As an investor that has been following this coin all through it's down time and mining a lot for it, and sticking through till the end I find myself frustrated due heavy duty lack of market action.
It is confusing to me why we had the nice regular spikes before in the value up to 10k satoshi then the following week to 3-4 weeks of slow decent back to baseline. Right now is a great time to buy in because of the price being so low but now I am concerned because I haven't seen anything close to a spike such as that I would want to exit my holding position right now.
I trusted this coin to spike and I have been holding for several weeks now in the hopes it would and at this point in time I am serious considering dumping my position with the slight loss I will take because it appears this market is dead.
Has our lovely coin died due to the downtime losing us investors and spike creators and market makers? Does nobody have the ability to spike it up to 10k like we see sometimes and bleed it slowly to 6k or so, so anyone who is in a long hold position can exit with a kind profit like it's prior tendancies?
It is very frustraiting, can any one explain why we are not seeing the spikes we used to? Did we lose the whales who were causing them before and noone in the actual community has the ability to create them?
thanks. I put all the funds I was hoping to trade for now as a hold into XMG in order to exit at the peak of the bitcoin and now that I want to exit, I am just stuck waiting. I am missing a lot of other trading opportunities, so I was hoping for a chance to shine in this as well since apparently our own coin is asleep?
again, thanks everyone.
Enoch
Hi Enoch,
I think this is an answer on many folds.
* Take a look at the sell wall to 10k on 'trex and you'll see the amount of sell orders on the higher reaches is pretty high, this means confidence and perceived value of people holding Magi is also very high (especially compared to people buying Magi). Anybody waiting to pump the coin will wait for confidence to wane before initialising a major campaign in order to increase profit levels.
* There is a rush for bitcoin due to the upcoming forks, leading to less people pumping money into alts as they want to gain additional coin. This has caused most alt prices to drop - look at XMR, DOGE, LSK etc, most have lost significant USD value, not so bad for Magi
* The rush for bitcoin has also inflated the USD/BTC price which means that Magi at 5k in todays levels will hit the same market cap of Magi at 10k a few months ago. USD price of Magi is not too bad.
* Also, a lot of the pumps during the outage were due to the markets being locked and large holders unable to transfer their coin in to sell during the pump, that meant that profits would be higher for the guys that were inflating the price.
* The liquidity of Magi is pretty high right now meaning that more coin are required to inflate the price
* Most of the coin is on one exchange - price and demand would be higher if people spread their coins across the other exchanges.
* Some people are shorting the price, expecting it to drop further
My thoughts are that most alts will continue to drop until after November before a surge, but I am often wrong =)
EDIT: I'm investing in about 15-20 coins - and I've noticed that daily volatility has dropped on them all, Magi is still one of the better performers in my portfolio. I don't think there is a magi specific issue, just market dynamics - same thing happens every few months - was a similar situation back in March
