Last Week Recap
The crypto market experienced a major sell-off on Sep 7 and is now trying to maintain its footing. The price movement looks eerily similar to the May’s sell-off. This time, the excess caused by crazy leveraged positions are missing. This may imply a greater holding force for crypto investors which may limit further downside. Who knows? Time will tell.
Pockets of altcoins did experienced a sharp rebound following the Sep 7 sell-off. One notable old guard is Omise which has rebounded to more than $9. Solana and Cardano have been enjoying stronger support as well.
The SEC is at it again – “regulation by litigation”. It has threatened to sue Coinbase should the latter proceed with the launch of its Lend product.
For this coming week:
- Bitcoin continues in its range bound price pattern. Near term resistance at $48K and support at $44K. Any movements would be catalysed by global events and news pertaining to the crypto market
- Things seems to be in favour for Ripple after the SEC admitted that it had not divulged that XRP is a security to any third parties before the lawsuit was made.
- Our team has completed its review of the pre-alpha version of My Neighbor Alice (MNA). Not bad. Watch out for our review which should be out in a week or two. Our view – ALICE token is a multi-bagger.
- We continue to like ETH. Its impending Merge to the beacon chain will create a strong price vector as it will become the first and most adapted energy efficient blockchain.
- Some say keep BTC for its absolute scarcity. But, better alpha can be found in other tokens. Watch for game NFTs like ALICE and AXS.
- Take note of SOL, ADA, ETH, ALICE
Crypto is high risk. Trade with what you can afford to lose.
