Happy weekend, crypto enthusiasts!
There's a lot of doubt in the air right now. The news about the US government getting the green light to sell ancient Silk Road BTC, macroeconomic reports coming in next week and Trump's inauguration on the 20th all add up to increase the uncertainty level.
I plan on waiting for the Wednesday CPI numbers to see which direction the market is going to take before making any major moves. That being said, weekends are a great time to plan, do research and study the charts.
Here are a couple of potential plays I might, or might not go through with.
HIVE
One of the success stories during the turbulent last week has been $HIVE.
On January 5th, HIVE suddenly surged from $0.38 all the way up to $0.68 making a massive 77% increase to its value. After that, the HIVE price started to come down before making another steep surge back up.
The HIVE chart here on 1h time frame looks quite interesting to say at least.
All three pumps are about 30% and are followed by a fake dump before going back up only to start declining again back to previous levels. Interestingly enough, the first and the third pumps started exactly at the same time.
These have happened before but on a monthly basis or so and I remember them being called 'Korean pumps' on Hive but it's still unclear to me why they happen. Just recently HIVE started trading on Binance perps so I'm figuring out the reason why these started to happen more frequently has something to do with that.
Nevertheless, patterns like these have produced some good opportunities for traders. I managed to short HIVE down from the first surge and even turn that to a long position before another pump. However, I did not consider this to recur this often.
All in all, we might see more of these in the coming weeks although they'll probably get smaller as they get front-run but still, something to keep an eye on.
XRP
Before starting to write this article, I was analyzing $XRP charts and noticed that the price was very close to testing the upper trendline (resistance) and after I had finished writing the HIVE part, it had already crossed the line.
I am pretty bullish on XRP in the long run as I believe their lawsuit with the SEC should finally be settled when Trump takes office. Therefore I decided to open a long position here with 3X leverage. I know, it's a bit risky considering the potential volatility the following weeks will most likely bring in. Still, my liquidation mark is at $1.7 and there's a strong support level before that at $2.2 - $2.0 levels so confident enough with this one. The target price is at $3.10.
My long-term plan with XRP is actually to increase my spot XRP holdings by taking profit from leveraged positions. If this trade goes well, I'm considering turning it into a short position or taking profits and investing that in spot XRP when the next dip occurs.
Conclusion
Lot of assets on my watchlist but I like to take it easy during weekends so these two will have to do this time. Next week will surely bring new opportunities, changes of plans and hopefully overall bullish market sentiment.
Another activity that has kept me busy is the everlasting grinding of testnets. Besides the ones I've listed below, I've recently joined Adrastea liquid restaking platform on Solana that might touch Solayer & Sonic airdrop points as well in addition to potential Adrastea drop itself. Note that this one requires liquid staking SOL so it's not free.
The Mango testnet however is free but it's a bit time-sensitive as it ends in 40 days. This might be a good opportunity if you are looking for a free airdrop opportunity to join although it requires some work and is a bit tricky. I'm planning on publishing a full farming tutorial on Mango very soon so stay tuned.
That's all for now, thank you for reading and have a great weekend!
🔹 Starbase - new DEX on Base with an airdrop program
🔹 Holozing - is an upcoming play-2-earn game on Hive - get in before the launch!
🔹 Grass - $GRASS token launch surprised everyone, don't miss the second season!
🔹 Yapper - join Yapper and take part in Kaito airdrop simply by tweeting on X!
🔹 Prodigy - free testnet on Berachain
Posted Using INLEO
Hey there happy trading friend. The Korean pump of Hive is by Korean traders who do this to the price all the time over the years.
Yeah, I've noticed that although it hasn't been this frequent before. Btw, do you happen to know why they do it?