Looks like Mithril is moving back into bullish mode breaking the mid term resistance and setting higher highs and lower lows in the short term. Drew a coupe line to illustrate what I believe is called a rising wedge. I'm new to this so any help is appreciated.
I entered Mithril back when it listed on Bithumb around April 16th, price in USD was $0.67. Rode the bull trend up and sold after the first correction down to the $1 area and after the subsequent relief push back up. All in all made about 80% return on the trade. After price created it's new bottom around $0.50 and getting a pretty strong rejection decided it was a good time to get back in. Entering into the trade today at around $0.59.
As far as psychologically influences, the company is strong and is currently accepted in a brick and mortar chain in South Korea, they have a live app called "Lit" which is basically a S Korean Snapchat, I use it daily because that's how new coins are mined. Their way of mining is through a process they coined as "Social Mining". Basically the more you post and the more likes you get the more mithril you get. I believe this mechanic is pretty ingenious because the more people use, it the more they make, and the more people that know about it. Add to the fact that anyone can use it to buy real tangible things already, albeit in a limited capacity. But considering it just hit exchanges in March, id say the growth potential here is pretty significant. And I imagine this next wave will be one for the books.
Any criticism is appreciated, thanks.
I entered Mithril back when it listed on Bithumb around April 16th, price in USD was $0.67. Rode the bull trend up and sold after the first correction down to the $1 area and after the subsequent relief push back up. All in all made about 80% return on the trade. After price created it's new bottom around $0.50 and getting a pretty strong rejection decided it was a good time to get back in. Entering into the trade today at around $0.59.
As far as psychologically influences, the company is strong and is currently accepted in a brick and mortar chain in South Korea, they have a live app called "Lit" which is basically a S Korean Snapchat, I use it daily because that's how new coins are mined. Their way of mining is through a process they coined as "Social Mining". Basically the more you post and the more likes you get the more mithril you get. I believe this mechanic is pretty ingenious because the more people use, it the more they make, and the more people that know about it. Add to the fact that anyone can use it to buy real tangible things already, albeit in a limited capacity. But considering it just hit exchanges in March, id say the growth potential here is pretty significant. And I imagine this next wave will be one for the books.
Any criticism is appreciated, thanks.