A Sapphire Favorite
I have featured the Ubix Network previously, as I believe there is still significant upside for this project. I managed to gain a very early entry to UBX, so I am up about 50X (5000%) from my entry point. Investors who bought the top in April of this year are obviously not so happy about the current price. There is however hope for these peak buyers, which we will take a look at in a moment.
Although the market cap is not visible on CoinGecko, it is available on the official Ubix site. At the time of writing, the market cap is just short of $31 million, which is still very much in the arena of a possible moonshot! I have noticed that the daily trading volume is increasing, which is generally between $1 million and $2 million.
Today the 24-hour trading volume is approximately $3 million. Other projects that are in a similar market cap allocation are generally trading a couple hundred thousand dollars a day, giving UBX a bit of an upper hand in that arena.
The daily dividend or airdrop of 0.10% is also an important factor to bear in mind when it comes to this project. This is a great return, especially if the price of the token increases exponentially. The team appears to be making progress and moving towards the completion of its roadmap.
The team has been working on this project for approximately 4 years and has taken each step meticulously. You can keep up to date with their progress via the official UBX Twitter account. Looking into the charts currently also happens to paint a rather encouraging picture.
Possible Double Bottom
One of my favorite bullish reversal patterns is a double bottom, otherwise known as a “w” pattern. Looking at UBX on the weekly chart reveals the possibility of a massive double bottom playing out. The current price of UBX is approaching the neckline of this pattern.
A confirmed breakout above the neckline could in fact signal the start of a very bullish rally. The UBX price is currently up 12% today at the time of writing. Completion of this pattern could see UBX rally hundreds of percent and hopefully signal the attention of a broader spectrum of altcoin investors.
Understand The Risks
Either way, my UBX bags are packed and thanks to a great entry point, my holdings are fairly safe in the event of an unexpected crash! Trading and investing in micro-caps such as the Ubix Network can be very rewarding, especially if the proposed scenario plays out.
However, these sized projects are always risky and you need to acknowledge and understand the risks involved. Crypto is volatile and many of these smaller projects simply don’t survive!
I have a nice-sized bag of UBX and so am quite happy to sit and wait for this pattern to hopefully play out. In the event that prices move lower, I may increase these holdings on signs of a bullish reversal.