Overview
· Market Update
· Market Insight: The Dip May Not be Over
· Major Market News
· Notable Events
· NOOBIES: How to find where to purchase any token
Market Update
· Bitcoin is up 4.65% rebounding off a strong trendline that began on July 20th.
· Some major Layer-ones are following Bitcoin’s lead: ETH +4.88%, SOL +4%, LUNA +14%
· Total Market Cap (TOTAL) is up 3.57% as $181B enters the market.
· Total Market Cap minus ETH and BTC (TOTAL3) is up 1.92%. As new funds favor entering the market through Bitcoin. Bitcoin Dominance (BTC.D) is up 1% for the same reason.
· The Solana Ecosystem is looking considerably strong off the rebound. Notable gainers:
o KIN +36%
o MSOL +11%
o RAY +11%
o SRM +11%
o MANGO +15%
o POLIS +16%
· Notable gainers from Watchlist:
o EXRD +19% MANGO +15
o STX +15% BOSON +23%
o IMX +14% XTM +20%
o CSPR +21%
o ROSE +16%
o QRDO +29%
o JOE +18%
MARKET INSIGHT: The dip may not be over
The crypto market is having an exceptionally strong recovery today after a negative weekend. The overall markets took a dip Friday after news broke of a new Covid Variant named “Omicron” was discovered in South Africa. Negative news events spark a notable amount of initial fear in markets which quickly dissipate. Bitcoin pull-backed 8% to 53k on Friday and met the strong trendline that began on July 20th.
This dip is very similar to the dip that began on Sept 7th. The earlier dip lasted 22 days and went down 24%, this dip is currently at 18 days and has gone down 23%. The first dip tested the bottom twice noted by the yellow arrows on the chart above. The current dip has only tested support once. Leverage Ratio remains notably high right now which adds to the probability of a retest of the 53k support/trendline.
The market remains in a strong uptrend unless price closes considerably below the trendline. Fear and Greed Index remains low and in our favor. 53k- 55k remains good areas to open more positions in BTC and other protocols.
Bitcoin Fear and Greed Index 33
Bitcoin Google Trends 36
Major Market News
· Matt Zhang, a former Citi banker launches a $1.5B crypto venture fund named Hivemind Capital and cites Algorand (ALGO) as their first partner. This partnership is providing more evidence of prominent money exiting wall street and pivoting into crypto. If you were planning on getting into ALGO, now is the correct time.
· The Indian government is considering integrating a strong stance against decentralized cryptocurrencies as early as this winter in a move similar to China.
· Decentralized exchanges (DEXs) near $100 Billion in monthly volume for November. A move away from centralized exchanges could start spelling the mass adoption of decentralization.
· Ethereum mixer Tornado Cash is ready to integrate with Arbitrum. This will allow faster and cheaper transactions with the protocol that ensures privacy in Ethereum transactions.
· Jack Dorsey steps down and names Parag Agrawal as the new Twitter CEO. Agrawal has worked at CTO for 10 years with Twitter.
· Cronos (CRO) Crypto.com Chain nears $1B in Total Value Locked (TVL).
Notable Events
· The Sandbox (SAND) Alpha is live. Giving users an early glance at the Sandbox metaverse.
· Immutable X (IMX) to list on Kucoin today. Expect some upward price movement.
· Scallop (SCLP) app is having a soft launch tomorrow. SCLP price has been considerably hot for the past two weeks. SCLP is a strong low cap project.
· MultiVAC (MTV) Launches smart contracts tomorrow. This layer-one blockchain shows a lot of potential and launching smart-contracts is typically very important news.
· Secret Network (SCRT) releases a launchpad and in unrelated news launches the Terra Bridge tomorrow. Bullish news for SCRT, LUNA and UST.
· DCentral Mami Conference begins tomorrow.
· Umbrella (UMB) integrates with Pancake Swap and Uniswap. UMB is a very promising Oracle small cap protocol.
· Polkawar (PWAR) the much-anticipated game launches tomorrow.
NOOBIES: How to find which exchange sells a crypto.
I’ve recently been getting a lot of inquiries on where to purchase particular coins/tokens, so today I will layout where you can find this information.
There are two primary sites to track crypto prices.
You can find just about any cryptocurrency listed on these two sites. They have tons of utility which I laid out in this past report under the NOOBIES section. If a coin or token is not listed here, you do not want to get involved with it.
If you go to either site, on the top right-hand corner there is a search bar. You can enter the name of the token or its symbol. Below is what the site looks like after you pull up a token.
From here, if you scroll down you will find a chart labeled Markets.
The exchanges where you can buy the crypto are on the left-hand side.
For example, with Immutable X, you can purchase it at FTC, Huobi, Gate.io and a few others. In my past report I made of list of reputable exchanges available to US Customers.
Nice and simple right?! Now you have the ability find where to purchase any token you’d like. Choose wisely.
Tomorrow
· DOT Crowdloan Guide: Astar - the future of web 3.0.
· NOOBIES: What is Web 3.0
I hope everyone had a great Thanksgiving; I know I’m a few pounds heavier. Keep accumulating while we are on these nice dips and stay tuned to stay ahead of the market! If you would like to receive this report directly to your email, message me directly.
Stay safe fam!
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