip to the top 150.
This is not investment advice and trading cryptocurrency is high risk.
Comment:
Formed a superb double bottom at fib 0 shortly after the OP. Here come's $8
Trade active:
Entered at $8.50
Comment:
Kissed ath today and it was quickly rejected. Might test $8.94 before making a second attempt. Really liking how this is moving so far.