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CryptoMines Plummeted From $800 to $70: Should We Buy?
The month of October and November was a great month for the Oracle-driven game CryptoMines as their game token $ETERNAL continuously breaking and searching new all time highs week by week. The token went more than 700x in just 3 months, and since it was "Oracled", many people were getting hyped and fomo'ed and wanting to start the game, worrying they'll miss the train.
However, ending the month of November and starting the new month of December wasn't really what investors, holders and players were expecting. Mostly everyone are thinking in advance that their Christmas will really be a merry to them when seeing the price of $ETERNAL above $700. But thing didn't turned out great... When $ETERNAL token plummeted by more than -90%!
CryptoMines $ETERNAL token reached an all time high of $825.2 with a valuation of over $4 billion market cap, standing on top of all other NFT games that also uses an Oracle to sustain the game's economy.
The game were having a healthy economy, positive community and a great development, but still, what goes up must came down!
$ETERNAL's daily chart is looking like a big rugpull chart, seeing 5 consecutive days with 5 big red candles confirming that the game's token is now currently in a massive correction and obviously in a downtrend.
At the time of writing, the $ETERNAL token's price is currently at $74 with a market cap of just over $300 million... What a big loss!
Everyone that's in the game's community and even outside of it have different opinions, theory or what ever it is to answer what is happening now with CryptoMines:
Some people in the community says that a big man/personality in their community made a negative behavior/opinion in the game, or fud to be exact, and the community reacted to it causing to sell their tokens.
There is also a rumor circulating in and outside CryptoMines' community that this price drop was "Whale Orchestrated". Since the game was looking like a successful and sustainable NFT game with a huge reward pool contract, people wishes for a price to enter in lower price and mint when price goes up. This is where speculation goes in that whales orchestrated this drop event, to create more panic and sell pressure, causing the price to drop even more, and will eventually buy back when a target price is reached.
Lastly, just a normal BSC token correction. We all know that BSC tokens, no matter how great it is, it will always exceed your expectations in where will it reached its dipped price and start a reversal.
No one really knows what's happening. Because this is crypto space... Unpredictable!
I am not a financial advisor, not even a pro trader, but one thing I can assure safe to share - Don't catch a falling knives!
With my technical analysis, as I am writing this article, the price of $ETERNAL is continuing its downtrend and not a single sign of reversal for us to start buying the token.
But no! This doesn't mean I'm right and will likely be. Like I stated above, no one really know and crypto is unpredictable. And if ever this price drop is really whale orchestrated, we will eventually see when 3 to 4 big green candles (big buying pressure) when whales started hoarding tokens then that would be worth taking a risk of buying.
But as a small fish like you and me, I would highly recommend this simple analysis:
Don't buy just because you're thinking it's the dip already.
Let the price chart to consolidate. Check 1 hour and 4 hour chart, notice a few candles if the price is stable in that area, then buy if it is.
Don't go all in. Don't buy in bulk. Make sure to leave an amount for Dollar Cost Averaging if ever the price continues to go down.
Just because the price of $ETERNAL goes down way too much, it still doesn't change the fact it is one of the profitable NFT game in the space. Some people are panicking right now, but for people like me that was left behind, this is a great chance to take a ride and I might start playing this game.
And last thing is, the game still has a huge reward pool and that will eventually rise even more when new uptrend, comfort and fomo starts.