What a beautiful end to the week, with Bitcoin surging to a 5 month high today! Let’s dig into the details of this rally and establish what it would take to see Bull Market 2.0.
💠 Today’s Meditations:
🚀 Technical Analysis: Everything You Need to Know About BTC, ETH & SOL
🌞 The NFT Marketplace Solana Deserves: Welcome to Magic Eden
🐶 Shiba: Can You Judge a Dog By Its Collar?
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Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
Always start with Bitcoin when looking at trading or investing.
For Bitcoin is the market leader and the key determinant of overall crypto market sentiment and direction.
We are starting to see a break in the market structure when it comes to BTC: with the emergence of lower lows and higher highs.
This run up is showing strength and seems likely to continue to $60k.
REMEMBER: There are no guarantees in this game. Only convictions, calculated risks and judgements.
Unlike Bitcoin, we’re not seeing such a clear shift in structure. That is, we are not seeing the same emergence of higher highs and lower lows.
So, what will it take? Well, $3.6k will be a key level to close and $4k thereafter.
Of course, as soon as we close above $4k, price targets such as $6k come into play.
Solana is experiencing a rejection at the moment.
Structure could be bullish again but would like to see continuation above $170.
Above $170, we are very bullish Solana.
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🐧The NFT Marketplace Solana Deserves
Almost a month ago, Solana put in an all-time high, presumably due to its expanding ecosystem, varied use-case, low transaction fees and amazingly high throughput. Considering such deserved popularity, NFTs may be finding a new home on the blockchain.
In August, Solana moved into the top 10 cryptocurrencies by market cap following its launch of Degenerate Ape Academy, a wildly successful NFT project which netted the blockchain its first million-dollar NFT sale.
As the ecosystem evolves, marketplaces are beginning to compete for their share of the action. Magic Eden is one such NFT marketplace with some impressive momentum.
Magic Eden revealed that only 17 days after its release, it passed the 50k SOL volume traded mark. “Surging Bulls”, Magic Eden’s first NFT drop, sold out in 0.5 seconds.
Currently, to launch an NFT project on Magic Eden, an application must be submitted on the launchpad feature, still in development. Presently, applications are being accepted until Friday, Oct 15th. Magic Eden has 0% listing and un-listing fees
The marketplace recently launched MagicSAFU (Secure Assets for Users Fund) inspired by Binance’s own emergency fund to “offer protection to users & their funds in extreme cases.” Eden even kicked off the fund by adding 1k SOL on October 5th.
While Ethereum may still be king of the NFT hill, Solana is making all the right moves to gain some ground. Magic Eden, with its 0% listing and un-listing fees, launchpad and bidding system, may be poised to lead the charge.
Still on an Ethereum kick? Save on gas fees by reading up on our guide to avoid gassing out.
🐶The Doggy DAO Returns to the Top
Those getting into crypto when Doge was at its peak may have been keen to not buy Doge, given it was a meme coin with no active developers, and was started as a joke. Those looking for sensible investments in crypto were advised to look elsewhere. With a similar story for when Shiba Inu launched given that it was also a memecoin.
Yet as we have seen SHIB is a coin with top 20 market cap, until this week when Elon Musk tweeted a picture of his own Shiba Inu dog. Over the next few days, SHIB would rise more than 200% to rival the all-time high price set on May 10. Whilst the immediate response may be an eye roll, should that be the case? Let’s take a look under the hood.
The SHIB Ecosystem
The ecosystem contains three tokens, SHIB, LEASH, and BONE.
ShibaSwap is a DEX where you could purchase any of the tokens and will soon include an NFT marketplace.
They have cute dog-meme terms, ie: dig means to provide liquidity, bury means stake, and WOOF returns are their passive income reward system. They even have a Doggy DAO.
We are not suggesting you should run and add SHIB to your portfolio! Only that, if you are going to judge a book by its cover, you should at least read the cover! We can see how this simple ecosystem would appeal to and be a gateway for crypto newbies, or even those who aren’t already over-diversified.
Most importantly, as we have recently learned with NFTs, a project doesn’t have to be revolutionary to gain value, but it does have to have a strong community, and that is something SHIB has in droves.
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