I’m no TA expert but been charting support/resistance and patterns for awhile now with success. Prepare for some rambling.
There’s a lot to this question that I wouldn’t be able to fully answer but from what I see is that it looks mostly like algo trades basing off moving averages, and support and resistance levels which are definitely respected. So I don’t think it’s blue skies above but many levels of resistance. That also means massive levels of support as well and also those resistances once they flip to support should hold well, granted maybe only truly if it’s really being traded.
I’m uncertain but I think these exchanges that do still trade MAID might have large amounts that they slowly sell into the market and it manages to hover around 10c because it’s kind of a happy middle ground. Anything below and real buyers like us jump in, anything high enough then people looking to offload for profit or BTC or other coins they think are moving faster like LINK etc then they will sell right into it. Then there are many who HODL and that I think helps it maintain a bit of a base. The more people that HODL a limited digital asset the better obviously but it’s not like we get a bunch of new HODLers to help reduce supply.
I wonder if the exchanges actually are slowly and algorithmically selling off without fluctuating price much and once they finish if they’ll say, okay delisted. Of course this is just speculation.
The order books being thin means there are little buyers and price can be moved easily which presents a couple of problems for people wanting to make big sells or buys as the price will either pump or dump as they attempt to buy or sell large amounts which actually makes me surprised we don’t suffer from pump and dump groups. I’m guessing there’s a logical explanation for that.
Part of the thin order books might be what many others have mentioned. Lack of a working product ((yet) I believe in you Maidsafe! I know we are close and we’ll change the world for the better), lack of marketing, not enough exposure on larger exchanges or to the US at all, etc. The project is OG and that gets some respect from some older crypto crowd but the new money want hype, buzz words, and the flavor of the week typically. I think that once we do launch we’ll actually be able to climb legitimately as a fundamental project that was beginning to be built the same time ethereum emerged and that the network will be a good place for a burgeoning ecosystem. We might want to appeal to the money making side a bit with smart contracts and defi crap but focus mostly on actual useable services, digital content, censorship resistance, secure storage, e-commerce, all that low hanging fruit and more.
Getting an ERC-20 MAID I think should only help but the only thing that will REALLY help is a working product. Pointing to the website and a promise might do some good but when some find out how old the project is, the intellectually lazy will write it off as vapor ware.
I think someone mentioned this before regarding the chart but I suspect it best to keep our MAID chart when we transfer to the official network coin because it won’t look like a pump and dump like FIL does now. Those types of charts are hard to recover from long term. I think they’re lucky to still be in the $20 range with the way a trader would look at that but it’s probably because it also still has some utility.
When we get the network coin we’ll have to do everything in our power to share apps, sites, etc and get us on major exchanges, or get partnerships. Can you imagine google docs or a competitor using Safe as a backend just for the CRDT benefits alone? Or for RDF when that comes around again? IoT. It will be undeniable eventually.
My hope is we get something concrete relatively soon to build upon. We could probably succeed no matter what with the proposition of the Safe Network but we could have the wind at our backs if we can throw a sail up in the near term.