Market Analysis

Multi Format Thursday - Volume 11

Updated: Aug 31, 2024

Published: Oct 7, 2021

Welcome to Multi-Format Thursdays where we analyse the cryptocurrency market in both text & video formats.

"Holy sh*t bears are f*cked"

-Rookie from Twitter-

Bitcoin

Bitcoin has rallied from $40,000 to $55,000 in a matter of days and it is inching (more like sprinting) closer to our $57,000 target. The strength of the market is high which communicates a likely entrance into price discovery from Bitcoin this quarter.

Ether

As much as most people like to complicate things unnecessarily, ETH's price action is relatively simple:

Above $3,200 = $4,200 next
Below $3,200 = [$2,500-$2,700] next

DOT

DOT is currently recouping the BTC underperformance from yesterday as BTC takes a breather. Still targeting $40 and awaiting parachain auctions to launch.

SNX

Boring price action from SNX which brings us to the fact that there are two areas where SNX becomes interesting:

Test of $7.50 as a potential opportunity
Weekly reclaim of $14.10 to re-enter bull territory

RUNE

Similar to SNX in regards to "boring price action" especially as attention is on NFTs, BTC and Layer-1s. RUNE's time will come, just like it was in Q2 202, but it just isn't now. RUNE becomes interesting:

$5.75 test as an opportunity
Weekly reclaim of $11.50 as it re-enters bull territory

SOL

Holding $150 as support and targeting $200.

SRM

SRM is showing weakness over the short-term with its inability to hold $8.50 as support, this hints towards further downside to $6.40.

MINA

On track for the $5.70 target from the falling wedge formation.

FTT

Still in the same [$50-$60] range.

DYDX

Back on track in regards to a bullish market structure, now awaiting a breakout from the new channel.

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