Welcome to the SHIB Show
SHIB Just Keeps Going
We have talked about SHIB a lot now and that’s because it continues to gain in Volume, Momentum, and Price. Two days ago we hit our first major area of Resistance and the reaction was perfect. We wanted to see the $0.000044 area get hit and then come back to retest the $0.000035 area before heading on to the next two zones of interest.
SHIB seems to be responding to technical levels which is interesting considering the driving force behind SHIB is mostly retail in the form of Social Media. Be that as it may, the next area of reaction should be $0.00005 as that was the Listing Day ATH. After that we are looking to Price Discovery and the first technical level we like is around $0.000059. That is a 67% gain from the reload zone of $0.000035. Not bad at all.
SHIB Not The Only Dog In Town
Always happy to report when Alts are doing well. FTM and ONE, both of which we have talked about many times before, are both doing very well. FTM reached $3.47 earlier while we are still looking for something a little closer to $3.56.
ONE, on the other hand, reached $0.38 which about wraps up its Cup and Handle target we spoke about earlier. Price Action target was $0.333 and ONE had no problem smashing right through that. There is a chance for ONE that we see a pullback down to the $0.260 – $0.230 area – this would be the reload zone – just as we saw with SHIB.
Alts Worth Watching
NEAR Protocol is a decentralized application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees.
NEAR is the native utility token that is used for:
- Fees for processing transactions and storing data.
- Running validator nodes on the network via staking NEAR tokens.
- Used for governance votes to determine how network resources are allocated.
Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand-alone chains, or any other kind of infra required by the developer.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc. with the advantages of Ethereum’s security, vibrant ecosystem, and openness.
Curve is a decentralized exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity.
Launched in January 2020, Curve is now synonymous with the decentralized finance (DeFi) phenomenon and has seen significant growth in the second half of 2020.
In August, Curve launched a decentralized autonomous organization (DAO), with CRV as its in-house token. The DAO uses Ethereum-based creation tool Aragon to connect multiple smart contracts used for users’ deposited liquidity. Issues such as governance, however, differ from Aragon in their weighting and other respects.
NEAR is another one creating new ATHs and respecting Price Discovery technicals. Just like SHIB, we saw NEAR push its first Resistance level and pull all the way back near its previous High. From there we looked to retest that first area and then keep pushing towards its second area of potential profit-taking – $17.34.
$10.41 – $11.31 would be the first good areas for support if NEAR needs to cool off for a bit.
Matic is a bit different from some of the other Alts we have been talking about because Matic has a fair amount of history and an ATH that is still pretty far away. Being that Matic is NOT in Price Discovery, we have a lot of interesting areas from which Matic can take resistance if it is able to continue the northward trend.
We can see some areas around $1.90 as a decent test with $2.25 as the next test of resistance after that. ATH still sits at $2.70.
CRV has been mentioned before in other areas of the site and for good reason. A few days back CRV put in a good enough move to dust off the speculation glasses and view CRV through a breakout-style lens. Those who took advantage of that saw over a 50% gain in about 2-days.
The next viable resistance area can be seen at $6.91 and that is another 50% from the current $4.65 zone that we broke through yesterday. This coin as about a 400% move to go if it looks to reach its Listing ATH.
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