Good evening, friends!
Today a fan asked me whether the C98 token has investment value, so let’s take a look together
C98 is a decentralized aggregation platform and recently launched a striking project - a non-custodial wallet. Non-custodial wallets have become commonly used tools in our daily lives, such as TP, Little Fox, IMTOKE, etc. These wallets provide us with convenient and fast digital asset management services.
Although this project did not have a great idea at the beginning, the incubation team and investors behind it attracted a lot of attention. Many people are speculating whether this wallet will become an important project for Binance in the future. However, as time went by, Binance launched its own Web3 wallet, which made C98’s position somewhat embarrassing. However, C98 did not lose its market because of this. Instead, they managed to carve out a niche in the market with the help of an Asian fund. Recently, C98 even announced that it will establish a US$25 million fund to provide support for Web3 in Asia. This news undoubtedly makes the market full of expectations for the future of C98.
However, market enthusiasm is always temporary. After the market enthusiasm returned, the news that C98 proposed to establish this fund failed to bring substantial benefits. Currently, the project has embarked on a callback path. In the short term, if the market stabilizes, the project side may be brewing good news, but if there is no substantial good news, the correction may continue.
From a technical perspective, there is a pressure level of 0.26-0.3 above the price of C98. If this pressure level is not touched, it cannot be considered an effective breakthrough. And if it pulls back without touching the pressure level, it can only mean that it is a bit weak in the short term. In terms of support levels, we can pay attention to the two signals given by the Fibonacci retracement levels - 0.18 and 0.168. If these two positions fall below, then we can only look at the strongest support point in the current state-0.155. This position is the position of the MA200 moving average, and it is also the chip support level at the lowest position of the market. If this position doesn't hold up, it could see new lows.
For old investors who hold positions, they need to pay attention to the support level. If two consecutive positions are breached, you should consider reducing your holdings or exiting the market. For investors who have not yet established a position, it is recommended to wait and see. After all, although the market is not large, there are still many potentially valuable tokens. Although C98’s non-custodial wallet is not very popular at the moment, if there is a better development narrative project in the future, its prospects may become broader.
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