Bitcoin (BTC) is warm and clear in the hands of the bulls. Yes, it will eventually be an exchange-traded fund (ETF), after which the price will be $100,000, not $120,000, and the bitcoin price is $150,000.
Baloch Liberation Army.
Everyone who enters crypto on Twitter will be bombarded with all this bullish nonsense from the start, which is great, we are all so glad Bitcoin is doing so well. I’ve had it in my hands since the beginning of 2016, so of course I’m happy. But is there more to cryptocurrency than just Bitcoin? Are there other assets in the movement?
Wouldn’t it be nice to hear about them before they go racing the 150% parabola, and then your favorite retailer on Twitter with Rolex and Audi will give you advice on what support levels to buy at the next draw?
Let’s take a quick look at some of the other assets that may be on the way to transforming. Of course, this is not financial advice. the animals. Just because we looked at it doesn’t mean it will actually do anything, so don’t touch us if prices stay the same or if you lose money.
SLP / USDT
Axie Infinity has actually burnt the lane throughout the year, and the blockchain gaming sector appears set for further growth, with Axies showing off well with its AXS token.
The platform recently launched AXS staking, and before you play, the team has made a massive airdrop for early adopters.
Unfortunately for some, with the growth of AXS, the SLP (the currency used in the game to pay users and buy goods in the game) has declined. I really mean down. Popular and relatively recent cryptocurrency traders on Twitter are now calling the bottom.
SLP/USDT daily chart. Source: TradingView
The daily chart shows that the SLP is trading mostly at the end of May at $0.06, and for many traders, the market structure indicates that the asset has bottomed. Last week, the price attempted to recover to $0.10, but it failed to keep pace with the growth and eventually returned to its current range.
The only thing that caught my eye was the increase in trading volume, which is a possible sign of buildup.
Packers hope that Axie Infinity will eventually reconsider the use of SLPs or curb inflation to expand use and stimulate demand, but there are no promises at this time.
Technicians will note that the SLP is currently facing resistance on the 50-day moving average (MA) and the altcoin has flipped the 20-day moving average against support. You can also see a “potential” convergence between the 20-MA and the 50-MA if buyers continue to bid higher. These traders will also notice that the MACD and RSI on the daily time frame look promising.
At this point, it looks like the SLP is trying to break out of the downtrend, but from a risk/reward perspective, opening a position is still risky, given that the low reversal is more than 20% away from 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 some higher lights above the $0.10 level may indicate that AXS is gaining pace.
ALCX / US Dollar
Alchemix is another altcoin that “looks like it’s hit the bottom”, and the latest development related to the project could be a sign of fundamentals strengthening. At the end of October, Tokemak (TOKE) owners voted in favor of the project as an asset added to the platform’s liquidity pools, called reactors.
Tokemak claims to be the “protocol that provides sustainable DeFi liquidity,” and they explain the current DeFi challenge by saying:
“It is difficult for the protocols to coordinate user actions to collect liquidity across exchanges. It can incentivize users with high inflation funds APY (liquidity extraction), but this is very inefficient and expensive.”
In fact, Reactors are one-way pools of liquidity where projects and users place their tokens, and TOKE holders vote on the direction of liquidity. The goal is to “allow the protocols to retain control of where the liquidity goes, rather than incentivizing users through issuance,” and this one-way effort means LP is investing in the asset and liquidity managers are investing in TOKE. Participants get TOKE rewards.
How does this relate to ALCX?
Well, TOKE has been doing well since the first DEX premiere (IDO) and liquidity pools have been very popular and stable. There is a lot of interest and demand for TOKE and the fact that ALCX has been selected from among 42 other projects to create a liquidity pool, approx.