BTC bulls are back, ALTs on hold?

21.06.2023

Dear traders,

BTC has made a bullish breakout and surged 6% on a daily basis. This could potentially lead to a significant push towards resistance and the previous high of 30k.

Jake
TOP Trader

BTC has broken out bullish and displayed a strong price pump, surpassing all resistance levels. Currently trading at 29k and showing no signs of stopping. The next major resistance is at 30k, and the question remains whether it will hold before a breakout. It is approaching overbought levels on larger time frames, which could signal a pullback to the 28k support level.

ETH has followed BTC’s push and is currently trading at the resistance level of $1830, showing an uptrend momentum that suggests a potential further upward push. If ETH continues its upward movement, it is only a matter of time before ALTs follow suit.

XRP continues to hold strong support at $0.48 and is not displaying significant momentum for a substantial upward movement. However, there is potential for a breakout above $0.5, which could trigger an upward push within the existing uptrend.

LINK has bounced back from the $5 support level and is now trading at $5.4, indicating a bullish sign of an uptrend. This presents a favorable opportunity for dollar-cost averaging (DCA) in anticipation of a larger upward movement.

SOL has broken up and is approaching the resistance level of $17.5. If it manages to push up beyond this level, it could bring the price back into the $20 range. Showing bullish momentum, this is a good entry point for small spot bots.

EOS is displaying upward momentum after hitting resistance and holding above $0.662, which serves as significant support if it manages to maintain its position. It presents a good entry point for small spot bots.

LTC is showing bullish momentum and is currently trading at $85, with a strong push towards the $88 resistance level. However, in 40 days, LTC will experience a halving event, which suggests a significant price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

The DXY is showing no strength in holding above 102.5 and is now pushing back to the 102 range, with the possibility of further decline.

Crypto/stock daily news:

3 THINGS COMING TO ETHEREUM

A blockchain network is a lot like a video game – as in both have hella new levels to unlock the more you play.

Well, 3 big levels are unlocking on the Ethereum network. And like a good video game, the Milk Man’s gonna tell you the rules plain & simple.

Let’s dive in…

1/ You can inscribe NFTs on Ethereum now

Yep, a project inspired by the protocol (Ordinals) that brought NFTs to Bitcoin launched over the weekend.

They’re called “Ethscriptions.” Original…

Instead of using smart contracts (like the OG Ethereum-based NFTs), you can mint them via so-called “calldata.” That’s the data within a smart contract.

So…meta…

Pic: NFT

Ethscriptions are supposed to be:

A lot cheaper

More decentralized

Who knows if they’ll be as popular as Inscriptions. But there were 30K Ethscriptions created in the protocol’s first 18 hours.

Not the worst debut.

2/ You might be able to stake a lot more as an ETH validator

Like, 64X more.

Ethereum developers are planning to raise the maximum amount from 32 ETH (~$55,644) to 2,048 ETH (~$3.6M.)

Damn inflation. First my eggs…now this…

Why would they do that? Because there are a sh*tton of Ethereum validators (~700K.) Especially since the network switched to proof-of-stake.

Proponents say: Raising the staking limit would = fewer validators = make the network more efficient

Critics say: That’d make the network more centralized since fewer people would have that validating power

The devs are also thinking of compounding validator rewards. That means validators could A) yes, stake a lot more ETH, but they would B) earn a lot more interest.

3/ The Cancun (or Dencun) Upgrade is coming…

Sadly, Vitalik is not shipping everyone out to an all-inclusive resort in Mexico.

But the network’s developers are shipping proto-danksharding sometime this year.

It’s a prototype for danksharding, which will split the blockchain into a bunch of different shard chains to keep it unclogged and cheaper to use.

This will be a big W for rollups like Layer 2s.

Plus (sorry, Shapella) this upgrade has the coolest name so far. Don’t @ me.

FAST NEWS:

Terra founder Do Kwon was sentenced to 4 months in prison for using a fake passport. He’ll be passing the time in a Montenegrin jail.

Crypto exchange Crypto.com reportedly has an internal trading team that acts as a market maker. It confirmed that it did and said that’s “not a controversial practice.”

FTX’s bankruptcy estate paid $120M+ in advisor fees between Feb. 1 and April 30. Sullivan & Cromwell lawyers billed the most (~30%.)