🧘‍♂️ALERT: Important Altcoin Updates

Market Meditations | September 17, 2021

What Next For These 4 Cryptos?

Dear Meditators

It’s a red kind of day today. Here’s hoping our meditations will add some light.

Today’s meditations: 

  • ? Technical Analysis on BTC, ETH, SOL and AVAX

  • ✨ Everything You Need to Know about Audius 

  • ? Our podcast with Alex Thorn (Head of Research at Galaxy Digital) 

  • ? A bit of crypto magic…

Why navigate the crypto markets alone when you can get free resources and analysis sent straight to your mailbox? Make sure you’re on our free email list where we are helping over 33,000 people build life changing wealth?

Delighted to say this article is brought to you by crypto.com, the world’s fastest growing crypto app. Our favourite features:

  • ? Earn Interest. Grow your portfolio by earning up to 14% interest on your crypto assets.

  • ? Crypto.com Visa Card. Spend with the crypto.com Visa Card and get up to 8% back. 

  • ✅ Buy and Sell Cryptos. Join 10m+ users buying and selling 100+ cryptocurrencies at true cost.

You can use our link to download the crypto.com app.

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. 

? Technically Speaking…


2 important levels on our radar: 

  1. Significant resistance at the $50k level. 

  2. Tested support just above $44k level.

Setting up, with a reasonable amount of probability, for a sideways market. Particularly when considering the Moving Averages (7, 30 and 100).

$40k is a key psychological level and also confluent with the 100 Day MA. Losing this will impact our bullish bias. At the moment, we are still holding the $44k level; it maintains the strength of the move up.

Significant long breakout opportunity above $50k.


Key levels:

$3k and $4k. Bearish below $3k and bullish above $4k.

Now let’s consider the Moving Averages. We see a desperate attempt to maintain the 30 Day MA. In terms of MA, ETH looks more bullish. 


After an insane run, the price is floating around the 0.382 level. 

Very aggressive(risky) buy opportunity; if we hold the 0.382 level we have had a healthy retrace (particularly considering the recent technical glitch).

The alternative would be a very strong sign of weakness and likely lead to a bearish/sideways market for a while.


AVAX was one of the chart requests on our recent Discord summit. It’s showing a lot of strength. Lots of cool projects are building there and decent sentiment too. 

It may look like this asset has already pumped and it’s ‘too late’. Well trends over-extend in crypto. We’ve seen this happen with SOL and countless other coins.

If BTC and ETH show strength, this could be an interesting opportunity; as always, with appropriate risk management measures.

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

?The Audius-ity!

Everywhere you look, blockchain technology seems to be changing the game. From MLB teams launching Topps NFTs to football teams launching tokens offering fans governance participation, digital technology is revolutionizing our world. In a push to cut out the middleman and give power back to the artists, the blockchain bandwagon makes room for one more as the music industry climbs aboard. Close your eyes and open your ears, Audius is trying to turn up the volume to 11. 

  • Audius was founded in 2018 as a decentralized music streaming service with a social media component. It runs on the Ethereum and Solana blockchains to produce immutable, timestamped records for those who patronize its generative services.

  • On August 17th, TikTok announced its partnership with Audius to manage its internal audio library. Currently, there are more than 100,000 artists with music on Audius. Earlier this month, Audius also integrated Solana NFTs in order to allow its users to feature collectibles from the Solana Library. 

  • Huge names in the music industry like Katy Perry, Nas, Steve Aoki and Jason Derulo recently poured $5 million into funding for the blockchain streaming platform in a move led by Blockchange Ventures, an early-stage blockchain venture fund. 

The music industry has been plagued for years by a status quo of middlemen with their hands in the pockets of aspiring musicians. Managers, record companies, publishers, streaming services…. the list goes on. Not to mention the power that centralized media sources hold in reserve to shut down all access to artists’ intellectual property on a whim. It looks like the cryptoverse is about to drop the mic on the music industry.

You can read more about how the blockchain movement can help musicians make money again here

? Eth Killers, Stablecoins and Finding Innovation in Crypto with Alex Thorn

? Click Here to Listen

Alex is Head of Research at Galaxy Digital, a crypto-focused financial services firm with over $40 billion of assets under custody.

? Do You Believe In Magic?

If you have been hanging around in crypto for even a short time, you have probably noticed that everyone loves a good meme. Recently a meme-inspired DeFi project, Abracadabra.Money has emerged and it is getting a lot of attention. 

What is Abracadabra Money

  • Abracadabra is a magic protocol to make your cryptowork for you.

  • With Abracadabra you can use interest-bearing tokens (ibTKNs) as collateral to borrow their stablecoin ‘Magic Internet Money’ or ‘MIM’.  

  • MIM can be traded to other stablecoins such as USDC, USDT, DAI. 

  • Because your collateral is an interest-bearing token, it is growing in value, therefore reducing, but not eliminating, the possibility of liquidation

  • There is a second token in the Abracadabra protocol called SPELL. The purpose of SPELL is to stake it and in exchange, you are given sSPELL.  

  • This third token, sSPELL, gives the holders voting rights and a share of feesgenerated by the protocol.  

  • Fees come from interest paid on the borrowed Magic Internet Money (MIM).   

Allowing users to collateralise (borrow against) interest-bearing tokens is a very innovative idea, but that is not the only thing about this project that has everyone in a buzz. The protocol also has a cross-chain bridge, allowing users to swap their MIM on Ethereum, Avax, Fantom, and BSC.  

If you are thinking about conjuring up some SPELL or performing one of the spell rituals to get your very own magic internet money, you may find solace knowing that the wizards behind Abracadabra hope their recipe for a stablecoin will evade the coming stablecoin regulations in the US.  

There are plenty of interesting ideas and projects in the crypto space. We have no association or involvement with this project. When it comes to considering these projects, it is essential to carry out due diligence, for this we provide a good range of resources, which are available on our Market Meditations Glossary.

? 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 D. Beverly, Kyle F., Max P., Nick T., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.

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.