Bitcoin (BTC) is hot and definitely in the hands of bulls. Yes, finally an exchange-traded fund (ETF) is coming and after that $ 100,000, not ,000 120,000, scratch that, $ 150,000 BTC price will be on board.
Blah, blah, blah.
Anyone logging in to Crypto Twitter is going to be bombarded with all these bullish drives right from the jump and that’s great, we’re all happy Bitcoin is doing well. I’ve been a holder since the beginning of 201 early so of course I’m happy. But, is there nothing more crypto than just bitcoin? What other resources are not running?
Wouldn’t like to hear about them Before They run some parabolic 150% and then your favorite Anon Twitter dealer a Rolex and an Audi advise you which support level to buy for the next pullback?
Let’s take a look at some of the other resources that can move quickly. Of course, this is not financial advice. DYOR. Just because we have covered doesn’t mean it’s actually going to do something, so don’t troll us if the price is flat or you lose money.
SLP / USDT
Axis Infinity is literally burning a tail all year round and the play-to-earn blockchain gaming sector is poised for further growth and Axis Metrics, with its AXS tokens, looks great.
The platform recently launched AXS stacking and before that, the team created absolutely huge airdrops for early users.
Unfortunately for some, the SLP (in-game currency used to pay users and buy things in-game) has decreased as AXS has increased. I mean, really down. To the extent that prominent and relatively uninformed crypto-Twitter traders are now making a bottom call.
The daily chart shows that SLP trading at $ 0.06 at the end of May and for many traders, the market structure suggests that the asset has reached the bottom. Last week, the price tried to recover some up to $ 0.10 but then failed to keep pace and finally returned to the current range.
One thing that caught my attention was the increase in trading volume, which is a possible sign of accumulation.
Bag holders are hopeful that Axis Infinity will eventually redefine the use of SLP or curb its inflation to increase its utility and demand, but there is no promise at the moment.
Technical analysis lovers will note that SLP currently faces resistance at the 50-day moving average (MA) and Altcoin supports the 20-day moving average. Buyers may see a ‘final’ combination between 20-MA and 50-MA if they continue to pay higher prices. These traders will further note that the moving average Convergence / Divergence Indicator (MSD) and the Relative Strength Index (RSI) over the daily period each show a commitment.
At this stage, it appears that SLP is trying to get out of its downtrend but from a risk-to-reward perspective, there is a risk of opening a position that is 20% away from the current price.
Risk-reverse traders can wait for further confirmation of a trend reversal. Something like a daily close above the 50-MA and some higher candlesticks above the 0.10 level could signal that AXS is gaining momentum.
ALCX / USD
Alchemics is another “It looks like it’s sinking. ” Recent developments in the vicinity of altcoin and the project may be signs of strengthening the fundamentals. At the end of October, TOKEA holders voted the project as one of the assets added to the liquidity pool of a platform called ‘Reactor’.
Tokemak Claim “A protocol that enables sustainable DFI liquidity” and they describe the current problem of DFI as follows:
“Protocol users have a hard time mobilizing liquidity across the exchange. They can encourage users through high APY inflation (liquidity mining), but it is inefficient and extremely expensive.
Effectively, the reactor is a one-way liquidity pool where projects and users place their tokens and token holders vote where liquidity is indicated. The purpose is to “allow protocols to control where liquidity goes instead of encouraging users through emissions” and this single party stacking means an asset of LPs and a partnership of liquidity managers Toki and Stalkers receive Toki rewards.
How is this relevant to ALCX?
Well, Tok has done surprisingly well since its original DEX offer (IDO) and liquidity pools became quite popular and stable. There is a high interest and demand for tokens, and selecting ALCX for a liquidity pool from 42 other projects means holders look forward to depositing and receiving tokens.
Alchemics was also selected as part of Olympus DAO’s “Olympus Pro” product, which bears some resemblance to Tokemak. The purpose of the platform is to “prevent the rental capital view by allowing protocols to accumulate liquidity to protect the longevity and price stability of everyone involved.”
Cointelegraph recently explained how it is beneficial for bondholders and protocols to issue bonds within a specified period of time. The image below gives a fairly straightforward rundown.
In October, the Alchemics team announced plans to upgrade a v2 of its platform and also suggested that its “self-repaying loans” would be more understandable to the public. The project seeks to open up potential uses for collateral so that users can use a variety of “credit delegation” options without having to pay interest.
Typically, protocol upgrades and mainnet launches are bullish events for native tokens, but what makes the basics of ALCX juicy is that token cross-integration with other protocols performs well.
On Oct. 1, the price of Olympus (OHM) merged into its all-time high, and since the launch of Olympus Pro, it has teamed up with Tokemak, announcing plans to launch Arbitram, and integration and fees from DFI platforms such as Wonderland Money and Abracadabra. Bullish sentiment has risen around OlympusDAO.
From the point of view of technical analysis, ALCX is still “consolidating” and with the recent high volume upward, it seems to be in the “storage phase” rather than the “bottoming phase”.
Like the SLP, a daily close with some highs above the $ 490 level would be an encouraging sign to reverse a trend. The high volume nodes in the Volume Profile Visible Range (VPVR) indicator also indicate that there is resistance in the current $ 400 to 80 480 range and a break above this level could quickly move to $ 700.
Additional positives that indicate increasing momentum include the upcoming convergence between the moving average as well as the continuous daily close above the 20-day and 50-day moving averages.
The integration of ALCX with Olympus DAO, Tokemak, the upcoming v2 upgrade, the return from the project’s recent $ 4 million exploit and the “savings episode” of tokens seen on the daily charts are also possible signs that the resource may be on the brink of a trend change.
The opinions and opinions expressed here do not necessarily reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.
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