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Weekly Token + Narrative Watchlist 🔎
With the market heating up, let's dive into some of the most interesting altcoin plays this week.👇
$ETH: Responding strongly to the ETH futures ETF approvals. ETH/BTC rallied aggressively last week but has now pulled back as BTC leads the rally. As the "leader" of the alts, it's always important to monitor its chart. But with talk of a sustained altcoin rally, it's critically important that ETH maintains its strength.
$SOL: SOL exploded yesterday and was a top performer of the weekend. From the data, it looks like a massive player (who was heavily short) was wiped out on the move, as 10% of all OI was taken in one sweep. The FTX FUD actually marked the local bottom, and there has been no concrete selling by Galaxy as of yet. My plan hasn't changed (add spot on major pullbacks).
$RDNT: I have been publicly bullish on RNDT for weeks, trying to play the LayerZero airdrop narrative (alongside $STG). So far, so good. Their mainnet launch is on October 3rd, which makes me slightly wary of a "sell the news" event given the recent aggressive upside expansion. Still bullish medium-long term, but will offload some spot to take advantage of the recent rally. If this BTC rally doesn't sustain, I might even look at hedging short on perps, but we're not there yet.
$LINK: Really interesting one, with shorters getting wiped as the token continues to rip into the SmartCon conference, which started today. As I mentioned last week, I am still expecting a “sell the news” event, which has been the typical response for LINK into SmartCon. It is also at major resistance, which it has rejected multiple times - and continues to be stuck in a 500+ day range. Might be a decent short into that resistance with clear invalidation.
$ATOM: Cosmoverse, Cosmos' largest conference of the year, also starts today. Unlike LINK, I feel as if there is no hype for this one (the chart says it all). So if anything, I'd be looking at taking the adverse approach here. Keeping my eye on the Cosmos ecosystem in case any major news breaks.
$DYDX: DYDX has multiple speakers at Cosmoverse and has been teasing V4 for a while now. Could we get some news? Remember, DYDX has their massive unlock in December, which they delayed for a year towards the end of last year. Usually, we see projects try to pump the price heading into a major unlock - but this one is special as it will almost double the circulating supply of DYDX. One of the most curious cases in crypto. One I'm monitoring closely.
$GMX/ $GNS: I'm not sure if this weekend's volatility sustains. But if it does, there aren't many better-positioned protocols than the exchanges to benefit. Volume has been so low, revenues are down across the board. But if this turns, expect a repricing.
$LOOKS: LooksRare has officially revised its token economics. They will now allocate 50% of their platform fees to buy back LOOKS from the market. Another 10% will be designated as LooksRare protocol incentives, while the remaining 40% will be directed to the treasury. This also signifies the cessation of farming rewards. The chart looks bad, but there's upside here. One on my list if the market continues its upwards trajectory.
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You can get rich slowly and retire when you are old and have only a few years left.
Or you can take risks and hopefully make it while you're still relatively young. The worst case with this alternative is that you end up retiring when you are old, so not really a big risk IMO.
The market has been so boring, we’re at a stage where we celebrate $100 candles and get euphoric over $1K candles.
I’m ready for 2025 when $1K candles will be commonplace, and $10K candles are what it takes to feel euphoric.