🧘‍♂️ALERT: New Crypto Trend

Market Meditations | January 14, 2022

Say hello to FOAN

Dear Meditators

As we draw towards the end of the week, let’s focus on the essentials. 

Today’s Meditations: 

  • ? BTC, DOGE, ONE and ATOM Technical Analysis 

  • ? Metaversal Updates

  • ? Key ESG Considerations


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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. 

? Technical, Special, Essential

BTC/USD

Pay attention to the key levels drawn on the chart. You can use these levels to help inform you strategies: 

  • Bullish. Favor longs over shorts.

  • Neutral Bullish. Weaker version of favor longs over shorts.

  • Neutral. Trade the range.

  • Neutral Bearish. Weaker version of favor shorts over longs. 

  • Bearish. Favor shorts over longs. 

DOGE/USD

Elon Musk has done it again. With a tweet this morning announcing that Tesla merch will be buyable with dogecoin. 

Difficult to share technical analysis on this because the entire thing could be invalidated by a single Elon Musk tweet.

However, if you’re looking for a DOGE reversal, 0.2 is the level to watch. Could see further upside above this level. 

ONE/USD

On the verge of a breakout. Decent uptrend.

Be watchful of this crypto until we see some recovery from Bitcoin. 

ATOM/USD

For a breakout here, we need to see the $43 level break. 

Top tip: rather than waiting for the price to get above the level, wait to see the 7 Day Moving Average get across it. This provides more confirmation.

ONE and ATOM, together with FTM and NEAR are part of a new trend in crypto called ‘FOAN’. The idea here is that this basket of DeFi cryptos that are also layer 1 blockchains will experience growth.


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? 2nd Life for Second Life?

For those unaware, Second Life is a game that soared to popularity in the early 2000s

It featured a lot of the elements we currently see permeating the development of the metaverse: customization, focus on social interaction over game mechanics, and creating the overall feel of immersion in an alternate world. 

  • The creator of Second Life, Philip Rosedale, has recently signed on as an advisor to assist in the reinvention of the innovative game in the metaverse. 

  • One of the keystones of Rosedale’s approach to contributing to Second Life is advanced avatar animations which use facial tracking to translate a person’s expression to their in-game avatar. 

Not everyone is all-in in the metaverse, however. Big players like Apple don’t seem to share popular opinion when it comes to metaverse platforms.

Apple tech reporter Mark Gurman said he’s been told that the idea of a completely virtual world where users can escape is off limits to Apple. Instead, the tech company is approaching the digital future with a vision of augmented reality, designed to be accessed in short bursts. 

Opinions clearly differ in how to approach the burgeoning metaverse market. But with blasts from the past and our favorite iCompany publicly declaring approaches, it’s clearly at the front of everyone’s mind.


 ? ESG Chopping Block

As though inflation reports weren’t enough to scare the crypto market, it looks like bitcoin is back on the ESG chopping block. Yesterday the House Energy and Commerce Oversight Subcommittee announced they will hold a hearing on January 20th, titled “cleaning up cryptocurrency: the energy impact of blockchains.”

  • Around this time last year Tesla announced they would begin accepting Bitcoin as payment, only to change their mind a few weeks later after some coercion from Blackrock. 

  • Unsurprisingly since investors and political donors are often synonymous, it didn’t take long for some of the more vocal US politicians to follow suit, attacking the energy usage of bitcoin and other cryptocurrencies. 

  • The bitcoin mining scene has changed rapidly since that time, especially after China permanently banned bitcoin (& other cryptocurrency) mining. 

  • Most of the bitcoin hash rate now comes from the US, whose energy regulations are much stricter than China’s. 

  • Also, since that time, El Salvador made bitcoin legal tender and began using energy from volcanoes for mining. 

The latest ESG push comes amid Mozilla pausing crypto donations according to their Twitter feed, while they further investigate if crypto fits in with their climate goals. Shortly after this announcement, Wikipedia contributor Molly White raised the point for Wikimedia (the non-profit behind Wikipedia), stating that digital coins are “inherently predatory” as investments and don’t align with the foundation’s commitment to environmental sustainability. 


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??‍♂️✍️ 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 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. 

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