ION is taking a breather today, holding nicely above 50k with a lot of two way interest in a narrow range.
The narrowing range is quickly draining the offers on book (down from over 600k ION yesterday to 400k), as long standing sell orders have been moving down to meet new buyers, whom appear increasingly comfortable to buy and hold in the lower $1 range.
This bodes well for the possibility of continuation higher. These prices are here to stay, and as the word spreads, the market comes to realize the current real and potential future value that ION offers.
Inevitably, we will lose some long time holders whom have seen dramatic returns, and the distribution will shift somewhat toward newcomers whom are happy to "buy in" to a real project with a demonstrated model, which appears safe and undervalued. The cycle thus creates a new set of investors, who can see beyond the trees.
In my years of investing and trading, long periods of depressed prices as we have endured lead to what we are witnessing now, as the extreme over sized bears finally exhaust their supply of coin. As the fear leaves the market, expect the re-valuation to be swift, with shallow, ranging consolidation like we see today.
Source: Slack Community Member