On 0.058u
On August 12th, it just set a new all-time low at 0.0402. Then for the next five days it kept climbing upward, bouncing more than 40%. Early this morning it even touched 0.0632.
This move isn’t the kind where one single candle blows up the move. It’s climbed step by step each day—no wick spikes in between. The volume isn’t exaggerated either: about 37 million+ in trades per day, market cap around 270 million+, and turnover is more than double.
No news can be found. The project team hasn’t shown any activity. It’s just a natural rebound after being extremely oversold.
Structurally, it has an inherent flaw. This is a burn/fiery-token on the chain that relies on the main coin continuously releasing value. The circulating supply keeps increasing, and now it’s over 470 million, with a cap of 1 billion. It’s minted while being sold, so long-term it can only trend downward. Back in 2018 it was still 4.39—eight years later it has fallen to where it is now.
0.0402 is the historical bottom. As long as it doesn’t break, this rebound is still considered valid. 0.0632 is today’s high; only after it holds above that do we really have something to talk about for what comes next. Don’t chase after it—wait for a pullback near 0.05. If you want to short it, wait until it can’t go up anymore; don’t try to fight the trend in the middle of five consecutive bullish days. #ong $ONG
On August 12th, it just set a new all-time low at 0.0402. Then for the next five days it kept climbing upward, bouncing more than 40%. Early this morning it even touched 0.0632.
This move isn’t the kind where one single candle blows up the move. It’s climbed step by step each day—no wick spikes in between. The volume isn’t exaggerated either: about 37 million+ in trades per day, market cap around 270 million+, and turnover is more than double.
No news can be found. The project team hasn’t shown any activity. It’s just a natural rebound after being extremely oversold.
Structurally, it has an inherent flaw. This is a burn/fiery-token on the chain that relies on the main coin continuously releasing value. The circulating supply keeps increasing, and now it’s over 470 million, with a cap of 1 billion. It’s minted while being sold, so long-term it can only trend downward. Back in 2018 it was still 4.39—eight years later it has fallen to where it is now.
0.0402 is the historical bottom. As long as it doesn’t break, this rebound is still considered valid. 0.0632 is today’s high; only after it holds above that do we really have something to talk about for what comes next. Don’t chase after it—wait for a pullback near 0.05. If you want to short it, wait until it can’t go up anymore; don’t try to fight the trend in the middle of five consecutive bullish days. #ong $ONG