What Else Is Bitcoin Price Moving Towards A New ATH?

Bitcoin (BTC) is hot and clearly in the hands of cops. Yes, at some point an ETF comes along and after that there will be a BTC price of $ 100,000, not $ 120,000, $ 150,000 BTC price on the board.

Bla bla bla.

Anyone who logs into crypto twitter gets bombarded with all this bullish babble from the get-go and that’s great, we’re all happy that Bitcoin is doing well. I’ve been the owner since the beginning of 2016, so of course I’m happy. But isn’t crypto more than just Bitcoin? Aren’t there other assets moving?

Wouldn’t it be nice to hear from them before they go on a parabolic 150% run and then your favorite Anon Twitter dealer with a Rolex and an Audi advises you on what levels of support to buy on the next pullback?

Let’s take a quick look at some of the other assets that might be about to move. Of course, this is not financial advice. DYOR. Just because we got it covered doesn’t mean it actually makes a difference, so don’t troll us if prices stay the same or if you lose money.

SLP / USDT

Axie Infinity has literally paved a path for the whole year and it looks like the play-to-earn blockchain gaming sector is poised for further growth and Axies’ metrics look great along with its AXS token.

The platform recently rolled out AXS staking and before that the team provided an absolutely massive airdrop for early adopters.

Unfortunately for some, as AXS went up, SLP (the in-game currency used to pay users and purchase items within the game) went down. I mean really down. So much so that prominent and relatively unknown crypto Twitter traders are now calling a low point.

SLP / USDT daily chart. Source: TradingView

The daily chart is showing SLP trading pretty much at its late May low at $ 0.06, and for many traders, the structure of the market suggests that the asset has bottomed. Last week the price tried to rebound to $ 0.10 but failed to hold momentum and eventually fell back into current territory.

One thing that struck me is the increase in trading volume, which is a possible sign of accumulation.

Bag holders hope that at some point Axie Infinity will redefine the use of SLP or contain its inflation to expand its uses and increase demand, but there are no promises at the moment.

Technical analysis aficionados will point out that SLP is currently facing resistance at the 50-day moving average and that the altcoin has flipped the 20-day moving average in support. One can also see an “eventual” convergence between the 20-MA and 50-MA if buyers continue to bid the price higher. These traders also point out that the MACD and RSI each look promising on the daily timeframe.

At this stage it appears that SLP is trying to break out of its downtrend, but from a risk / reward perspective there is still risk in opening a position as the swing low is more than 20% away from the current price.

Risk averse traders may consider waiting for further confirmation of a turnaround. Something like a daily close above the 50 MA and a couple of higher candle highs above the $ 0.10 level could signal that AXS is gaining momentum.

ALCX / USD

Alchemix is ​​another altcoin that may have hit rock bottom and recent developments around the project could be a sign of fundamentals strengthening. In late October, the project was chosen by the owners of Tokemak (TOKE) as one of the assets added to the platform’s liquidity pools called “reactors”.

Tokemak claims to be “a protocol that enables sustainable DeFi liquidity” and they framed DeFi’s current problem by saying:

“Protocols struggle to coordinate users to pool liquidity across exchanges. You can stimulate users with inflationary funds with high APY (liquidity mining), but this is inefficient and extremely expensive. ”

Reactors are effectively one-way liquidity pools where projects and users place their tokens and TOKE holders vote on where the liquidity goes. The goal is to “allow logs to keep control of where liquidity goes rather than incentivize users,” and this one-way staking means LPs putting an asset and liquidity directors in TOKE and stakers TOKE rewards obtain.

How is this relevant to ALCX?

Well, TOKE has done amazingly well since its IDO and the liquidity pools have been very popular and stable. There is great interest and demand in TOKE and the fact that ALCX was selected from 42 other projects to have a liquidity pool means the owners look forward to putting and receiving TOKE.

Alchemix was also selected as part of Olympus DAO’s “Olympus Pro” product, which shares some similarities with Tokemak. The platform aims to prevent the mercenary capital scenario by “enabling protocols to accumulate liquidity to ensure longevity and price stability for all parties”.

Cointelegraph recently stated that transferring bonds over a period of time is beneficial to the bond holder and the protocol. The picture below gives a pretty simple overview.

Olympus Pro explained. Source: Olympus DAO Finance

On October 8th, the Alchemix team announced plans to upgrade their platform to v2 and also suggested that their “self-repaying loans” would be more understandable to the public. The project also aims to open up the uses for collateral so that users can exercise various “loan delegation” options rather than just using interest to pay the loan.

Usually, protocol upgrades and mainnet launches are bullish events for the native token, but what makes the basics of ALCX juicy is the cross-integration of the token with other protocols that work well.

On October 13, OHM price nearly rebounded from its all-time high and since the launch of Olympus Pro, integration with Tokemak, the announcement of plans to launch on Arbitrum, and the integration and fee setbacks from DeFi platforms like Wonderland Money and Abracadabra, the uptrend The mood around OlympusDAO has risen.

ALCX / USD daily chart. Source: TradingView

From a technical analysis perspective, ALCX is still “consolidating” and appears to be in an “accumulation phase” rather than a “bottom phase” aside from the recent large increases in volume.

As with the SLP, a daily close with some higher highs above the $ 490 level would be an encouraging sign of a turnaround. The high volume nodes of the VPVR indicator also indicate that there is resistance in the current $ 400-480 range and a break above this level could quickly push the price to $ 700.

Other positive aspects that point to increasing upward momentum include successive daily closing prices above the 20- and 50-day moving averages, as well as the impending convergence between the moving averages.

The integration of ALCX with Olympus DAO, Tokemak, the upcoming v2 upgrade, the project’s recovery from its latest $ 4 million exploit and the token’s “accumulation phase” seen on the daily chart are also possible signs that that the asset could be on the brink of a trend change.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.

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