🧘♂️Whale Hello There
Market Meditations | August 27, 2021
Our exclusive notes on 3 coins
We don’t know about your weekend plans but we are going to keep meditating until BTC breaks $50k.
? Hottest crypto headlines
? BTC, ETH and FTT technical analysis
? A little bit of Terra (LUNA)
? Weird Whale NFTs
? Our podcast with Andrew Steinwold: if you are at all interested in NFTs, this is a MUST listen. Andrew’s insights and expertise are game changing.
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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.
? For Ether and Beyond
Short term reversal. Testing key resistance confluent with 0.618. Note this is a very bad entry.
We’re at a crossroads here, reclaim $50k to see further upside or see the downtrend resume.
If we claim 0.618, the downtrend is pretty much invalidated.
A short position is possible here but we prefer not to short crypto; it’s far easier to make money in long positions.
Very similar price action on ETH. Testing 0.618 level of retracement.
Very cautious of $3k level; key level to hold as the next real level of support is $2.6k.
Definitely wouldn’t look to short ETH.
We think a breakout play is more interesting; if we get a good close above $3.4k we’d likely be headed toward $4k.
With most assets testing the 0.618, FTT is already at the 0.786 level.
As long as we stay above $40, FTT is looking good.
Further, FTT hasn’t had its turn to pump yet whereas NFTs and SOL have already pumped.
Note SOL’ s success tends to feed over into FTT given how involved the FTX team are with Solana.
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? Columbus to Make Lunar Landing
Terra (LUNA) hit a new all-time high on Tuesday this week and continues to hover above previous highs put in this March. As the native token to the Terra blockchain, LUNA fuels the entire network as the driving force behind its myriad of algorithmic stablecoins. Instead of being pegged directly to collateralized fiat currencies held by a centralized entity, Terra’s stablecoins are completely decentralized, uncollateralized and algorithmic.
Terra mints stablecoins by burning LUNA. Each time a new UST (a LUNA stablecoin) is minted, LUNA is burned. This reduces the available supply of LUNA, raising its value. When demand for UST increases, more is produced to bring the price back down to its $1 peg. This burns more LUNA as the UST minting process executes.
Terra has a system upgrade coming possibly as soon as September, which could have a major impact on its ecosystem. Dubbed “Columbus-5”, this will change how stablecoins are minted, enable inter-blockchain asset integration (Stargate), introduce insurance options (Ozone), and launch Wormhole – a bridge between the Terra and Solana networks.
Terra’s current use-case consists primarily of three platforms: a Korean-based mobile payment app (CHAI), synthetic assets like stocks (Mirror Protocol), and a savings protocol (Anchor).
In the same way the Earth and Moon rely on each other for stability, LUNA and its stablecoins work in tandem to achieve balance. The Stargate upgrade will enable UST to be used on other blockchains, like Solana. Considering Solana’s recent activity, it may be reasonable to expect Luna’s available supply to drop as demand for UST increases.
? Interested in learning more about Terra? Be on the lookout for continued coverage as we dig into the details.
? Whale Hello There
Covid 19 may have led to business closures and supply chain issues, but it also prohibited children everywhere from attending school. Some children may have used this time to catch some extra zzz’s but not 12-year-old Benyamin Ahmed. Benyamin enjoys swimming and taekwondo like many children his age, but he also spends his free time learning to code. When he learned about NFTs and smart contracts earlier this year, he became fascinated, leading him to create his own NFT collection.
The first collection, a tribute to one of his favorite video games, consisted of 40 colorful avatars called Minecraft Yee Haa. Although the collection was not a huge success, Ahmed admits it was a great learning experience.
As the world witnessed the rise of Wall Street Bets and their sentiment investing in stocks like AMC & GME along with DogeCoin, we are certainly in an alternate dimension of meme culture.
To capitalize on this mania, Ahmed borrowed from the crypto whale meme and the pixelated art of Crypto Punks, creating his second NFT collection, Weird Whales.
He did receive some help from mentors in the Discord community, borrowing the script from the Boring Banana collection as a template for the Weird Whale code. Finally, Ahmed and his dad went to Twitter to advertise the new collection.
There are 3,350 pixelated whales with distinct traits in the Weird Whale collection that dropped in July and sold out in only 9 hours! Ahmed spent about $300 to create the collection that made more than 80 ether that day and has earned 30 ether from the resale market. As a 12-year-old boy, Ahmed doesn’t even have a bank account, but he has amassed a fortune in an ether wallet.
? How To Invest in NFTs with Andrew Steinwold: Part 2
Andrew Steinwold is founder of Zima Red podcast & newsletter and one of the first NFT funds.
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