Is RIZO crypto still a buy after 1,167% gains in under two days?

by
  • Investors and traders are drawn to small-cap tokens on the Solana network.
  • The bullish sentiment helps tiny tokens gain nearly 1000% in a day as participants are eager to buy the next 100x.

As a seasoned analyst with a decade of experience in the crypto market, I’ve seen my fair share of pump-and-dump schemes and meme coin crazes. The rapid rise and fall of tokens like RIZO is not uncommon, especially in the small-cap world. However, the allure of potential 10x or 100x gains can be hard to resist for many traders, myself included at times.

On November 17th, the cryptocurrency HahaYes [RIZO] experienced an astonishing 830% surge over a period of just 20 hours! Since that time, the RIZO hedgehog meme coin has experienced a drop of approximately 61% within the last 12 hours. Given its relatively small market cap of $27 million, it’s not surprising to see such dramatic price fluctuations.

It’s clear that there’s been an increase in meme coin transactions on the Solana network, as indicated by the upward trend seen in its daily activities. This trend has been consistent since the beginning of September, as reflected in the 7-day moving average.

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

The surge of Bitcoin [BTC] beyond its prior record high in early November boosted optimism among investors within the cryptocurrency market.

Recently, there’s been a significant increase in activity related to meme coins, leading to an influx of new users participating. Similar to the Gold Rush phenomenon of the 19th century, traders and investors are being attracted by the charm of small-cap coins on the Solana network, with the hope of achieving returns that could be up to 10 times or even 100 times their initial investment.

Among the well-known and contemporary instances, there’s Peanut the Squirrel [PNUT], currently valued at approximately $1.6 billion in the stock market at this moment.

Can RIZO crypto replicate these enormous gains?

The 1-hour chart of RIZO has a bearish market structure, and the Awesome Oscillator showed  downward momentum was strengthening. Yet, the bearish bias is only short-term.

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

According to the Fibonacci retracement analysis, the price point of $171 (rounded down from $0.171 million) acts as a potential support level in the market.

Is your portfolio green? Check the RIZO Profit Calculator

As a researcher, observing this sudden surge in price, I believe that a potential retest could offer an attractive buying opportunity. The market’s aggressive move suggests a strong belief in the token’s future, as evidenced by the recent price spike.

It’s probable that we’ll see further advancements, yet it remains unclear if they will match the magnitude or pace of previous ones.

Read More

2024-11-19 17:27