Cryptic ball: just a prank dump.
The end of the month is here and tomorrow is a day of folly. As explained yesterday, we're seeing that expected volatility associated with the quarterly and monthly close - in this case, materialised into a nice pullback. Let's take a look.
- Bitcoin is down 1% over the past 24 hours but fell up to 2%. The total market fell by the same amount, even if a few alts escaped the carnage - especially ones who didn't gain much yesterday, such as RUNE and AVAX.
- This is a natural pullback and global stock markets are also feeling it today. In the meantime, $46k - the previous resistance and also the yearly open level - should act as support. As always, an unexpected macro event or hack would imply such support would fail, but that's not very likely now.
- From here, I'm expecting the corn to grow to $50k or $52k, as shared Monday. But it's possible we range for some weeks before getting there, even if April may entice some bulls to pump it earlier and everyone's FOMO would do the rest.
Talking about the month ahead, I have a feeling this will be when the narrative about Ethereum's merge - the upgrade which will move the world's largest dApp blockchain from Proof-of-Work to Proof-of-Stake will start going mainstream.
However, remember that if ether fails to pump in anticipation of and right after the merge, due to happen over summer, then bears will strike back. The same will happen if its implementation is once again postponed. Can the devs do something?
Chart art: just a meme box.
Three things: just the coupon coin curse.
- Porter Smith explains "the new design opportunities associated with staking within apps built on Layer-1s".
- Damson analyses whether "Terra can dominate the stablecoin market with UST or if will it wreak havoc on crypto". Must-read!
- Cooopahtroopa writes about the "20 problems with Music NFTs today".