$BOB token - Relatively Small Market Cap Meme Opportunity on Eth

19 gru 2023

BOBUSDT is currently ranked #572 in market cap at 48.1M with a 24h trading volume of 15.5M (down 53% from 24 hours ago). It trades on the Ethereum ecosystem with most of its volume coming from KuCoin.

It has clawed back to top of its trading range, which was recorded on May 06, 2023. Trading now at $0.00007047. It traded significantly down from said high since May and has finally attained a resurgence of volume beginning at the start of December.

This is an interesting one to keep an eye on given the huge increase in popularity of meme coins on other L1 networks. A big crypto bro twitter account of 500k plus people constantly shills it which helps drive the price. It's been trading sideways for the past 5 days finding strong support at 0.000006. I bought into a position at the 0.0000065 level and hoping for a push higher into January ETF news which will help drive ETH volume.

Never liked trading meme coins so will be vigilant for support erosion and scaling out of position if need be.

19 gru 2023

Komentarz

Looks like it decided to trade down. Trading at continuation pattern lows. It's a risky entry here so I'd wait for a bid up before stepping in. If it trades through 0.00006 and 0.000057 level, It's a long far way down. All depends on what BTC does right now.

20 gru 2023

Komentarz

Thank God for the BTC bid up. Definitely would have caught some major stops all the way down to the previous 0.00003 trading range.

Looks like it's consolidating and finding some support here around 0.000055. Not a high level of conviction around this level that was cracked this past Friday. If BTC holds around 44k USD for more than just a few hours, stronger conviction will return to this token.

ETH has been a major lagger in the market compared to its counterparts. That doesn't help ETH meme names. But that doesn't mean you should discount Ethereum plays. It's always going to be in the conversation. Only a matter of time until it begins to trade more in par with Bitcoin which would ultimately mean growth in Eth meme names.

I'd still wait to step into this. Anything below 6 would be pretty risky in my opinion. Has to trade at least above 0.000065 with some strong volume. Generally, risky...