Market Roundup
The Bitcoin monthly chart does not look awesome. The monthly candle is rubbish. Basically showing a complete reversal for BTC. The monthly RSI is near an all time low. The MACD remains in a STRONG downtrend.
The Ethereum monthly chart at least shows some signs of hope. I am just hoping that it is not simply a final breath before The Merge on September 15th. Previous upgrades led to a continued bullish rally, but that was during a broad bull market. The market conditions are much different now.
Septembear… some investors think that September is a cursed month. The last 7 of 9 Septembers have been RED. To be honest, it is a meme concept… but, if we can pay any attention to it then at least we can be happy that the last 7 of 9 Octobers have been GREEN!
On Chain data shows some worrying signs. The Bitcoin adjusted SOPR chart shows that investors are cashing out during bear market rallies. In particular that they are selling to “get their money back” at their cost basis. This is likely due to fears that the markets will get much worse.
The long term holder supply in loss is at near record highs. Long term holders are under extreme pressure at the moment and are being tested in a way that rarely happens in the market. Only 193 out of 4,421 days have seen worse losses.
Bear market vibes continue to lead the market sentiment. I see no reason for this to change anytime soon.
Top Airdrops of the Month
Quixotic is an NFT Marketplace project focusing on Optimism. One of the biggest gripes for Ethereum NFT users have been the crazy fees, so being based on Optimism will fix that. Currently no token, BUT as with so many crypto companies a future airdrop is a real potential for anyone who has bought or sold an NFT on Quixotic.
Composable Finance is trying to become the entryway for blockchain networks to serve all interactions, transfers, and communication across multiple ecosystems. You can use the Mosiac bridge or stake tokens on Composable to qualify for a potential drop in the future.
In both of the above cases, nothing is certain. Most airdrops exist as maybes. But, that is kind of the point. You get rewarded… maybe, for being an early user of the platform.
Top Altcoins to Watch
Synthetix founder Kain recently announced that he introduced a proposal to cap the total supply of SNX tokens at 300 million. This means there would only be about 10 more weeks of new token emissions to go. That could create some good runway for the token to focus on its good real yield offering. Will it be enough to move the markets? Time will tell of course, but I will be keeping an eye on this one.
Curve Finance has signalled that they will be launching their stablecoin “soon”. Curve is one of the biggest and most important defi protocols, can this be enough to move the needle on the price? I don’t know. But I did add some more CRV to my portfolio.
All things Ethereum. I still feel like if equities don’t totally nuke we could have some short-term action on Ethereum and key Ethereum ecosystem coins from big defi like Aave and Maker to infrastructure coins like OP and LIDO. This is completely based on the thesis that Ethereum might still have some juice left in the tank before The Merge on September 15th. This is a short-term idea though. So be…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
