A little-known PascalCoin cryptocurrency was the major talking point among serious altcoin traders. The sudden fame was started after it’s price traded against Bitcoin posted an astronomical rise of over 1,494% which coincided with its initial listing on cryptocoin exchange Poloniex on 24 January. The daily traded volume increased from mere 0.2btc one week ago to over 16,000btc, a whooping 320 times gained (Edit: the volume had risen to more than 25,600btc).
PascalCoin was created by a bitcoin coder named Albert Molina Aug 2016. The name was derived the programming language which it was written on – the Pascal programming language. It has attracted a steady interest of developers and miners participation but not in significant numbers. This is partly due to its unique feature such as a standalone altcoin that are not resulted from hard fork of predecessor cryptocoin. The “standalone” ledger blockchain infrastructure is also sharing little similarities and routes with other cryptocoin make it difficult for the bitcoin community to understand its usage.
— Poloniex Exchange (@Poloniex) January 24, 2017
Poloniex annoucement of PascalCoin added to themarket
Thus, the sudden rise of PascalCoin (ticker – PASC) price was in awe of many, even its creator was inquiring if the sudden rise of buying interests was related to its new listing on Poloniex. Molina heretic reaction verified on the fact of there aren’t any significant fundamental development that merited such a tremendous price surge.
After listing, what’s at stake for PascalCoin ?
PascalCoin – PASC/BTC to the moon?
The listing in no doubt would enhance its status and alleviate its interest that could affect positively on its continuous development. The new-found high prices would attract fresh activities. But the degree of its increment are still equivocal.
Given to the relative limited supply of units, The nature of the market frenzy could be speculative bumps by punters that cornered the market. Beside, PASC is also quoted on two altcoin exchanges, cryptonia and bitters. Both exchanges also saw the interests on PascalCoin rises significantly but in lower volume as alerted sellers are marking up their asking price reflecting to the elevated demand. Lack of any meaningful announcement or breakthrough on its token usefulness and mining applications, the PascalCoin could expose to possible massive dumping on profit taking and cash out. The current hysteria trading condition will generate escalation of price volatility.
It is not the first time a cryptocoin gained impromptu phenomenon in price soaring. And definitely will not be the last, we saw few altcoins rises for the past years, for example monero also enjoyed similar rally last year. Interesting, monero still maintaining a bullish trend and still enjoying robust excitement on its potential. Will PascalCoin sharing similar good fortunate? Only times will tell.
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The bullish momentum push the prices to another higher level currently consolidating at 0.00126001.
Date listed on Poloniex – 0.00018300 (initial low point of the current upsurge)
Highest – 0.00148 January 26 2017 from the low of
Current short term reversal trend was started from the rejected price level at 0.00103999. The PASC/BTC will remain bullish as long the prices sustain above 0.00103729 level.
Long term support level – 0.00050511
Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
Chart via tradingview, data source from Poloniex and logo by PascalCoin.org
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.