After Runes and Pengu, Shibarium blockchain Native token - The new addition to my test Portfolio
Welcome back,
The monthly closing for the crypto market was quite good. We managed to stay above the important levels, and that is why there is no need to panic right now.
However, the market might see some manipulation in the coming days because the Federal Open Market Committee meeting is on the way. There are only twelve days left for the meeting, so we can expect a bit of uncertainty before it actually gives us something good.
I personally hope that rate cuts will be executed this time, especially after Jerome Powell hinted towards a possible cut.
Right now, Bitcoin is struggling to test its $112k level, and until it tests and breaks it successfully, we are not going to see a pump in Bitcoin or even in the Alt coins. So for now, we need to keep our eyes on the $112k level. Let us hope we get a successful breakout of that resistance, and then hopefully the market will move in the upward direction.
People are already in fear, and the short positions are increasing compared to long positions. That is why to liquidate the shorts, the market should pump in the coming days. So stay away from leverage trading, and if you have not given up on the market till now, then maybe you should not give up for the next few days at least because the coming days will actually decide the fate of the crypto market as well as the alternative coins.
I recently added the Dog token, which is built on the Runes platform and gives us the ability to create tokens on the Bitcoin blockchain. Yesterday, I shared about the Pengu token, and today I am adding another token to the list, this time it is the Bone token.
I am choosing Bone because it is the native token of the Shibarium blockchain. I have done some technical analysis on it, and I think a short term move of 15-20% is possible in this coin. So, I have already bought it and added it to my testing portfolio.
Rest, I am enjoying the current market situation, especially since the dominance of Bitcoin has come down in the last few weeks. The alternative coins are looking stronger compared to the last few years, and that is exactly what we need for the alternative coin season to really rise.
The question is whether we are going to witness the same kind of alternative coin season as before, where some tokens were making one hundred times or even more. I personally think we might not easily find gems like that in this cycle, but yes, if you play it well, a 5X move from here is definitely possible.
Thank you and Happy trading everyone!
Posted Using INLEO