Bitcoin (BTC) is hot and clearly in the cops’ hands. Well, at some point an ETF is going to come and then $ 100,000, not $ 120,000.
Anyone who logs into crypto twitter will be hit by all of these bull runs from the get-go, and the great thing is we’re all glad that Bitcoin is doing well. I’ve been holding since the beginning of 2016, so of course I’m happy. But isn’t crypto more than Bitcoin? Are no other assets moving?
Is it fun to hear from you? before You continue to run with a 150% parabola and then your favorite Twitter anon trader with Rolex and Audi will advise you on which support you should buy for the next pullback?
Let’s take a quick look at some other assets that may be on the move. Of course, this is not financial advice. DYOR. Just because we mentioned it doesn’t mean it actually works, so don’t troll us if the price stays the same or you lose.
SLP / USDT
Axie Infinity is literally up and running all year round and it looks like the blockchain games sector is poised for further growth to play and Axies metrics look great along with the Its AXS token.
The platform recently launched AXS Staking, and before that, the team did an absolutely massive airdrop for its early adopters.
Unfortunately for some, with the rise in the price of AXS, the SLP (the in-game currency used to pay users and purchase in-game items) went down. I mean really down. To the extent that popular and relatively commonplace Twitter crypto traders now hit rock bottom.
The daily chart shows that SLP trading was pretty strong as low as $ 0.06 in late May, and for many traders, the structure of the market suggests that the asset has bottomed out. Last week the price tried to rebound to $ 0.10 but was unable to hold momentum and eventually fell back into the current range.
One thing that caught my attention was the increased trading volume, which is a possible sign of accumulation.
Sleight of hand hope that at some point Axie Infinity will redefine the use of SLP or curb its inflation to expand utility and increase demand, but nothing looks promising right now.
Those familiar with technical analysis will point out that the SLP is currently facing resistance at the 50-day moving average and the altcoin has crossed the 20-day moving average in support. You could also see a “final” convergence between the 20-MA and the 50-MA if buyers keep bidding higher. These traders will also point out that the MACD and RSI both look promising on the daily timeframe.
At this point, it looks like the SLP is trying to break out of its downtrend, but from a risk / reward perspective, opening a position is still risky due to the 20% lower volatility than the current price.
Risk averse traders may consider waiting for further confirmation of a trend reversal. Something like a daily close above the 50 MA and a few bars higher above $ 0.10 could signal that AXS is regaining momentum.
ALCX / USD
Alchemix is a “It looks like it has bottomed out. ” Altcoins and recent developments surrounding the project could be a sign of a strengthening fundamentals. In late October, the project was selected by the owners of Tokemak (TOKE) as one of the assets to be added to the platform’s liquidity pools known as “reactors”.
Tokemak explained became “a protocol that enables sustainable DeFi liquidity” and they shaped the current DeFi problem by saying:
“Logs struggle to coordinate users to aggregate liquidity across exchanges. You can create incentives for users through high APY (liquidity mining) inflation, but that is inefficient and extremely expensive. “
Reactors are efficient unilateral pools of liquidity where projects and users put their tokens in, and TOKE holders vote on where the liquidity goes. The goal is to “allow logs to keep control of where liquidity goes, rather than incentivizing users to play the role of issues.” Reward.
What does this have to do with ALCX?
Well, TOKE has done very well because its IDO and liquidity pools are very popular and stable. The interest and demand in TOKE is high and the fact that ALCX was selected as a source of liquidity from among 42 other projects means that the owners are eager to invest and maintain TOKE.
Alchemix was also selected as part of Olympus DAO’s “Olympus Pro” product, which shares some similarities with Tokemak. The platform aims to prevent staking by “allowing protocols to accumulate liquidity to ensure longevity and price stability for all participants”.
Cointelegraph recently explained how buying bonds for a period will benefit the bondholders and the protocol. The image below provides a pretty simple summary.
On October 8th, the Alchemix team announced plans to upgrade their platform to v2, also hinting that their “self-payer loans” would be easier to understand for the general public. The project is also intended to open up the possibility of using collateral so that users can exercise various options for “credit authorization” instead of just using interest to repay the loan.
Typically, protocol upgrades and mainnet launches are bullish events for native tokens, but what makes the ALCX basics attractive is the token’s cross-integration with protocols.
On October 13, the price of OHM soared to an all-time high and since the launch of Olympus Pro, the integration with Tokemak announced plans to launch Arbitrum, integrate and return fees from DeFi platforms such as Wonderland Money and Abracadabra, the bullish Die The mood around OlympusDAO has increased.
From a technical analysis perspective, ALCX is still “consolidating” and appears to be in an “accumulation phase” rather than a “bottom phase” aside from the recent strong rallies.
As with the SLP, a day’s close with a few highs above $ 490 would be an encouraging sign of a turnaround. The high volume nodes of the VPVR indicator also suggest that there is currently resistance in the $ 400-480 range, and a break above it could quickly send the price up to $ 700.
Other uptrends pointing to increasing bullish momentum include a consecutive daily close above the 20- and 50-day moving averages and an impending convergence between the moving averages.
ALCX’s integration with Olympus DAO, Tokemak, the upcoming v2 upgrade, the project’s recovery from its recent $ 4 million mining, and the token’s “accumulation phase” seen on the daily chart are also possible signs that the asset is about to reverse its trend.