What else is moving as the price of Bitcoin heads to a new ATH?

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Bitcoin (BTC) is hot and clearly in the hands of the bulls. Yes, an ETF will eventually come in and after that a price of $ 100,000, not $ 120,000, strike that off, the BTC price of $ 150,000 will be on the board.

Blah, blah, blah.

Anyone who logs into crypto Twitter is going to be bombarded with all this bullish drivel straight from the jump and that’s great, we’re all happy that Bitcoin is doing well. I have been a holder since the beginning of 2016 so of course I’m happy. But, isn’t there more to crypto than just Bitcoin? Are there not other assets moving?

Wouldn’t it be nice to hear about them before they do a 150% parabolic run, then your favorite trader on Twitter with a Rolex and an Audi advises you on what support levels to buy on the next withdrawal?

Let’s take a quick look at some of the other assets that could be on the verge of being moved. Of course, this is not financial advice. DYOR. Just because we’ve covered this doesn’t mean it’s actually going to do anything, so don’t cheat us if prices stay flat or you lose money.

SLP / USDT

Axie Infinity has literally been leading the way all year round and from the appearance of it the up-and-coming blockchain games industry is poised to continue to grow and Axies metrics, as well as its AXS token, look great.

The platform recently rolled out AXS staking and before that the team deployed an absolutely massive drop on early adopters.

Unfortunately for some, as AXS increased, SLP (the in-game currency used to pay users and purchase in-game items) declined. I mean, really depressed. As large and relatively anonymous crypto-Twitter traders are now calling a fund.

SLP / USDT daily chart. Source: TradingView

The daily chart shows that SLP is trading around its late May low at $ 0.06 and for many traders the market structure suggests the asset has bottomed out. Last week, price attempted some rally to $ 0.10, but failed to maintain momentum and eventually fell back into the current range.

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One thing that caught my attention is the increase in trading volume, which is a possible sign of accumulation.

Bag holders are hopeful that Axie Infinity will eventually redefine the use of SLP or curb its inflation in order to expand its usefulness and stimulate demand, but at the moment there is no promise.

Technical analysis enthusiasts will point out that SLP is currently encountering resistance at the 50 day moving average and the altcoin has flipped the 20 day moving average to support. We can also see a “possible” convergence between the 20-MA and the 50-MA if buyers continue to bid on the price. These traders would also point out that the MACD and RSI over the daily period each look promising.

At this point it looks like SLP is trying to break out of its downtrend but from a risk / reward perspective, opening a position is still risky as the swing down is over 20% of the current price.

Risk averse traders might consider waiting for further confirmation of a trend reversal. Something like a daily close above the 50-MA and a few candlesticks higher above the $ 0.10 level could signal that AXS is gaining momentum.

ALCX / USD

Alchemix is ​​another “looks like he might have hit rock bottom ” altcoin and recent developments surrounding the project could be a sign of strengthening fundamentals. At the end of October, the project was voted by Tokemak holders (TOKE) to be one of the assets added to the platform’s liquidity pools called “reactors”.

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Tokemak claims to be “a protocol that enables sustainable DeFi liquidity” and they defined the current DeFi problem by saying:

“Protocols struggle to coordinate users to pool liquidity between exchanges. They can induce users by high APY inflationary means (liquidity extraction), but this is inefficient and extremely expensive.

Reactors are in effect one-sided liquidity pools where projects and users place their tokens and TOKE holders vote on where the liquidity goes. The goal is to “allow protocols to keep control over where liquidity goes, rather than having to trick users into issuing vai” and this one-sided staking means that LPs involve an asset and that liquidity directors bring TOKE into play and players receive TOKE rewards.

How is this relevant for ALCX?

Well, TOKE has done incredibly well since their IDO and cash pools are pretty popular and stable. There is great interest and demand for TOKE, and the fact that ALCX was selected among 42 other projects to have a cash pool means that holders are eager to stake and receive TOKE.

Alchemix was also selected as part of Olympus DAO’s “Olympus Pro” product which has certain similarities with Tokemak. The platform aims to prevent the mercenary capital scenario by allowing “protocols to build up cash to ensure longevity and price stability for everyone involved.”

TBEN recently explained how acquiring bonds over a set period of days is beneficial to the bond holder and the protocol. The image below gives a fairly simple overview.

Olympus Pro explicator. Source: Olympus DAO Finance

On October 8, the Alchemix team announced plans for a v2 upgrade of its platform and also suggested that its “auto-repayable loans” would be more understandable to the public. The project also intends to open up the potential uses of collateral so that users can exercise various “delegation of credit” options, instead of using only the interest to pay the loan.

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Typically, protocol upgrades and mainnet launches are bullish events for the native token, but what makes ALCX fundamentals juicy is the token’s cross-integration with others. protocols that work well.

On October 13, the price of OHM recovered to a hair’s breadth of its all-time high and since the launch of Olympus Pro, the integration with Tokemak, the announcement of its intention to launch on Arbitrum and the integration and fees on DeFi platforms like Wonderland Money and Abracadabra, the bullish sentiment surrounding OlympusDAO has increased.

ALCX / USD daily chart. Source: TradingView

From a technical analysis standpoint, ALCX is still in the process of “consolidating” and, aside from recent high volume surges, it appears to be in an “accumulation phase” rather than a “trough phase”. “.

Like SLP, a daily close with a few highs above the $ 490 level would be an encouraging sign of a trend reversal. The high volume nodes on the VPVR indicator also indicate that there is resistance in the current range of $ 400 to $ 480 and a break above that level could quickly push the price up to $ 700.

Other positive things that point to an increase in the bullish momentum include consecutive daily closings above the 20 and 50 day moving averages, as well as looming convergence between moving averages.

ALCX’s integration with Olympus DAO, Tokemak, the upcoming v2 upgrade, the project’s rebound from its recent $ 4 million feat, and the token’s “build-up phase” seen on the daily chart are also highlights. possible signs that the asset could be on the verge of a currency trend.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of TBEN.com. Every investment and trading move comes with risk, you should do your own research before making a decision.