SPIN/USDT ANALYSIS 17/08/2019
Yesterday SPIN/USDT experienced a high volatility on nami.exchange and witnessed a significant hike of 22.8% within a couple of minutes before a strong correction this morning.
On August 16, SPIN suddenly climbed from 0.0949 USDT to 0.123 USDT by 21h GMT+7, after nami.exchangeannounced users to hold SPIN in order to join Buy Back Offering Program. As a result, growing SPIN demand stimulated SPIN trading volume from 3,980 USDT to 12,663 USDT.
Total SPIN buying amount reached more than 70,000 SPIN in a few minutes at that time.
Token Buy Back is a program initiated by nami.exchange which will buy back tokens at a preferable rate, sometimes x3, x5 current market price. In the previous Buy Back, NAC session on August 8 bought back at x10 price and USDT session bought back at x1.5 price. According to Buy Back terms and conditions, users are required to hold SPIN in their wallet in order to join the program. Therefore, SPIN price got strong support from these positive signals.
Mentioned in nami.exchange’s announcement, the more SPIN holding they have, the more tickets they get and the higher chance they are chosen to sell tokens at preferable price.
Also in the notification, nami.exchange will hold a series of Buy Back starting from August 26, 2019. Token list includes BNB, SPIN, NAC, VNDC, TRON. It is predicted that SPIN might continue increasing until the program commences.
Currently, SPIN is traded at 0.1208 USDT, the highest price of the previous trading session. The pair has turned to uptrend after crawled down to 0.1014 USDT, building a pin-bar candlestick. It indicates a strong support for SPIN bull market. Trading volume hit all-time-high at 15,895 USDT.
On the D1 chart, SPIN is lingering under the firm resistance at 0.1236 USDT which used to the previous support of July 26. To some extent, positive fundamental factors from the Buy Back are likely to encourage SPIN to break this resistant and come up to 0.13 USDT in the next few weeks.
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