Alt coin review: YOYOW

bitcoindata (50)in #blockchain • 6 years ago (edited)

WHAT IS YOYOW?

YOYOW (“You Own Your Own Words”) is a blockchain-based decentralized content rewarding network dedicated to the UGC(User Generated Content) platforms such as Reddit, Quora, Steemit etc. It enables more opportunities for individuals within the network to receive incentives by participating in various social network activities, such as sharing, commenting, and liking. The catch is that the platform is based in china and Chinese culture always tend to boost their own companies (for example they use Baidu instead of google and tencent instead of facebook) and it aims to have great adoption.

Trading recommendation for YOYOW

YoyoW recently had a heavy selloff as bitcoin was falling from ATH, since its peak at 0.000032 BTC per Yoyow the pair YOYO/BTC generated a series of lower highs and lower lows until recent events.
Technical analysis show that YOYO/Bitcoin has broken below support of 0.00001 on March 7. Below this, the market’s next support is 0.000008. It appears that the pair is well on its way down to that level. While the price jumped to 0.0000114 on March 15, it closed at 0.00000906. This suggests that there are still sellers at current levels even though the market is in oversold territory.
The strategy is to buy as close to 0.000008 as possible. If the market continues to respect this support, it will likely create momentum at this level before it can ascend to our target of 0.000018. Set the stop loss at 0.0000077 btc. The process may take more than a month.