The Drip #2
If you have a a pair of eyes and ears, you probably are aware of the Coinbase public listing yesterday that took place on the Nasdaq exchange. We covered the launch (in our member's Discord), its affect on the industry, and its future outlook as a company on our podcast yesterday.
For a brief overview, Coinbase listed directly to the public — which means they did not have an underwriter set the initial price or valuation — which lead to a volatile open.
Coinbase being listed is a pivotal point in the maturation of the crypto industry. It plays its role as validation we aren't going anywhere, but it will also have a unique dichotomy in being linked to the performance of both cryptocurrency and traditional markets.
Bitcoin
The Coinbase listing is now over and the hype has gone just as quickly as it came. With the event out of the way and benefitting from its newfound limelight, Bitcoin has an open runway to make new all time highs, targeting $72,000 like we talked about on Tuesday.
In fact, the market as a whole looks really bullish today.
Cardano
Ecosystem Update
It is being echoed throughout the community that Cardano is gearing up for an Africa Special event that will stage some significant announcements for the Cardano ecosystem.
Here's what we could possibly learn from the Africa Special:
- Plutus coding bootcamps/educational hubs
- Government integration of the Cardano blockchain
- Atala Prism debut
- Voting system implementation
Technical Analysis
Gear up for a big move ahead for Cardano. We expect a break out towards the upside soon, as we reach some higher highs!
SingularityNET
SingularityDAO announced the airdrop for their upcoming project to $AGI holders. $AGI is the utility token for the SingularityNET ecosystem.
The airdrop will take snapshots for 4 consecutive months starting in on May 12th, but the team is facing some backlash from the manner in which the airdrop will take place.
Some members of the SingularityNET community believe that the drop should be weighted to the amount of $AGI one holds while others believe there should be weighted pools of SingDAO tokens for the age of $AGI wallets, rewarding the longer holders/early adopters.
Regardless, keep an eye out for further announcements and don't miss the snapshots to claim your free SingDAO tokens.
Technical Analysis
$AGI still needs time to cool down from the past month's massive run. The fact we are still ranging at the top of this long term price channel is extremely bullish.
Ergo
Ecosystem Update
Ergo has been making a ton of announcements lately and has fired up the marketing engine. Most notably was the recent AMA that Ergo founder, Alex Cherpunoy, did at the Blockchain World Journal in China.
The event is hosted by one of the largest cryptocurrency news outlets in China, Jinse. They wrote a very in-depth article on the development of Ergo. Expect China to be entering the Ergo space!
Technical Analysis
It's not a bad idea to accumulate more in this price range as it is the same price range as our most recent local top. An accumulation here is very bullish and points to us making new a run at the previous all time high (marketcap).