Happy Weekend, crypto enthusiasts!
If you happen to be a blogger yourself, you've probably noticed that sometimes it's pretty hard to come up with the topics to write about - even in this vast crypto space! When this happens to me I keep focusing on other activities which in my case mean token analysis and trading.
Just today it occurred to me, why not combine all of these? Why not put my analysis onto a paper, on chain? Perhaps I could find new angles to trading once my ideas are written down... Therefore I've decided to start publishing my trading analysis a couple of times in week. No gimmicks, no fancy wordplay, just cold hard analysis.
So without further ado, let's go!
$LMT
I've been watching and trading $LMT (Limitus) since the holidays, and it looks great!
I already took some profit and was looking to buy back if it would've touched the diagonal trend line creating another higher low. It didn't go that low but surged straight into the price discovery zone!
Expecting $LMT to retrace a bit and look for immediate support at $0.1720 and $0.1590 levels. If those were to break, there's a strong at the trendline near 0.1440.
$LMT is a quite new token and as we can see, the volatility has been high. This has offered some good opportunities if you have been buying close to the trendline. At this point, I won't be selling any more but have set limit buy orders near $0.1440.
$RSC
Besides $LMT, another token I've been shilling here and there is $RSC, the "Brian Armstrong's start-up" token.
- $RSC is currently holding up pretty well at $1.388 while volume is slightly down.
- Next support is at $1.2 and major support at just above $1
- $RSC made ATH of $1.49 just 4 hours ago
- Even if we see a pullback, I'm long-term bullish on $RSC and the DeSci sector should go trending during the spring, $RSC could do extremely well
$GRASS
Since its launch in November, $GRASS has been trading within the range of $2.00 - $3.90, repeatedly facing heavy resistance near $4.
I'm currently staking most of the $GRASS tokens but I've also kept some liquid and have been buying and selling those throughout the end of the last year. GRASS is now sitting in the middle of the range and I plan to see if it gets rejected again when closing in on the $4 level. If so, I'm selling again and looking to buy back near $2.
$SUI
Another token that made its all-time high today was $SUI.
I have been quite active on the SUI concentrated liquidity pools which I covered in one of my recent blog posts. Now that SUI has surged so much, being in LPs led me having less SUI but then again, my SUI account has grown dollar value from $240 to $270.
I've now exited the LPs and currently hold 27 SUI and $134 USDC. The plan is simple, if SUI continues in the price discovery zone, I'm gradually selling more. If it starts to retrace, I'll set up some limit buy orders to grow my SUI stack again.
The first buy order will be set near $4.4 and the second one near $4. If those levels should break, I'm preparing to buy more at $3.6.
$USUAL
This here is a good example of buying at the wrong time and getting stuck within the trade.
I bought $USUAL at $1.0096 and in fact, it was a good spot to get in as you can see in the chart below. After that, I made a couple of small trades until the price action and volatility ceased almost completely. By the time of writing this, $USUAL is trading pretty much at the same level where it was when I bought it.
- The overall trend is looking a bit weak as well but I'm still holding. Probably going to move USUAL from my short-term trading category into long-term investments.
Conclusion
The recent surge in the altcoin has given me a second chance of increasing my stablecoin stack which by the way was getting pretty close to zero just a couple of days ago. This now gives me more confidence and opportunities if we were to face another downturn sometime soon.
However, I still feel like I'm also positioned well for any positive market moves as my selling was merely taking profits or in some cases, taking out the initial investments. All five examples shown above are actually my high-conviction plays and even though I'm selling here and there, I plan to be holding these for quite some time.
Thank you for reading and please share your thoughts in the comments and let me know if this is the kind of content you want to be reading more often. Any feedback is highly appreciated!
NOTE THAT THIS IS NOT FINANCIAL ADVICE.
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Great work. I didn't make moves on SUI yet, happy with the gains so far though. Once we get into the $5-6 range, I think to take some profits.
That's a good move, I think! I WAS just holding SUI for quite some but got interested in LPing which is a good idea if a token keeps trading in a narrow range. From now on I'll just focus on spot trading SUI. No matter what they say, it's still the best way to increase bag. 👍