Gate.io Blog Gate.io AMA : Weekly Analysis, Feb.18th

Gate.io AMA : Weekly Analysis, Feb.18th

22 March 19:01

Q: Hi, it's time for weekly analysis again. This AMA will be handled by myself.
Record time 10AM BKK.

1.Major coins
BTC

1M/1W/1D

From the following pictures, basically there's the downtrend.
From 1W pattern, there's the head and shoulder, if it can break out the neckline, there will be the uptrend.
From 1D pattern, there's the big drop of yesterday but didn't break out the support line.
Overall, the volume is going down, MACD power is not enough.

1D/8H/4H/1H

From 1D /8H/4H, it is obvious downtrend.
From 1H, there's a sideways.
From 4H, there's the acceleration line, it almost touched the bottom. But now the volume is low, so there's no break out.
Three patterns below have low volume.

From Fib Retracement

It was a good pull back at 0.618 level in last week's analysis, but obviously the volume was still not enlarged.
Now there's the sideways for 1D pattern.
Volume is getting back a little bit better, but still not stable.
The power of MACD is going down.
Overall, it is sideways and will last for a while.

Summary:

Overall it is sideways.
From above, hold it until you see the volume has better power.
Sideway will last at least another week, the price box is 40500-42000.
Take chance to find entry, can do both Short and Long, but for short term no longer than 4hrs.
Recently a lot of good news about Bitcoin, globally there're more tolerance. Let's expect the good volume.

2.Now go to SAND.
Let's check out some news first:
Recently Sandbox still keeps on collaborating with blockchain project partners to expand the business. These news shows Metaverse is rolling on.

1.Gucci Buys Land in Ethereum Game The Sandbox to Create Metaverse Experiences
Gucci Buys Land in Ethereum Game The Sandbox to Create Metaverse Experiences - Decrypt

2.The Sandbox Partners With Chain Games for Immersive Metaverse Gaming
https://coinquora.com/the-sandbox-partners-with-chain-games-for-immersive-metaverse-gaming/
Let's check the K-line patterns.

1M/1W/1D

From following pictures, 1M/1W are both downtrend.
1H, just started the pull back, but volume and MACD power is flat.
Volume is low.

1D/8H/4H/1H

From 1D/8H/4H, there's the pull back just started.
From 1H, there's sideways.
Volume is low, MACD is not strong.

From Fib Retracement

There was a pull back at 0.5 level, but due to the low volume, there's still no rise.
After a drop, the recent pull back is at 0.618, but volume is flat and MACD is not strong.

Summary:

Overall it is sideways. Looks similar to BTC.
From above, hold it until you see the volume has better power.
Sideway will last at least another week, the price box is 3.6-3.78.
Take chance to find entry, can do both Short and Long, but for short term no longer than 4hrs.
Hope the goods news can help on pull back, and if recently BTC can get better, SAND will also be related.

Q: Let's check some news for this week.
A:
1）Industry

The EU will formally consider legislation around a digital euro in early 2023, EU finance chief Mairead McGuinness said at a fintech conference held by Afore Consulting. European Central Bank President Christine Lagarde has said that the EU's CBDC could complement traditional cash and become an alternative to private digital currencies such as Bitcoin.
The asset management arm of UBS , one of the world's largest hedge fund investors, has launched due diligence on its crypto portfolio to further research digital asset investments, according to two people familiar with the matter.
The U.S. Treasury Department hinted at plans to exempt crypto miners from rules that "digital asset brokers are required to submit customer transaction information to the Internal Revenue Service (IRS)." The decision was contained in a letter sent to a group of senators last Friday.
Last Sunday's NFL Super Bowl Rams-Bengals showdown will feature a record number of crypto ads. At least six companies ran ads about cryptocurrencies during the competition: Bitbuy, Coinbase, Crypto com, eToro, FTX, and Bud Light. Expect BAYC during Super Bowl halftime, as performers Snoop Dogg and Eminem both own Apes.
Wall Street mega bank JPMorgan Chase announced on Tuesday the opening of a new lounge in Decentraland, which the bank claims is the first in the banking industry to enter the metaverse. With average land prices in the metaverse rising sharply in 2021, the virtual real estate market may start to see services similar to real-world offerings, including credit, mortgages and lease agreements, over time, JPMorgan said.
BNBChain announces the formation of DeFi Alliance, including 13 founding members: PancakeSwap, LayerZeroLabs, Nodereal, MCDEX, Dodo, VenusProtocol, DeriProtocol, tranchess, CelerNetwork, AlpacaFinance, ApolloX, chainlink and GSR.

2) NFT

Footprint Analytics: is a one-stop visual blockchain data analysis platform. Footprint assisted in solving the problem of data cleaning and integration on the chain, allowing users to enjoy a zero-threshold blockchain data analysis experience for free. With more than a thousand tabulation templates and a drag-and-drop charting experience, anyone can build their own personalized data charts within 10 seconds, easily gain insight into the data on the chain, and understand the stories behind the data.
OpenSea announces the formation of an investment arm to fund startups and projects in the Web3 space, with OpenSea Ventures providing funding, advice, technical support and strategic connections to portfolio companies.
LooksRare vs. OpenSea is purely Vampire attack - a crypto/web3 phenomenon. In a broad sense, vampire attack refers to a method of attracting users from an existing platform to a competing platform by offering some kind of reward (usually a token).
TIME Magazine's NFT project TIMEPieces not only rocked the market, breaking into OpenSea's top 5, but also making waves in global media publications. The iconic magazine released a collection of NFT art last week featuring 40 NFT artists from around the world.
TikTok partnered with ImmutableX in the past week to announce the first NFT issuance. The social media giant will release a limited set of creator-curated NFTs.

3）Coins

Twitter officially stated that Ethereum wallet addresses are now being used for Twitter native tipping. The social media giant added Bitcoin tipping in September. Users can now also add their Ethereum wallets to the product, which will support tipping using ETH and ERC-20 tokens, including Ethereum-based stablecoins. However, the new feature does not support Ethereum Name Service (ENS) domains.
Mayor Scott Conger of Jackson, Tennessee, retweeted the news on his official Twitter saying that he has issued a request for a proposal to include Bitcoin in 401(k) retirement savings, and the proposal will expire on the 22nd. In addition, Scott Conger has also formed a blockchain task force to investigate the acceptance of Bitcoin for property taxes.
ETH: Mark Cuban said that he has a lot of ETH and MATIC. He is optimistic about the future ETH 2.0, which will stimulate the growth of the entire blockchain and cryptocurrency industry. It should continue to rebound after the shock.
BNB: BSC announced to change its name to BNB Chain, and BNB has completely become a public chain token + platform currency. Relying on Binance, there is still logic to the long-term strength in the future. Can be held for a long time.
SUSHI: Launched the NFT project Sushimi to start the NFT journey, and there should be some rebound in the short term.

Conclusion:

Panic index, 52, normal
America, Russia and some European countries show tolerance to crypto currency. These good news help on keeping the market at a certain level.
But the current market still lacks good power to pull it back to Bullish trend.
Be patient and follow the sideways. Short term trade for both Long and Short order.

Q: That's all for today, let's go to question session.

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Gate.io AMA : Weekly Analysis, Feb.18th

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