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Altcoin Opportunities

One more chance to load up on SNX

Updated: Jul 25, 2024
Published: Feb 29, 2024
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Pure euphoria in the markets with assets running away, and some on the brink of explosion.

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As traders and investors, we need to be adaptable, and a few things we need to bear in mind.

The market leaders have made their way off the mark, and the alts are beginning to follow suit.

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We are using the March/April sell-off of 2022 as a reference for where we are in the market, in terms of the "follow the leader" stance of what BTC is doing and how the rest of the market will follow.

ETH is now approaching this, and SOL is on its way, so playing this domino effect, it's likely the alts will follow suit and start to leave their mark.

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With this, if we take a look at SNX, it may be lining up for a great spot play.

Looking at where it is in reference to the March/April sell-off and the potential 90% gain you can get from this. The 4.2 level is the point we are looking at for our LOI, but a spot buy even now will see an upside.

If this level does get flipped to support, we could look to maybe be more aggressive with a leveraged play.

Scenarios

Spot buy consider buying at the current market price.

If the market retraces the formation of support on LOI we will look to potentially find a more aggressive entry with stops if the market shows us clarity.

Play for traders

This is more of a spot play or buying in at market - in and around the current price point.

Be careful with leverage, as we don't really have any price action to sell out from.

We are going to be looking for these long-term big swings heading into this pop in the market.

Leveraged technical plays will come around; we just have to be patient. There are ways we can capitalize, build, and compound capital.

Spot players; get in at the LOI. You decide the approach.

Play for investors

We're early within the context of this market overall, as spoken about. Pick up bags now.

LOI’s (Levels of Interest)

  • 0.1625
  • 0.142

Cryptonary’s take

Hope everyone is as excited as we are.

It is a nice little opportunity here to ride a move to the upside. Everyone needs to start thinking big picture now, be a bit looser, be dynamic, and still, of course, be focused.

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