๐ Market dump over?
Todayโs issue โคต๏ธ
1. ๐ Today in markets
2. ๐ Market dump over?
3. ๐ย Whatโs next in Crypto?
4. ๐ฎ Flooz Top Picks
๐ฅ Don't miss opportunities
As we see the markets continue to drop, it is important to remember that these can be opportunities too.
While many are panicking and trying to figure out whether they should sell, there will also be many who are excited at the opportunity to buy lower. And this is with good reason too... especially when we look at the recent events and how the year has gone so far.
We have seen this before with Bitcoin looking like it will keep dropping, forcing altcoins to drop too, and then suddenly we get a huge spike up and the green candles are oozing everywhere!
So... if you are panicking right now, there may also be an opportunity to buy your favourite altcoins at cheaper prices before we prepare for a bigger move up this year.
Remember, the FOMO will kick in either way, and you certainly don't want to miss those green candles of dreams where a 10x can happen in the space of a month...
If the bottom is truly close, then these prices could be generational for many investors, so make sure to think about opportunities and the good outcomes for these prices instead of the red sea and panic selling.
We are still in a bull run, so let's continue to grab every opportunity we can while they are still available and luckily for you, we've covered some potential opportunities during this dip below, so make sure you check them out! ๐
๐ Today in markets
We've seen some turbulence in the markets over the past week, and it has caused some turmoil...
But are we set to see them drop more, or is a recovery inbound and new highs in sights?
As usual, let's jump straight into the charts and see what's happening
The good news is... we have slightly recovered from the big drop at the $56k area and are now pushing for $60k, which could see a wick over the weekend if this momentum continues. On the daily close, we saw it turn green, but the daily candle is still indecisive and we could still see movement in both directions. However, if we were to move up and see a healthy bullish candle from here, it could lead to a bullish reversal with a morning star forming on the charts and $73k could well and truly be on the cards. But the same applies to a bearish candle, if we drop on the next daily close, we may see a further drop before any kind of bullish move takes place in the short term. The big drop was due to many reasons, but with longs getting flushed, OI being stagnant, low buy volumes, and ETF flows significantly slowing down, especially from Blackrock, it seems that that the drop wasn't completely random. As for the rebounce to the $59k area, it seems the low levels were hit which in turn led to increased buying pressure and interest levels, with long liquidations drying up, meaning that it could now signal a local bottom with support levels sitting just above.
If we look at the fair value, we are actually hovering that area currently, which means this pull back is not terrible and within reason but for obvious reasons it is not ideal for an investor, however drops are healthy for a continuation upwards to new highs.
The levels we are looking at now are the 1st and 2nd support lines (Red and yellow lines), which would push us into a bullish state if recovered and if held for the weekly, could propel us towards the $70k mark again.
We are still in the danger zone, which means lots of volatility, and until we break out of that area, we are likely to keep seeing these bearish movements and unpredictability.
In the short term, we could be targeting above $60k again, with BTC dominance falling too, we may see altcoins recover faster as they were hit the hardest on this drop, followed by a healthy move up for BTC.
However, we know that nothing is as simple as that within crypto, so be cautious as we could see another small pullback before we move in the comfortable $60k area again, so be prepared and follow your plan!
๐ Market dump over?
Every market pullback is always a nervy moment, especially when it drops hard and fast like recently... But is the panic over just yet?
To your relief, it seems as if the worst of the drop has already happened, with us now sitting closer to $60k than the $55k area that looked daunting. The problem we have now... is trying to reclaim the previous support levels so that we can continue with some bullish momentum towards new highs.
We still have inflows from the BTC ETFs, but these significantly slowed recently, especially from Blackrock and it may have impacted the drop we saw due to the buying pressure and volumes we see from them. With China now looking to get involved, we may see some bigger volumes which could drive the price and interest back up, especially with the halving already occurring, but a timeframe of when we see this movement is unknown.
Overall we are still in an uptrend this year, and with this latest drop, which seems to be over with, we can now start a slow movement to the target areas and hopefully push for another new all-time high within the next few months. We have seen some big movements and a pretty successful 2024 so far with the markets, but it is important to remember that they have to drop at some point, and this was that time.
Now we need to refocus and see where it leads us next, with higher targets likely to be seen this year, staying patient and sticking to your plans is more important than ever to succeed in the highly volatile and emotional rollercoaster of the crypto world.
๐ Whatโs next in Crypto?
We have just entered a new month and with that comes exciting opportunities, one of those being the China ETFs.
Now, these were awaiting approval previously, but now they are fully underway and that could present some very exciting times in the near future.
The reason for this is because we are about to see a huge influx of volume entering the markets again, similar to when the Bitcoin ETFs were approved in January earlier this year, we suddenly saw a huge spike of buying pressure due to volume increase which led to a massive surge in the markets.
And let's not forget... we are still in a bull run, so things could be about to heat up with China lending us a hand this time.
But, how does this present an opportunity, you are likely wondering?
Well... with prices dropping recently, and quite brutally if we may add, there are many altcoins that are sitting at low levels from previous highs this year, and if the tides are about to turn, now could be a great entry into those projects you've been keeping an eye on.
And if you're not sure where to invest... we have added some tokens below that are standing out and could have an explosive bull run if all goes to plan.
So, frens... let's continue to navigate through the mighty bull together, and see some green candles of dreams light up in front of our eyes in the near future!
๐ฎ Flooz Top Picks
Here are our three crypto picks of the week ๐
First up on our list is The Tower ecosystem is a gaming platform on the blockchain with some incredibly impressive stats already including over 5M downloads and 250k players, not to mention they have games on some of the biggest app stores including Apple and Google.
Along with this, $TOWER are partnered with some big names, including... The Sandbox, Metamask and Animoca Brands.
With a drop in price of 15% in the last 14D, this presents a great opportunity to buy in before a potential big move up this bull run, with a market cap of only $10M.
Next up on the list, we have
As one of the, if not the biggest music platform on the blockchain, $OPUL has been expanding continuously in 2024, announcing some big partners and developments.
The music industry is one of the biggest in the world, with a global value of around $28B, and $OPUL are looking to enhance the platform for artists and labels through tokenized music assets.
In a creator economy, which we are seeing the biggest rise in ever, a platform like $OPUL could be a complete game changer and may be one to add to the watchlist as we move further into the bull run, especially with a $65M market cap.
Our last pick of the week is
Unbound Finance allows you to maximize your DeFi Earnings and also borrow Interest-Free UND Loans on Uniswap V3 and Liquidity Pool Tokens.
As a lender, $UNB have been expanding fast and are set for more announcements in the near future.
Currently $UNB has a market cap of just over $1M with plenty of room for growth, making this a potential gem leading into the later stages of the bull run.
