As we go into the very last day before the Chaos Legion presale launch I expect the volatity to really pick up on both Dark Energy Crystals (DEC) and Splintershards (SPS) markets. Everyone is trying to best position themselves to take advantage of the release. The ideal strategy may change from day to day as the prices fluctuate and the amount of tokens staked continues to rise for SPS.
So long as the price of SPS is maintained the demand for DEC will continue to grow, simply out of people looking to cash in on the incredible gains for holding DEC, or other in-game assets. Today we are being tested as large players tempt their fate with trying to game the system.
On my very last post I was describing a potential breakout scenario with an ascending triangle formation on the charts. This rising wedge of support quickly broke down as the Bitcoin dominance has continued to rise across the entire market.
I personally believe that there are some whales trying to manipulate the price in their favor prior to the Chaos Legion presale, in order to increase their SPS staked for VOUCHERs. Other smaller traders are riding the waves of volatility as DEC pumps and dumps 5-10% seemingly every day.
BB- Slightly below the moving average of 1.41c
MACD- Above zero line but histogram is tapering down towards negative territory
RSI- Neither oversold nor overbought, trending down today
DEC is searching for strong support zones this week and is looking to find footing around the 1.2-1.3 cent levels should we retrace. Any drop below 1.2c levels would be concerning since it would be breaking down the trending support line from the last three weeks. Within a week we need to break through resistance levels at 1.6c or face some further sell offs as the pressure mounts and holders get impatient with their gains.
I am not a financial advisor and this is not financial advice. This material is intended for informational and educational purposes only