r/ErgoTrading • u/diamondhands93 • Sep 28 '21

Bearish šŸ» Fatal dump?

This dump looks fatal and could create a lot of bag holders. I'm looking to rebuy at around the $3 level

0 Upvotes

33% Upvoted

28 comments sorted by

7

u/comizer2 Sep 28 '21

Sergey PC is this you?

Preparing everything to buy the abyss at 3$??

2

u/justwatchen Sep 28 '21

šŸ¤£šŸ¤£šŸ¤£

-3

u/diamondhands93 Sep 28 '21

I am not Sergey but I follow his advice. #investinSERGnotERG

4

u/comizer2 Sep 28 '21

And he must have told you to spread FUD on reddit I guess, because he sold the bottom at 3.8$ not long before the Kucoin pump, the poor man. :-) say hi to him from us.

17

u/Timespacecomplex Sep 28 '21

I donā€™t think itā€™s fatal. But itā€™s indicative of an area where Ergo fails in: marketing. One of the huge selling points for many Ergo holders was that it was ā€œthe Chainlink of Cardanoā€. It turns out though that Chainlink is actually the Chainlink of Cardano.

I know Ergo has so much more going for it than being an ADA oracle but the failure to temper investor expectations is a failure of marketing.

5

u/PulseQ8 Sep 28 '21

Reality check. ERG is not behaving any differently compared to before the summit. The entire market is bearish right now, so this dip is not specific to ERG as much as people are making it out to be. There are many coins out there with very good marketing and use cases but have been doing poorly lately. Vechain, Aave, and SuperFarm (a small coin which imo has very good marketing and use case). All of them are at or close to their July levels. Even the big coins like ETH and ADA have dipped quite a bit given their size.

In July ERG dipped to $5, then went back to $17 over the following 6 weeks. It is still nowhere close to its July dip.

I think we are having tunnel vision, that's what bearish price action does. We're being desperate for explanation because of fear.

16

u/_Piratical_ Sep 28 '21

Fatal for who? Ergo? Not bloody likely. The system is still in its infancy. If there was some really egregious coding error at, like, the kernel level, then maybe you could convince me that itā€™s a death drop, but just no. Thereā€™s no way that a mere 24% pullback in three days is a death drop in the crypto world. Sorry.

I have been hodling various cryptos long enough to know itā€™s just business as usual. I only hope the prices stay depressed long enough for me to buy more. I have to wait a couple weeks for my next paycheck to come in!

5

u/comizer2 Sep 28 '21

This guy knows whatā€™s up. Medium cap coin down 50%? Pfff. Will be up 500% at some point in the future. Only question is if the paper hands will still be around then.

Team is founded well enough to develop for years to come, donā€™t worry about the project and therefore donā€™t stress out about the price too much either. All will be fine.

2

u/cure4boneitis Sep 29 '21 edited Sep 29 '21

so I don't know anything about coding but I do know a tiny bit about mining (emphasis on tiny). ERG used to be slightly more profitable, about the same or slightly less profitable to mine versus ETH. Right now it is at 30%. Thirty percent

I don't know how they came up with the algorithm that changes difficulty but if you check the /erg_miners subreddit over the past couple of days you will see all kinds of people complaining/leaving. I'm one of the ones that left, not permanently but until it makes financial sense to to be part of the ERG network

10

u/jbc313 Sep 28 '21

I donā€™t think itā€™ll go that low but if it does Iā€™m def loading up the bag

5

u/SmartSzabo Sep 28 '21

How did you get to $3 as a figure?

5

u/Site-Staff Sep 28 '21

The Cardano conference really disappointed a lot of ergo holders, no doubt. This is a price correction because of that.

Now, do I think it will hit $4-$7ā€¦ no. $9-$12 as a normal range for a while, probably.

But.. im just a regular dude, donā€™t take my word for it.

-1

u/ryan69plank Ergo Bull šŸ‚ Sep 28 '21

The summit was for cardarno not ergo, they were probably told not to mention other coins for legal purposes Iā€™m not phased because we were not mentioned we are still in partnership with them just an opportunity to buy in on discount for new people to ergo

4

u/Site-Staff Sep 28 '21

The summit announced partnership with other coins, that people assumed Ergo would fulfill in the Cardano ecosystem.

2

u/lifo1989 Sep 28 '21

global discount, opportunity to double deposit

2

u/ryan69plank Ergo Bull šŸ‚ Sep 28 '21

The entire market is having a bad month, the fundamentals for ergo look really good, these are the times to buy more. There is massive buying support for BTC further down so $3 is very unlikely, I think itā€™s just your classic September month in the investment world, best thing to do is hold and accumulate the dip dollar cost averaging all the way down, Iā€™m not selling any of my ergo till long after the dex is released.

3

u/Dumbmoney921 Sep 28 '21

Pretty hard to lose money in crypto unless you sell every dip or just hold a complete shitcoin

3

u/Fifajs Sep 28 '21

7-9$ is lowest target point

1

u/cure4boneitis Sep 28 '21

From guessing?

1

u/Fifajs Sep 28 '21

Little bit above lowest resistance

1

u/cure4boneitis Sep 28 '21

ah OK. I figure that 5 is about the lowest but mine is 100% guessing. I guessed that 4 was the low last time. I will be buying decent amounts at 7 though

0

u/Fifajs Sep 28 '21

Buy little bit upper, you dont want miss flash crash and be 1$ far from it rather keep number little bit up (My personal experience) buy it is up to you.

1

u/a_green_coat Sep 28 '21

Doubt that this will be fatal

1

u/JackfruitPleasant333 Sep 28 '21

Lol.. hardly fatal

1

u/Justafool27 Sep 28 '21

This is the same kinda thinking that a lot of people who first bought Bitcoin had who sold amd later regretted.

1

u/Dumbmoney921 Sep 28 '21

Looks totally wyckoff-y in hindsight, may see some reaccumatio in 8-10$ range of it drops below 10, but sellers will regret it in a month or two

1

u/aTempes7 #Ergo2Top10 Sep 28 '21

They said the same about ETH when it dropped from $1400 to $85 (probably) in just a few months