Exciting news? We've found a promising asset for the short term.

So, stay tuned - you won't want to miss this!

TLDR 📃

• Despite the market’s bearishness, there is one token that can outperform 👀
• Bitcoin is steadily falling to our expected target of $25,150.
• RUNE will visit the all-mighty level of $1 in the coming weeks. This is not only a technical level, but also a psychological one - the bulls will be waiting.
• The altcoins market has more room to fall. You should prepare capital.

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 understand our analysis very quickly. They are not signals and they are not financial advice. Any capital-related decision you make is your responsibility and yours only.

Total Market Cap

The Total Market Cap (TOTAL) index represents the entire cryptocurrency market. We track this index to understand where the overall market is now and predict where it will go next.

After yet another red week, the crypto market remains on track for its nearest support between $1.03T and $950B.

Altcoins Market Cap

The Altcoins Market Cap index represents the evaluation of the altcoins market - all coins other than BTC.

Heading for $550B. A loss of this level will put us on track for $475B.

Cryptonary's Portfolio

BTC | Bitcoin

We remain confident that $25,150 is BTC’s next target. As a result, this will force most altcoins into new lows.

ETH | Ethereum

After testing support ($1,740) two weeks ago, we saw ETH closing green last week. This hints at buyers stepping in, pushing the price higher. We’ll need a weekly closure under $1,740 to confirm more downside to $1,420.

DYDX | dYdX

HEGIC | Hegic

PENDLE | Pendle

PENDLE might be going down again. Here’s why…

Last week’s candle closed as a “Hanging man”. This candlestick is known as a bearish reversal pattern, signaling more downside. It usually marks a local top, so that puts PENDLE back on track for $0.27750. For a better understanding, here’s a visual representation of a “Hanging man” pattern:

Cryptonary's Watchlist 🔎

DOT | Polkadot

RUNE | THORChain

RUNE almost closed a full-bodied (no wick) bearish candle last week, indicating serious selling pressure. There have been 5 red weeks in a row, and buyers were barely able to keep it together. Expect $1 to be reached next.

SOL | Solana

SYN | Synapse

MINA | Mina Protocol

Astar Network | ASTR

THOR | THORSwap

OP | Optimism (Weekly)

LDO | Lido DAO

Ladies & gents, here’s a potential outperformer…

LDO flipped $1.9775 into support last week, invalidating downside. Now, here’s the thing - holding $1.85 as support is necessary to prevent lower prices. In the case that LDO holds that level, it can actually outperform the market and head to $3.10 - that’s ~48% away from its current price.

A reason to explain its bullish price action can be related to Lido’s proposal to introduce revenue-sharing with LDO stakers. You can find more on that here.

 

Cryptonary’s take 🧠

It’s important to remain rational. Stick with the facts. The market is bearish right now, and the only thing you should be doing is preparing capital to get in lower. Although $25,150 is the first line BTC will cross paths with, lower prices aren’t unlikely either. As a result, most of your favourite altcoins will reach new lows, allowing you to accumulate at lower prices. However, some assets can perform well despite the market going down. It’s important to note that although some are looking ready to rip, BTC can drag them down. If you decide to jump on these opportunities, your exposure should be minimal to avoid big losses.

Action points 🎯

1. Try setting up price alerts for your top picks on TradingView or other platforms you might be using. This will ensure you’re staying up to date with the market, and give you the chance to act in real-time.
2. Avoid trading if you’re inexperienced. The lower timeframe moves can catch up to you and you might end up losing your money.
3. Got questions? Hit us up on Discord in the Technical Analysis channel. We’ll make sure to reply!

Thank you for reading! Let’s get the week rolling!