Few weeks ago, I indicated the bullishness of Bitcoin and its readiness to hit $70000 – and I was spot on, as Bitcoin was a few hundred dollars away from $70000, but since then, bitcoin started to drop and came close to the trend line. Will we enter another bear market or we are experiencing just a brief correction before another bullish run?
Despite such a massive drop, Bitcoin volume remains at its ATH, which is overall a bullish indicator, and says that perhaps this drop is not going to lead us to the bear market, at least not yet.
But what will happen if Bitcoin will close below $52000 on a weekly candle? In that case, we can participate further drop down to $47,000 but I do not see it going lower than that, not at least for a long time.
So why did BTC drop so much earlier this week? Apparently, the cryptomarket wasn’t alone in this dip – U.S. stocks dropped sharply on Friday.
The Dow Jones Industrial Average fell 905.04 points, or 2.53%, to 34,899.34; the S&P 500 lost 106.84 points, or 2.27%, to 4,594.62; and the Nasdaq Composite dropped 353.57 points, or 2.23%, to 15,491.66.
Media connected this event to a new Covid variant found in South Africa that supposedly triggered a global shift away from risk assets, albeit I think it’s a hogwash because new Covid variants are discovered quite regularly and they do not cause massive stock drops every single time.
Let’s review some of my older recommendations for tokens, and determine if it’s a good time to buy/sell them:
- Sushi. It seems like Sushi is reaching its low point and provides a good buy opportunity below $7. For a quick 30% flip, you can buy Sushi for $6.50-7 and then sell it for $10. If you want to HODL it a little bit longer, then $15 sell target would be a better choice, however if you plan to hold it mid-term or long-term, then $5 is a better entry price.
- ORCA. In my opinion it’s an undervalued token and it comes close to my recommended entry point – $10. I am more or less confident that Orca can go up as far as $100 per token, and possibly even $300 in the long run. I probably need to make a separate article on how to set the wallet for the ORCA staking.
- SwissBorg. This one remains stubborn and refuses to move even close to my $0.28 – 0.30 target – the lowest it went was 50 cents. Keep an eye out for it, as if BTC will break the trendline we might see SwissBorg at 28 cents again.
- Crypto – CRO. I recommend everyone to buy when the price was around 10 cents, and set the good entry point at 6 cents. Unfortunately it didn’t dip that much since I made the recommendation, however it almost reached 1 dollar – it stopped at 97 cents. I invested roughly 1000 dollars in CRO and sold some for 70 cents and kept the remaining 7800 tokens to sell half for 95 cents and another half for $1 – $1.05, making approximately $9500 in total.
- Sundaeswap – the “Cakeswap ” of Cardano network. The token will be released soon, and according to its page on coinmarketcap (link) there are 12 thousand active coinmarketcap subscribers who bookmarked the token to receive alerts, which is quite an impressive number for a non-existing token. As far as I understand, to get this token you need to stake your ADA in specific pools that won voting (the list is here), and wait when the tokens will be distributed, which will happen some time soon. I’ve already staked my ADA.
- Cardano – good old ADA. Y’all probably remember that I recommended selling about 50% of Cardano for $2 and the rest at $4 and $8? I hope you sold some, because the price went down as low as 1.49, and I do not anticipate Cardano to bounce back above $2 in the near future, as it is overshadowed by projects like Harmony, Solana, Polygon and a couple others platforms that delivered their products on time. I recommend to re-enter Cardano when its price will move below $1.15, and then wait to see if it drops even lower, and then buy at $0.85 if the price keeps dropping.
- Venus token. In the last report I indicated that $20 is a solid entry price for Venus. At the moment of me writing this article, the venus price was around $22, and it moved as low as $20.70 earlier this week. It has good x2-x5 potential in the mid-term, and x7-x10 in the long run. I do not plan to allocate a lot towards it, but it is a good thing to have for portfolio diversification.
- Serum (SRM) – one of the biggest SOLana’s ecosystem projects which I recommended to buy, and it seems like we are approaching the buy target. At this moment, the token is traded at $4.80 and we might move below $4 so0n. The price between $3.80 and $4.20 seems like a reasonable entry point for everyone.
This is a solid project that recently entered the Top-50. But what’s Harmony and why is it getting popular?
Harmony is a proof-of-stake blockchain platform, just like Cardano or Ethereum, however it has some great advantages – it claims to process transactions in two seconds at a low cost (I checked that statement, and it’s true that transactions are very low cost). It raised $18 million in an April 2019 token sale, and then sold an additional $5 million worth of tokens via an initial exchange offering on the Binance Launchpad.
Harmony is developed by a US-based company and its ecosystem revolves around a 300 million dollar ecosystem fund to attract projects: the company will allocate $180 million over the next year with $50 million going to 100 decentralized autonomous organizations (DAOs) that can then decide how to use the capital, including supporting smaller projects. There’s an additional $30 million going to partner organizations that have deployed on Harmony and can reach end-users.
Market cap: 3 billion
Buy area: $0.17
Anticipated profits: 500-800%
Now, I have great news for everyone, who wants to participate in various airdrops this year. Instead of writing about each upcoming airdrop, I decided to share a quite useful Spreadsheet that contains hot information about upcoming airdrops. You can find confirmations, dates and rumors about promising airdrops, even about Metamask airdrop, as well as Dex Guru airdrop. Click on the RUMORED AND CONFIRMED AIRDROPS to access the spreadsheet.