Gm friends,
Welcome back to another Premium Investor Report.
Let’s jump in!
Here’s what’s in today’s issue:
- Rekt Capital has the latest technical analysis for you on the market.
- Defi Dad has a tutorial on DeFi Farming with FBTC: A new omnichain 1:1 tokenized BTC.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
In today’s edition, the following cryptocurrencies will be analysed & discussed:
- Optimism (OP)
- Render Token (RNDR)
- Ondo (ONDO)
- Vanar Chain (VANRY)
- TrueFi (TRU)
- Bonk (BONK)
Optimism — OP/USDT
Here is last week’s analysis on OP:
And here is today’s analysis:
OP has indeed managed to reclaim the Higher Low (purple), performing a downside wick below it, offering a bargain-buying opportunity below this crucial technical uptrend.
For OP to continue building on this momentum, price would need to reclaim the $1.91 level as support.
That sort of reclaim would really kickstart trend continuation.
But the prerequisite in the meantime is price stability at this recently protected Higher Low.
Render Token — RNDR/USDT
RNDR remains unchanged since last week’s update however the main takeaway here is that price stability continues to persist.
This Higher Low (blue) is also acting as a confluent support with the purple $6.25 level (i..e the late 2021 resistance).
The fact that RNDR is holding the late 2021 resistance (purple) as new support just shows what a dramatic shift in market psychology has occurred over the past three years or so.
Continued stability here would enable a move back into the $7.33 level for a pivotal reclaim of that said red level as new support.
Reclaiming the red $7.32 level would mean that RNDR has broken back into the red-red Re-Accumulation Range ($7.32-$10.64).
And seeing as BTC has reclaimed its own ReAccumulation Range as of late, why wouldn’t RNDR do the same over time?
TO READ THE REST OF OF REKT’S MARKET ANALYSIS, CLICK HERE
DeFi Farming with FBTC: A New Omnichain 1:1 Tokenized BTC
This week, we cover early farming strategies for FBTC, a new omnichain Bitcoin asset pegged 1:1 to BTC, which aims to become the leading tokenized BTC for yield-generating strategies.
As DeFi grows and the landscape matures, the demand for deeper liquidity increases across various L1s and L2s where DeFi thrives. The most liquid cryptoasset remains BTC but as of today, 99% of its liquidity lives on the Bitcoin network, isolated from the world of DeFi that lives on Ethereum, Solana, Cosmos, and other non-Bitcoin networks.
The most successful Bitcoin tokenization project to date, WBTC, which offers an ERC20 token backed 1:1 with BTC, currently represents less than 1% of the BTC market cap at just $10B in WBTC, and remains mostly on Ethereum Mainnet while DeFi is rapidly growing on new L2s such as Arbitrum and Mantle.
Another interesting metric to give perspective is the Total Value Locked (TVL) in BTC-related ecosystems still makes up only 4% of the BTC token market cap, which is considerably lower compared to the 75% TVL in ETH ecosystems vs the market cap of ETH, meaning there’s enormous potential for growth of BTC-powered DeFi with a more widely adopted, tokenized version of BTC.
FBTC is an initiative to bridge the…
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.
