Crypto Roundup #13: Navigating the FOMO at Bitcoin Conferences and Spotting Hidden Gems
Crypto Roundup #13 brings to focus a critical development that’s got the crypto world buzzing: Ledger’s new update introducing an opt-in service called “Ledger Recover”. This service enables users to back up their seed phrase, allowing for recovery through ID verification and decryption of encrypted shards stored in trusted third-party sources. Ledger asserts that this is an optional feature designed for those who struggle with self-custody of their private keys, but it’s sparked intense debate about the balance between ease of use and the fundamental tenet of self-sovereign storage of keys in the crypto space.
Beyond Ledger’s controversial update, Bitcoin conferences are causing a stir and a slight slump in the market due to FOMO. Yet, despite these shakeups, the crypto market hasn’t seen a lot of overall movement this week. So let’s dive into the technicals for a closer look.
Bitcoin’s Bearish Outlook
Just like last week, Bitcoin has drawn a double bottom top in price, which is a bearish pattern. It’s stuck in no man’s land at the moment. It looks like we might see the price drift back to the 24–25k area next week, where support is, following a Wyckoff accumulation pattern.
Bitcoin’s Short Term View
Bitcoin has lost the bottom of the range of its channel over the past two months, which is a red flag in the short term. If the price continues to make lower lows, this could potentially signify a downturn in the next few days.
Ethereum’s Ascending Triangle
On the Ethereum front, the weekly chart shows we’re still inside the ascending triangle, which has persisted for almost a year. This means that we’re still in a good area for accumulation.
Altcoins in Limbo
As Bitcoin Dominance remains steady, most of the altcoins are frozen in place. The possibility of movement in the altcoin market will increase only if Bitcoin’s dominance fails to break to the upside.
Long Term Plays for the Next Bull Market
Looking ahead, I want to highlight three altcoins I’m interested in from a technical perspective: STG, MNW, FRM. Remember, these are my long-term plays for the next bull market, likely in 2–3 years.
Stargate Finance (STG)
An omnichain bridge that simplifies cross-chain DeFi transactions, allowing users to swap and transfer assets between various blockchains and decentralized applications almost instantly.
STG: The price is at $0.5, down from its ATH of $4.4. It has maintained a robust bottom at the $0.35 level, making it an attractive asset for future accumulation.
Morpheus.Network (MNW)
A platform that optimizes supply chains by integrating diverse technologies. It provides a clear digital footprint for supply chain managers, ensuring efficient, secure, and automated supply chain processes.
MNW: Currently priced at $0.6, it is down from its ATH of $4.5. It’s drawn a significant number of double bottoms on the weekly chart during 2022. This is the area where it broke out, making it another interesting prospect for accumulation.
Ferrum Network (FRM)
An interoperability network that facilitates the exchange of value and data across multiple blockchains. It reduces the technical burden of managing multi-chain infrastructures and provides deflationary mechanisms and advisory services to crypto projects.
FRM: With a price of $0.025, down from its ATH of $1, FRM is a more speculative pick. However, high risk could bring high rewards.
Conclusion
Overall, the market sentiment continues to be cautious, but opportunities abound for those with a long-term perspective. As always, stay informed, patient, and strategic in your crypto ventures. Keep an eye on market indicators, adapt to market conditions, and never invest more than you can afford to lose. Remember, these are just ideas to inspire you and help you uncover potential buying opportunities.
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This article does not constitute financial advice and all investors should do their own research before making any investment.
