Introduction
First of all, to all American readers: Happy Thanksgiving! Since our team is international, you will still be treated to a daily update today 🙂 And good luck to those who get involved in the usual family crypto discussions…
In case you wonder who is behind the massive inflation we’re currently experiencing, look no further than what you have on your Thanksgiving table 😇
Market Outlook
What a sea of green today in the markets! On days like these, the hardest thing is not to get carried away by FOMO and be tempted to buy massive green candles… In recent years we have seen more than once that retail investors who jump into the market on a holiday get punished soon thereafter... Of course, this only applies to the short term outlook.
On the brighter note, two things stand out: ETH gas fees, while certainly too high for the average person, are in more reasonable territory right now, potentially paving the way for ETH to continue its ascend. 2. We haven’t seen the whole altcoin market explode yet. Instead, certain narratives and projects with fundamental catalysts (mostly at least) are doing well. This creates a relatively “sustainable” market feeling. Take these two arguments with a grain of salt though.
As we stated yesterday, BTC and ETH are at a pivotal moment right now, testing upside resistance. The outcome will determine whether we should expect more downside in the weeks to come (or at least consolidation), or whether BTC and ETH will be able to make major bullish moves leading into the end of the year.
Is Plan B Wrong?
After being spot-on with his latest predictions – nailing BTC’s monthly closes to a tee in September and October – it appears like in November, Plan B’s floor model might be deviating somewhat from reality. It seems rather unlikely that BTC will shoot up from around $69k to $98k in the next few days…
It was already impressive enough how accurate Plan B’s short-term predictions were until now. While it has yet to be seen if Bitcoin can reach the sought-after Stock-to-Flow target of $100k and beyond, we can all agree that Plan B’s models are meant to be long-term approximations and not short-term trading signals.
A Storm Is Brewing in the “Sushi-Verse”
If books and movies were to be produced about the early days of the DeFi ecosystem, Sushiswap would definitely play a major role in them. In its mere 14 months of existence, the project has gone through turbulent times: Created out of a highly contested Uniswap fork and equipped with a meme name, Sushiswap quickly rose to become a trusted DeFi “blue-chip” protocol (if that term is even applicable in the highly dynamic crypto space).
Now, unfortunately, the signs are mounting that not all is well within Sushiswap’s ecosystem. After Sushiswap’s founder and core developer, 0xMaki left the project under dubious pretext a few weeks ago, we are hearing more voices sounding the alarm bells. We can only hope that the project – which has brought so many innovations to the DeFi and multi-chain space – manages to turn things around!
If you have been a supporter of Sushiswap like us, I encourage you to read the whole thread here and to do additional research to form your own opinion.
This Sushiswap “incident” is a good reminder that all that glitters is not gold in crypto and that even if the markets are currently in a bullish posture, you always have to do your own research and stay on top of project developments!
Aavegotchi Is on a Roll
We have praised NFT and metaverse project Aavegotchi several times for their meticulous building and continuous delivery of innovations – and currently, the project even exceed its own tempo. With Rarity Farming Season 2.0 just concluding, the next land auction coming up next week, and the continuous release of new features, Aavegotchi is certainly attracting a lot of attention from the NFT and gaming community.
GHST’s price, despite being dampened by a bonding curve, is not surprisingly benefitting a lot from the current metaverse trend.
Happy Thanks Giving
Happy Thanks Giving to all the EllioTrades team, hope you are all healthy, happy and surrounded by loved ones!! Xx