🧘♂️ALERT: Hot New Crypto?
Market Meditations | February 7, 2022
Price up 920%!
A green start to the week. Will it sustain? Follow along and see.
BTC and GALA Technical Analysis
GALA → Hot New Crypto?
Department of Treasury’s NFT Stance
Axie Infinity’s New Strategy
Our Weekly Crypto Calendar
Delighted to say this article is brought to you by FTX. Make sure to use our link to get a 10% discount. Based in the U.S? Here’s a discount link for you: FTX.US.
⏰ Top Headlines
Polygon Raises $450M From Sequoia Capital India, Galaxy, Softbank to Support Web 3 Plans
Crypto exchange giants will reportedly run ads during Super Bowl
Ethereum Name Service Removes Core Team Member Brantly Millegan Over 2016 Tweet
? Are We Out Of The Woods?
Macro Structure: Interesting Chart. 30 Day Moving Average Broken.
Key Resistance: One more resistance left at $44k. Above here, the bias would shift from bearish to at least neutral. We would have broken a bearish market structure in play since 9th November.
Highest Probability Bet: Wouldn’t be surprised to see us test the 100 Day Moving Average which is just below $50k.
Macro Structure: Very new token that has made its way up the market capitalisation table. Difficult to do coherent technical analysis on an early crypto like this, especially after the recent pump. Price up 920%! Since then, almost a complete retracement. Currently testing the 0.618 level.
Highest Probability Bet: Dangerous below 0.618 level. Above the 0.382 level, we can start to look at a more bullish play. Very key structural level at 0.382.
? In For A NF-Treat
NFT prices are still soaring.
While some are finally understanding the fascination and near-obsession with an ape JPEG, there are others such as the U.S government who are more worried about money laundering.
A criminal can purchase an expensive NFT with illicit funds and resell it to another collector thus getting money not tied to a prior crime.
Some auction houses and galleries don’t have the appropriate understanding of distributed ledger technology required to practice customer identification.
NFTs sold as peer-to-peer (P2P) can bypass the need for an intermediary.
To learn more, feel free to check out the treasury department’s study.
The department of treasury believes these high-value NFTs are at risk and will thus be paying much closer attention. Lucky for them, every transaction is documented and stored on the blockchain.
? Smooth Love Is In The Air
Axe Infinity was perhaps the first major pioneer in the blockchain gaming genre. However, Axie’s native token has seen lacklustre performance as of late.
One of the main problems Axie has faced is the high rate of inflation of Smooth Love Potion (SLP), Axie’s in-game digital currency. With around 4x more SLP being created than burned, this problem has been growing for some time.
A two-pronged approach to this problem is planning on being implemented: creating more burning mechanisms in the game as well as reducing issuance to restore balance to the in-game economy.
“We believe that these economic changes will allow us to start righting the ship and getting the economy moving in the right direction,” said members of the Axie team.
The full list of upcoming changes can be found here, as season 20 is swiftly approaching. The announcement, published February 3rd, may be at least partially responsible for the roughly 60% increase in SLP’s price since news of the update first released.
Monday, 7 February
WhiteBIT listing NEAR Protocol ($NEAR) on exchange today with trading pairs $NEAR/BTC, $NEAR/$ETH, and $NEAR/USDT
Twitter Space on Algorand’s agenda for ETH Denver was rescheduled to land on today, giving a rundown on what Algorand has planned for the event.
Wednesday, 9 February
Sci-fi action strategy NFT game Ark Rivals AMA with Polkastarter featuring a giveaway consisting of 1 whitelist spot and 3 alpha codes to 4 winners.
? Nyan Hero Lunar New Year Giveaway
To celebrate the Lunar New Year, Nyan Hero are giving away a UR Genesis Fortune Nyan NFT. Giveaway running until 15th Feb.
Thursday, 10 February
The Sandbox’s Web3 land sale kicks off at 1PM UTC featuring 550+ LANDs and 8 ESTATE auctions.
Friday, 11 February
Harmony’s trustless BTC bridge to enable seamless asset migration winds down to mainnet launch after concluding testnet phase.
Sunday, 13 February
Cryptocurrency advertisements are set to invade the Super Bowl ad space this Sunday in a push to reach household-name status amongst football fans.
Watch our Technical Analysis Course if you struggled with today’s technical section.
Read the following Technical Analysis guides for more insight:
Music NFTs are a hot trend.
In tomorrow’s newsletter, we will discuss what they are, how to get started and interact with music NFTs and finally how you can potentially profit from music NFTs!
Keep missing pumps and opportunities? Consider becoming a FREE subscriber to stay ahead of the crypto market.
? Free subscribers get full access to:
✅ Our Daily Crypto Newsletter
✅ Bitcoin Reports and Ethereum Deep Dives
✅ Altcoin Analysis and Crypto Project Coverage
✅ Regular Technical Analysis
✅ Podcasts With Crypto Leaders
? Did you enjoy today’s newsletter? This survey is your chance to tell us how we can improve the product for you. Link here.
??♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Ellen B.
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
Disclosure. Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Additionally, the Market Meditator writers hold crypto assets. See our investment disclosures here.