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What else is moving other than the price of bitcoin rates to the new ATH?

7 min reading

Bitcoin (BTC) is hot and clear in the hands of bulls. Yes, at some point an Exchange Traded Fund (ETF) comes along and then $100,000, not $120,000, will be scratched, a price of $150,000 BTC will come in.


Bitcoin (BTC) is hot and clear in the hands of bulls. Yes, at some point an Exchange Traded Fund (ETF) comes along and then $100,000, not $120,000, will be scratched, a price of $150,000 BTC will come in. Whoever stepped on twitter crypto was bombarded with all these bulls walking straight off the jump and that's great, we're all happy that Bitcoin is doing well. I've been the owner since early 2016 so of course I'm happy. But isn't cryptocurrency more than Bitcoin? Are there no other moving assets? Wouldn't it be nice to hear from them before they run 150% satellite dish and then your anonymous Twitter dealer with Rolex and Audi will let you know what level of support to buy the next time you download? Let's take a quick look at some other assets that may be close to being executed. Of course, this is not financial advice. DYOR. Just because we cover it doesn't mean it really makes a difference, so don't troll us if prices stay the same or if you lose money.

Axie Infinity runs all year round and it looks like the winning sector of blockchain gaming is poised for further growth and the performance of Axies along with its AXS token looks great. The platform recently launched AXS Betting, and before that, the team distributed a huge airdrop to early adopters. Unfortunately for some, with the growth of AXS, SLP (the in-game currency used to pay consumers and buy in-game items) declined. I mean really down. By far the leading and relatively anonymous crypto Twitter trader is now bottoming out.

The daily chart shows the SLP trading towards the end of May at a low of $0.06 and for many traders, the market structure suggests that the asset has bottomed out. Last week the price actually tried to rebound to $0.10 but failed to hold the momentum and ended up falling back into current territory. One thing that caught my attention was the increase in trading volume, which is a sign of possible accumulation. Pocket owners hope that at some point the Axie Infinity will redefine the use of SLP or contain inflation to expand its use and stimulate demand, but no promises at this time.

Technical analysis enthusiasts will find that the SLP is currently facing resistance at its 50-day moving average (MA) and that altcoins have turned the 20-day moving average into support. A "possible" convergence between the 20-MA and 50-MA could also be seen if buyers continue to bid higher. This trader also points out that each indicator of the convergence/divergence of the moving average (MACD) and the relative strength index (RSI) of the daily timeframe looks promising. At this point, the SLP seems to be trying to break out of its downtrend, but in terms of compensating risk, opening a position is still risky as the low moves more than 20% of the current price.

Traders who are not risk averse may consider waiting for further confirmation of the trend reversal. Something like a daily close above the 50 MA and a few candlesticks higher above the $0.10 level could signal that the AXS is gaining momentum. Alchemix is “Looks Like It Has Hit the Low” for altcoins, and recent developments around the project could be a sign of strengthening foundations. In late October, the project was selected by the owners of Tokemak (TOKE) for one of the assets added to the platform's liquidity pool called a "reactor". Tokemak claims that it is a "protocol that allows DeFi to have sustainable liquidity" and formulates the current problem DeFi faces, saying:

"Protocols struggle to coordinate consumers to pool the liquidity of various exchanges. They can stimulate consumers through the means of highly inflationary APY (liquidity yield), but this is inefficient and very expensive." In practice, a reactor is a one-sided pool of liquidity where projects and consumers place their tokens, and TOKE holders choose where the liquidity goes. The goal is to "allow the protocol to keep control of where liquidity goes rather than having to stimulate consumers through emissions" and this one-way bet means the LP stakes the assets and the liquidity director bets on the TOKE and the participant receives the prize.

What does this mean for ALCX?

Well, TOKE is doing really well because its debut DEX (IDO) and liquidity pool is very popular and stable. There is great interest and demand in TOKE, and the fact that ALCX was selected from 42 other projects to have a liquidity pool means owners look forward to betting and receiving TOKE. Alchemix was also selected as part of the Olympus DAO "Olympus Pro", which bears some resemblance to Tokemak. The platform aims to prevent a capital lease scenario by "activating a liquidity accumulation protocol to ensure longevity and price stability for all parties". It was recently stated the benefits of buying bonds for a certain period of time for bondholders and their records.

On October 8, the Alchemix team announced plans to upgrade from v2 to its platform and also suggested that "self-repayment loans" would be easier for the public to understand. The project also intends to develop potential collateral so that consumers can use various "loan delegation" options rather than just using interest to repay loans. Protocol updates and core network startups are usually bullish events for native tokens, but what makes the basics of ALCX interesting is the cross-integration of the token with other protocols that perform well. On October 13th, the price of Olympus (OHM) jumped from record highs and following the launch of Olympus Pro, integration with Tokemak, announcement of plans to introduce Arbitrum, and integration and reimbursement of DeFi platforms such as Wonderland Money and Abracadabra, the bullish sentiment around OlympusDAO has intensified.

From a technical point of view, ALCX is still “consolidating” and, aside from the most recent volume jump, appears to be in an “accumulation phase” rather than a “bottom phase”. As with the SLP, a daily close with some spikes higher above $490 would be an encouraging sign of a turnaround. Nodes with large Visible Sound Profile Range Indicator (VPVR) volumes also indicate that there is resistance in the $400-480 range currently, and a break above that level could quickly push the price to $700. Other positive aspects pointing to increasing bullish momentum include consecutive daily closes above the 20 and 50-day moving averages, as well as the impending convergence between the moving averages. ALCX's integration with Olympus DAO, Tokemak, the upcoming v2 upgrade, the project's recovery from its latest $4 million exploit and the "token accumulation phase" seen on the daily chart are also possible signs that the asset could be on the verge of a trend change.

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