Market Overview, NFT Roundup, Open Chat, & more.
Hello Defiers! This is the recap of our latest DeFi Alpha Call that took place on 9/12/2022 in Discord.
- The market is approaching resistance.
- Bitcoin has performed even better than ETH over the last week, perhaps a sign of Merge fatigue.
- ATOM is up 250% since its June low, upcoming upgrades make it worth watching
- yyctrader and Diego go over the market conditions and mechanisms that surrounded the Terra and 3AC meltdown.
ETH: We’ve rallied to 2K, pulled back a bit, and now again, we are following the stock markets closely. I expect to see some crazy volatility for the next few days with inflation numbers coming out tomorrow morning. So personally, I’m trying to stay away from leveraged positions at this point.
It looks like we could continue upwards to the 2100 area as long as we stay in this purple channel. This is the 200-day moving average and the downtrend line right off the top in November last year and should serve as strong resistance if we get there.
As long as we stay here, we should be good. A breakdown of this channel would probably lead to another big red candle. Like we saw when the yellow one broke down on Aug. 19.
Bitcoin actually outperformed ETH over the last week after the big move on Friday.
As long as we stay above 22K and continue to consolidate and move higher, I believe we could reach 25K. This could coincide with ETH rallying back to $2,000.
I would consider 20K to be the line in the sand for Bitcoin. If you’re looking for a short-term bullish run to continue, you’ll want to stay above 22K, preferably 20K.
- It’s up 250% since its low in June.
- The new white paper for ATOM 2.0 will address all the inflation issues that people didn’t like.
- The chart, as it stands, looks bullish.
- New projects will be able to bootstrap their networks using ATOM as the gas token and validator token.
y00ts was a good payday for those who made the list.
ENS domains continue to outperform all expectations. The four-digit and three-digit numbers have been moving higher again.
Otherdeeds have moved up a bit. They had fallen all the way down to 1.1 ETH but they’ve rallied since they released a trailer last week above the upcoming game/metaverse.
Kikiverse is yet another new collection on Solana and it has nearly 50x in less than a week. Clearly, there’s hype behind them.
The story just gets stranger and stranger for Terra
- Terra is up 130%.
- They’ve introduced a new governance proposal to introduce a 1.2% transaction fee.
- The old defunct LUNA still has a market cap of $2.3B. Whereas the new one is barely $600M.
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