Welcome to the Greener Candles weekend edition. Today, I'm going to take a look at BTC & altcoin charts as well as share some of my defi positions and trades.
Altcoins look very mixed: $TIA & $INJ are down more than 3% while some of the memecoins, such as $SPX and $BONK, are doing quite well. $HYPE and $AAVE are also on the rise.
BTC
Yesterday, we heard some news of ancient Bitcoin wallets waking up, which obviously caused a minor panic, and we saw BTC fall a bit, but it is recovering already. To think of it, kinda crazy how moving big amounts of BTC from one wallet to another can cause such a stir even though the assets haven't even hit CEXs yet!
Still, no major dump happened, and BTC bounced back up from $107.2k while creating a higher low on the 4-hour chart.
Overall, we might argue that Bitcoin is in an uptrend and currently gathering strength before trying to break the $110 level again. If that happens, the next obstacle would be in the all-time high area at $112k.
Rejection on either $110k or $112k could push us down to test the range lows near $100k, confirming that we're still trading within a bigger range between $110k and $100k.
ETH
Not much to mention about ETH. I've been pretty busy with other things, so I didn't have time to plan any perp trades, but I did try this simple spot strategy based solely on RSI: sold when ETH was heavily overbought (RSI in green area) and bought back when the price entered the oversold area.
Simple, but so far so good. All in all, I think it's often better not to overcomplicate things and perhaps go with just one strategy, with one indicator, for example. RSI is good in spot trading when you can just forget about the trade for a while, since it takes some time to reset. However, I wouldn't trust it with leverage, as it can spend quite a bit of time in either oversold or overbought zones while the price keeps rising/dropping.
SUI
I haven't been trading SUI for a while now, but I'm in a couple of staking and LP positions with it. One of those is in Magma which I mentioned in my Concentrated Liquidity Pools post just recently.
So far, I've had to rebalance only once, but other than that, the SUI price has been respecting my +/-5% range very well, as you can see in the picture below.
Even though the main reason I'm providing liquidity on Magma is farming the airdrop, the actual fees and rewards have been pretty good. Within 8 days, I've earned $4.05 in SUI & USDC with an initial deposit of $113.
If you feel like checking out Magma, consider using my ref code: DTNYBZ. 🙂🙏
HYPE
Besides Sui, Hyperliquid is another place where I am focusing my defi/farming activities. There's just so much to do on HyperEVM, so many new protocols launching and even though we must always stay cautious with new protocols, it's also good to be early.
Not long ago, I decided to move away from the HyperSwap HYPE/USDT position and into this new protocol named Hybra Finance, also depositing in the same pool.
Two reasons for this switch: Hybra Finance currently has a better APR for the same pair, and also, it's much newer than HyperSwap and therefore underfarmed. Besides, it's always a good idea to diversify a bit, not putting all the eggs in the same basket. I still left another LP pair to farm HyperSwap, so definitely not giving up on that.
Solana
On the Solana ecosystem, I haven't found any interesting airdrop/concentrated LP protocols, but I have deposited USDC in Huma Finance, which is a single staking, more passive option.
Another very interesting opportunity on Solana is xStocks, where we get to buy fractionalized stocks such as Apple, Google, etc. Definitely something to keep in mind. Here's a good video to explain the system if you want to learn more:
That's all for today, thank you for reading, have a great rest of the weekend and make sure to follow for more! 🟢👌
Follow for more on X!
🔹 Kaito - monetize your X activity by creating quality crypto content
🔹 Hyperliquid - the best perp DEX out there. Trade, stake & farm the next big airdrop!
🔹 HyperSwap - Swap & provide liquidity on HyperEVM, earn points for the airdrop
🔹 HypurrFi - farm airdrop points with stables by entering ref code BRANDO28
🔹 LeoDex - multi-chain, multi-wallet dex for all of your swaps
🔹 VOLO - stake SUI to earn APR & airdrop points!
🔹 Pawtato Land - very useful SUI dashboard, earn XP for the airdrop by completing small tasks
🔹 Huma Finance - easy to farm an airdrop on Solana. Deposit USDC, earn APR % points