It’s an exciting time to be in crypto and we’re seeing more new developments every week in this burgeoning industry.
Algorand – ALGO
Algo is one of my largest alt coin bags and it is swimming steadily into the main stream.
It’s recently been added to Coinbase and is one of very few blockchain platforms hosting Tether which dominates the stable coin industry.
Its price against USD is up 105% in the past 3 weeks and 315% since its low in March [😊] .
As per usual, it’s up to you if you want to “sell half on a double” and invest in something else or hold for longer.
Technical Analysis – BTC & ETH
Both coins continue to be on the verge of a big move and my opinions from the past few weeks still stand, so I will not spend too much time repeating myself.
One point of note is that the Bollinger Bands are extremely tight on BTC which nearly always precedes a big move. Bitcoin just gained a few % and needs to follow through on this move to maintain bullish momentum or else it risks market structure looking like another head fake. Right now though it looks more like bullish continuation.
Decentralised Exchanges (DEX’s)
DEX’s were one of the first application apart from Bitcoin that I got excited about when I first started buying crypto in 2013.
In my opinon, they will be a huge boon to crypto and ultimately every aspect of anything that can be globally traded online. Probably not in whatever version they exist now, but the technology will adapt and improve as technology always does. They completely remove the middleman (no fees) and do not have a central point of weakness so are much more secure.
This year has seen impressive growth in volumes traded on DEX’s and for the first time since 2013 we are seeing real progress and DEX’s are taking off in a big way.
Top coins I am following regarding DEX’s include ZRX, KNC and BNT which I will talk a bit more about in future posts.
Here’s some background reading on DEX’s including some coins analysis and basic introduction. The links are old but still a useful introduction.
New Coin Pick – SNX
As mentioned in previous posts, alt coins are starting to look a lot more promising from both fundamental and technical analysis perspectives.
SNX is at the forefront of DeFi and is cutting edge new technology with huge scope for growth. The project technology allows for both DeFi and security token applications.
SNX has had a storming few weeks in terms of its price so I would not buy at these prices but wait and look to buy a dip in the near future.
I have been considering recently that unlike as in 2017 we may not get a full alt season where absolutely everything pumps upwards, but certain groupings of alt coins will have a major bull season, here are some of the hottest crypto categories right now:
· DeFi (e.g. SNX, LEND, MKR, etc)
· Platform coins (e.g. XTZ, ALGO, NULS, HBAR, etc)
· Anything to do with Stable Coins (e.g. ALGO, RSR, etc)
· DEX coins (ZRX, KNC, BNT, etc)
· Media coins (e.g. BAT, OGN, etc)
· Security Tokens (e.g. POLY, etc)
Remember that ETH is the ultimate leader in all of these categories and most of the top coins are based on ETH also.
The crypto space as a whole seems to have bottomed and we are seeing a lot of coins increase 100% or much more.
It’s impossible to nail the exact bottoms and tops of waves but by picking the best coins from a fundamental perspective in the most promising areas of crypto there’s always a good chance of gains.
Getting the timing right, deploying good risk management and having a solid psychological game round up the critical attributes of a top trader.
In the coming weeks, I will start looking at more detailed Technical Analysis of individual coins including potential entry and exit points for coins.
$3 billion is now locked up in DeFi crypto applications and today this space is the hottest part of crypto and just feels so innovative right now.
This list here gives you a snapshot of the industry including the current front runners. Notice how nearly every front runner is based on Ethereum so by owning Ethereum you have exposure to them all.