The Drip #3
The amount of FUD produced this past week was enough to make people wary, but if you've been a part of the crazy ride these past few days and are still here, congratulations — you survived.
I truly believe time spent in the cryptocurrency markets is equivalent to spending 5x the amount of time in the equities markets. The day-to-day volatility, the musical chairs, and the flow of money teaches you invaluable lessons. One can learn an incredible amount if you just sit there and digest what the market is giving to you.
For this edition of The Drip, we look at both ecosystem updates and technical analysis on price action for Bitcoin, Cardano, SingularityNET, and finally Ergo.
Let's get into it.
If this if your first bullrun, remember these pullbacks were a dime a dozen in the 2017 run. This most recent dump is literally the first time we've had a candle close below the 50 daily moving average.
Now compare this to the run up in 2017. Look how many times we fell below the 50 day moving average on our way to new all time highs.
I think we find some support here and start getting much more aggressive throughout the remainder of this year.
I truly believe the influencers across the internet who garner the most followers in crypto got hurt so badly in 2018 that they have the most incentive to be bearish every chance they get.
Their mistake is not removing themselves from their emotions. In my opinion, the bull run is only getting started.
The Cardano Fund 5 refinement stage closes tomorrow, on the 21st, so if you are a community member giving feedback to any projects within Catalyst, please make sure to stop by and help fine tune projects.
Plutus Pioneer developers are running into tough coding problems. Most seem to come from imperative languages, so the switch to something more functional has left some stuck. If you are a functional programmer and wish to help out, head over to Reddit and engage in some ongoing questions on the matter.
Not a great look for Cardano on the ADAUSD chart. We are also about to close out a daily candle below the 50 day moving average during a time when altcoins are showing considerable strength over Bitcoin. There's a death cross on the MacD oscillator, and a break down of the existing support on the RSI.
Bulls need to come back into the market today if we want to avoid further downside.
SingularityDAO has changed their airdrop mechanic due to popular demand from the community. The 5,000,000 SingDAO tokens will be distributed as follows:
Month 1 — May 2021
17.5% of the tokens (875,000) will be airdropped in May.
350,000 go to those who are staking at least 1,000 AGI tokens, half of this being distributed equally to all staking wallets, the other half proportionally
525,000 go to those that held at least 1,000 AGI tokens in their private wallets at the time of the snapshot on April 17 2021 11:59 PM UTC
Month 2 — June 2021
22.5% of the tokens (1,125,000) will be airdropped in June.
450,000 go to those that are staking at least 1,000 AGI tokens or staked from May 16 2021, 12:01 AM UTC to June 16 2021 12:00 AM UTC, half of this being distributed equally to all staking wallets, the other half proportionally.
675,000 go to anyone who is either providing at least 1,000 AGI of liquidity to AGI liquidity pools on DEXs or is holding at least 1,000 AGI in a private wallet.
Month 3 — July 2021
27.5% of the tokens (1,375,000) will be airdropped in July.
550,000 will go to those that are staking at least 1,000 AGI tokens or staked from June 16 2021 12:01 AM UTC to July 16 2021 12:00 AM UTC, half of this being distributed equally to all staking wallets, the other half proportionally.
825,000 go to anyone who is either providing at least 1,000 AGI of liquidity to AGI liquidity pools on DEXs or is holding at least 1,000 AGI in a private wallet.
Month 4 — August 2021
32.5% of the tokens (1,625,000) will be airdropped in August
650,000 go to those that are staking at least 1,000 AGI tokens or staked from July 16 2021 12:01 AM UTC to August 16 12:00 AM UTC, half of these being distributed equally to all staking wallets, the other half proportionally.
975,000 go to anyone who is either providing at least 1,000 AGI of liquidity to AGI liquidity pools on DEXs or is holding at least 1,000 AGI in a private wallet.
SingularityNET looks very similar to Cardano right now. Death cross on the MacD, broke the RSI resistance, and broke the median channel support line. We are still doing very well by staying inside the main channel and if we bounce off that bottom (which coincides nicely with the 50 day) we will be poised for a nice move upwards again.
ErgoDEX has begun porting over to Cardano in the Plutus Testnet, and is beginning to stress test the AMM/orderbook-based hybrid DEX.
Ergo is looking to host its first Hackathon as well, with the following announcement from Cherpunoy:
We are thinking about organizing a hackathon, likely in May. The topic would be "Completing the Basics", so improving basic infrastructure needed for building the DApps, (also, to profit from them).
The following topics are proposed:
- Improvements to ErgoScript (not all the ErgoTree features are projected into it)
- Improvements to Ergo AppKit (basic library for constructing transactions and building offchain logic on top of for Java and JVM languages)
- Improvements to Ergo Node Interface and - Ergo Headless dApp Framework 1 (basic library for constructing transactions and building offchain logic with Rust)
- Ergo Crowdfunding 2 apps/UI
- Visual tool for constructing multi-signatures (could be a good first step for visual tools to construct more complex scripts)
- Tokenization schemes
- Tools for NFTs
- Applications for data notarization and names registration
- Stealth addresses pool implementation
- Applications on top of mixer API
- More data connectors for the oracle pools
- Private swaps with other chains on Schnorr signature (Bitcoin Cash, Litecoin (?), Komodo (?))
Everyone participating will be rewarded for delivering anything that is improving the current state of the ecosystem. More details on rewards and prizes will be provided later.
We're looking forward to what comes to the ecosystem from this event.
Not looking great either. Broke through a strong support zone to the downside where we were accumulating. Could be a double top looking to form a cup and handle. Let's wait a few days for this to play out. $5 dollar $ERG is so close, but we won't know until things progress. Stay tuned.