1) The charts indicate it. A long-term downtrend has been broken for a while now, and the current consolidation phase could be over at any time.
2) There has been a huge buy wall on bittrex for almost 3 weeks now. Initially it was around 400 BTC . Now it's down to 255 BTC . So it's still massive, although I think it's only 1 buyer.
3) Emercoin is set to release an update with segwit support and something about smart contracts before the end of this year (2017). I don't know enough to understand the importance of this, but it might help the price to increase.
My view on Emercoin:
Not a hyped coin. Didn't even have an Initial Coin Offering.
Niche technology, too convoluted to understand for the average person. Used by Microsoft Azure, among others.
Not a scam coin, but some of the people behind Emercoin are frequently accused on bitcointalk for having launched other failed/scam projects.
I don't know a thing about Emercoins long term potential. I'm just looking for opportunities to buy low and sell high. I'm confused by the huge buy wall, wondering what it means. The chart I posted is not meant to be anything clever, just a guide to what might happen, based on what previously happened.
When it first came up, I thought it was temporary and it would disappear after a few thousand dollars were spent. But like you said, it's been there for weeks now and they've already bought over one million USD worth.
It's highly unlikely at this point that it's just an investor wanting emercoin "just because". That investor would have lots of other crypto options to invest in, like ethereum or dash, or even keeping it in BTC.
I decided to start buying since the bid wall prevents the price (in BTC) to go down below the bid wall. It's like holding my coins in BTC with the chance for a large move up. If the value of BTC should take a large move down, emercoin would either stay at the bid wall price or go up in BTC price to maintain the USD price. It's fairly low risk at this time.
In any case, I have set a stop-loss in case they "pull the plug" unexpectedly, although the likelyhood of that seems low at the moment.