Hey team
Here's my take:
Firstly, I like to look at the downside. The gap isn't quite filled yet, we need to see 4.5c to fill that one, I would say a retracement all the way back down to 3.5c (from 6c) would still be considered healthy, it's normal to retest the breakout which sits at the 50% retrace of the run to 6c.
Some observations:
-50MA crossing over the 200MA on the weekly, something that's never happened before.
-200MA flattening
-Overbought on all timeframes
-Market cap is the highest it's ever been by a large margin despite price only being 6c (see the bottom of the chart)
Something I'm struggling with with this one is trying to calculate potential upside, the dilution has skewed the chart so previous price points don't really mean much. I'm a technical trader, I'm not very good at FA, my main gameplan here is to try and pick the oversold condition at the right market cycle (which is definitely not now)
What would you guys consider a rational, realistic market cap? Please, no pipe dreams and please back up your predictions with calculations. I'll post my TA input on a regular basis from now on.
Cheers
