The recent performance showed us momentum tokens – assets that moved in response to the news.
Interestingly, not all tokens reacted to the news. You should reevaluate your position on such tokens. After all, for traders, the profit is found in the volatility.
At Cryptonary, we love to spot trends before they emerge, so today, we’ve decided to share four assets with delayed volatility.
These four assets didn’t respond immediately to the news of Grayscale’s win, but they have the potential to outperform as the shockwaves of the win ripple through the market.
Curious? Let’s dive in!
TLDR 📃
- We are discussing some well-known assets today, but they have new developments on their charts.
- XRP is starting to bottom out. Best thing about that? We’re trading in a major accumulation area.
- The general direction of the market is UP.
- This report covers some familiar assets; if you want to access the more exclusive ones (including Cryptonary’s wildcard), check out our pro analysis.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the R:R trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice. Any capital-related decision you make is your responsibility and yours only.
The bulls are hiding, but we’re out hunting 🏹
Ever heard of PENDLE? To this day, this is one of the best-performing assets of the year and a treat for traders because of its highly volatile movements. In fact, we managed to get a slice of the volatility a few months ago in our SITG.
PENDLE is now in a very interesting spot.
While it saw some upside due to the market pumping, it didn’t quite see the momentum you might’ve expected. But no worries, the delayed momentum gives us the upper hand to catch the move before it happens.
The asset is currently battling resistance at $0.67. If/When this level is reclaimed on the weekly timeframe, PENDLE has a clear path to $1 again. Of course, this scenario is invalidated if the asset fails to break resistance.
Falling wedges = more profit in our pockets 💰
Remember LDO?
As it turns out, the asset has been trading inside a falling wedge the entire time. If you’re unfamiliar with falling wedges, the short story is that the price pattern usually signals bullish reversals, meaning LDO can break to the upside at some point in the coming months.
For the pattern to be validated, there are two confirmations we’re scouting:
1️⃣ The price of LDO has to close a weekly candle above $1.9775. Once that happens, we’ll have a breakout from the falling wedge and a reclaim of resistance.
2️⃣ Volumes have to increase upon breakout.
We didn’t see any major reaction from LDO after this week’s events, but we expect this asset to outperform as soon as it breaks out. If we were to make an educated guess, LDO will likely break out in October.
Escaping the grave… twice! ⚰️
The hype around XRP has slowly died out after their win against the SEC. It was a historic day, but unfortunately, the news only offered a temporary reaction to the market.
But the time to stay on the sidelines is gone.
XRP is starting to bottom out inside the $0.56 - $0.51 region. This area has been crucial in the past year, as we saw many rejections from here before the explosive breakout that flipped it into support.
Our only deal-breaker occurs if XRP closes a weekly candle under $0.51. Regarding targets, holding this region as support keeps the door open for a $1 XRP.
This star is set to shine ⭐
As we expected in last week’s report, ASTR almost tested $0.0550 as support. Now, that leaves us with two scenarios: 1️⃣ ASTR holds $0.0550 as support and bounces to $0.06328 and above. 2️⃣ ASTR drops under $0.0550 and bottoms out at $0.04850. From there, we expect a bounce as well (if $0.0550 were to be lost). These two scenarios have one important thing in common - they both end up pumping at some point in the coming weeks. For now, holding $0.0550 is a priority, and we expect ASTR’s price to see a bounce shortly.
Bitcoin and its trajectory for September 📅
Another month has passed, and Bitcoin is about to close it in style. Despite the bullish sentiment in the market, September might not be as interesting as you’d expect.
Statistically, September has mostly been bearish since the creation of Bitcoin. We don’t want to be pessimistic, but the data speaks for itself.
Plus, we will likely not see Bitcoin Spot ETFs approved next month, meaning the market will consolidate for much of that time.
But here’s some hopium to balance out the scales - Grayscale’s SEC win boosted the chances of Bitcoin reaching the $28,750 - $32,000 resistance region in the coming weeks, and that’s enough to keep the market interesting.
For more information revolving around the state of the market and our predictions on the approval of Bitcoin Spot ETFs, check this.
Cryptonary’s take 🧠
The overall sentiment for the rest of 2023 saw a major refresh. While the chances of a Bitcoin Spot ETF were previously low, they’ve skyrocketed after Grayscale’s win against the SEC. As a result, the market will experience a large influx of capital during the coming months, and this is more than enough fuel to create foundations for the bull market, with the halving also approaching in April 2024. But know this - nothing is completely certain, and we must remain vigilant. While the market is likely to reach new highs in 2023, it is not guaranteed. Be prepared for every scenario, but hope for the best.Action points 🎯
- The market sentiment might have changed for the coming months, but it is not an excuse to be greedy. Make sure to take profits on the way up!
- PENDLE is the black sheep in the crowd. This asset earned a spot on the “most volatile assets” list for a reason. So, stay cautious and try not to catch the pump for the sake of it!
- Got more questions? Hit us up on Discord in the “🌎・general” channel!
Cryptonary out!
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