My Recent Altcoin Addition
Approximately a week ago I published "EDG - My Latest Exposure - From The Polkadot Network!", which is a quick introduction to Edgeware and why I am adding it to my risk allocation section of my portfolio. I said I would give updates, so here goes. I must be honest, I was wondering if EDG may have been a lost call. It did drop approximately 20% in the first few days of hodling it. Below you can see the screenshot of the price of EDG when I bought it a week ago.
This is the same screenshot that appears in my initial article about EDG. One can see it was trading at 75 sats at the time of the article being written. A few days ago it printed a sharp red daily candle that wicked all the way down to 45 sats before suddenly rebounding. This can be seen in the current screenshot below, which displays the price action over the past week since acquiring EDG.
As I am writing this article the price continues to gain further ground. Even though I am probably going to hodl this project for a year or two, it has provided a really decent trade over the past week. Studying the price action in the screenshot above, one can see that from my purchase price at 75 sats, EDG has topped out at 130 sats in a matter of days. That's a trade of approximately 75% profit if I had chosen to trade it and exit at the daily peak.
Buying the dip at 45 sats would have yielded approximately 182% in a matter of 3 days! The only concern I have is that the volume is not really very impressive but that is often the case with small and micro caps. Unlike Top 100 coins, where volume is much more indicative of a sustainable rally, smaller coins are not going to have significant volume in their early days, regardless of how good or promising the project is.
I will add some buy orders at what I consider to be decent entry points, as well as some very low orders in order to catch possible sharp wicks down.
As I wrap up this short update, I have posted a current screenshot of the EDG price above. EDG is currently trading at 111 sats and will perhaps retest the 130 sats zone. I invest in alts to ultimately increase my BTC holdings and stack more sats, as many already know, a lot of alts will most likely disappear in the long-term!