As the price of Bitcoin moves towards the new ATH, what else will change?


Bitcoin (Bitcoin) Is very hot, obviously in the hands of the bulls. Yes, the final exchange-traded fund (ETF) is coming soon, after which 100,000 USD instead of 120,000 USD, starting from the beginning, 150,000 USD BTC price will appear on the board.

Wait, wait, wait.

Anyone who logs into encrypted Twitter will be bombarded with all this bullish gibberish right from the beginning, which is great, and we are all very happy that Bitcoin is performing well. I have been a holder since the beginning of 2016, so of course I am very happy. But is there more to encryption besides Bitcoin? Are there no other assets moving?

Isn’t it good to hear from them? forward They did some parabolic 150% runs, and then your favorite anonymous Twitter trader used Rolex and Audi to suggest which support level you buy in the next pullback?

Let’s take a quick look at some other assets that may be about to change. Of course, this is not financial advice. Dior. Just because we have covered it doesn’t mean it will actually do something, so if the price is flat or if you lose money, don’t drag us down.

SLP / USDT

Axie Infinity has been opening up a new path throughout the year, and the blockchain gaming industry that makes money from games is expected to grow further. Axies’ indicators and its AXS token look great.

The platform recently Launched AXS mortgage Prior to this, the team conducted an absolutely large-scale airdrop to early users.

Sadly for some people, as AXS has risen, SLP (the in-game currency used to pay users and purchase items in the game) has fallen. I mean, really frustrated. To some extent, well-known and relatively anonymous crypto Twitter traders are now calling for bottoming.

SLP/USDT daily chart. Source: TradingView

The daily chart shows that the trading volume of SLP at the low of $0.06 at the end of May is very large. For many traders, the market structure indicates that the asset has bottomed. Last week, the price did try to recover to $0.10, but then failed to maintain the momentum and eventually fell back to the current range.

One thing that caught my attention was the increase in trading volume, which may be a sign of accumulation.

The bag holder hopes that Axie Infinity will eventually redefine the use of SLP or curb its inflation to expand its utility and drive demand, but there is no promise yet.

Technical analysis enthusiasts will point out that SLP is currently encountering resistance at the 50-day moving average (MA), and the altcoin has flipped the 20-day moving average to support. If buyers continue to bid higher, they can also see a “final” convergence between the 20-MA and 50-MA. These traders will also point out that both the Moving Average Convergence/Divergence Index (MACD) and Relative Strength Index (RSI) in the daily time frame look promising.

At this stage, SLP seems to be trying to break out of its downtrend, but from the perspective of risk return, given that the swing low is more than 20% away from the current price, there are still risks in opening a position.

Risk-averse traders may consider waiting for further confirmation of a trend reversal. Several high candlesticks like the daily closing price above the 50-MA and above the $0.10 level may indicate that AXS is gaining momentum.

ALCX/USD

Alchemix is ​​another “It looks like it may have bottomed out” Altcoins and the latest developments surrounding the project may be signs of strengthening fundamentals. At the end of October, the project was voted by Tokemak (TOKE) holders as one of the assets added to the platform’s liquidity pool, called the “reactor”.

Tokmak Claim Become “an agreement that can achieve sustainable DeFi liquidity” by saying:

“The agreement is difficult to coordinate users to pool liquidity across exchanges. They can motivate users through high APY inflation (liquidity mining), but this is inefficient and costly.”

In fact, the reactor is a unilateral liquidity pool in which projects and users place their tokens, and TOKE holders vote on the flow of liquidity. The purpose is to “allow the agreement to retain control over the whereabouts of liquidity, instead of having to motivate users through emissions”. This unilateral pledge means that LP pledges assets, the liquidity director pledges TOKE, and the pledger gets TOKE rewards.

What does this have to do with ALCX?

Well, TOKE has performed well since its original DEX product (IDO), and the liquidity pool is very popular and stable. The interest and demand for TOKE is high, and the fact that ALCX was selected to have a liquidity pool from 42 other projects means that holders are looking forward to staking and receiving TOKE.

Alchemix was also selected as part of Olympus DAO’s “Olympus Pro” product, which has some similarities with Tokemak. The platform aims to prevent hiring capital by allowing “agreement to accumulate liquidity to ensure the longevity and price stability of each participant”.

Cointelegraph recently explained How to grant bonds within a set number of days is beneficial to the bondholders and the agreement. The figure below gives a very simple overview.

Olympus Pro explained.Source: Olympus DAO Finance

On October 8, the Alchemix team announced its plan to upgrade its platform v2 and stated that its “self-repayment” will be easier for the public to understand. The project also intends to open up the potential uses of collateral so that users can exercise various “credit entrustment” options instead of just using interest to pay loans.

Usually, protocol upgrades and mainnet launches are bullish events for native tokens, but what makes the fundamentals of ALCX look juicy is the cross-integration of tokens with other well-performing protocols.

On October 13, the price of Olympus (OHM) rose to a historical high. Since the launch of Olympus Pro, it has integrated with Tokemak, announced plans to launch on Arbitrum, and obtained integration and fee rebates from DeFi platforms such as Wonderland Money and Abracadabra. The bullish sentiment surrounding OlympusDAO is high.

ALCX/USD daily chart. Source: TradingView

From a technical analysis point of view, ALCX is still “consolidating”, except for the recent surge in high volume, it seems to be in an “accumulation phase” rather than a “bottoming phase.”

As with SLP, the daily closing price above the high of $490 would be an encouraging sign of a trend reversal. The high volume node on the Volume Distribution Visible Range (VPVR) indicator also indicates that there is resistance in the current range of US$400 to US$480. Breaking this level may cause the price to rise rapidly to US$700.

Other positive factors suggesting an increase in bullish momentum include consecutive daily closing prices above the 20-day and 50-day moving averages, and the imminent convergence between the moving averages.

The integration of ALCX with Olympus DAO, Tokemak, the upcoming v2 upgrade, the project’s rebound from the recent $4 million vulnerability, and the token “accumulation phase” seen on the daily chart may also indicate that the asset may be on the verge of a trend Change.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.