Miserable – xMetaMarkets.com / Online Innovative Trading Facility Fri, 10 Jun 2022 12:49:08 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 /wp-content/uploads/2022/07/cropped-Logo-menu-32x32.png Miserable – xMetaMarkets.com / 32 32 MATIC Continues to Look Miserable /2022/06/10/matic-continues-to-look-miserable/ /2022/06/10/matic-continues-to-look-miserable/#respond Fri, 10 Jun 2022 12:49:08 +0000 https://excaliburfxtrade.com/2022/06/10/matic-continues-to-look-miserable/ [ad_1]

Quite frankly, cheap markets get cheaper over time.

Polygon has rallied a bit during the trading session on Thursday, as we continue to hang around the $0.60 region. It looks as if we are forming a descending triangle, and therefore if we break down we could go down to the $0.40 level based upon the measured move, but quite frankly I think this is a market that has much further to go to the downside than that.

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The 50 Day EMA is sitting just above the $0.80 level, so if we do get a little bit of a breakout to the upside, that could be a target. However, I would not hold my breath for that, as the downtrend is so prevalent. In fact, the market is only worth about one-third of what it was just two months ago. This has been an epic meltdown, and it looks as if Polygon is another one of these coins and ecosystems that may disappear.

MATIC has been like many other platforms, promising quite a bit but delivering very little. There has been no real adoption of crypto out there, and by far the one ecosystem that seems to have the most opportunity will be Ethereum. These smaller coins will have their uses, but there are hundreds of them fighting for a few spots. This is a lot like the tech bubble in the late 90s, we need a cleansing of the crypto world in order to have some winners emerge.

At this point, I do not think polygon is one of them so I have been going out on offshore exchanges to short this market with leverage every time it tries to rally. If we break down below the $0.40 level, I think at that point we would drop another $0.20, or we would then have to start to ask questions about whether or not polygon will even exist.

If we do breakout above the $0.80 level, then it’s possible that we could go looking to the $1.20 level, but that would be a doubling of price, so it would obviously take quite a bit of time to make that happen. While it does not seem like much, $0.60 would be a huge move to the upside, giving credence to the concerns about the illusionary effects of a cheap coin. Quite frankly, cheap markets get cheaper over time.

Polygon MATIC chart

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Litecoin Continues to Look Miserable /2022/06/10/litecoin-continues-to-look-miserable/ /2022/06/10/litecoin-continues-to-look-miserable/#respond Fri, 10 Jun 2022 00:18:51 +0000 https://excaliburfxtrade.com/2022/06/10/litecoin-continues-to-look-miserable/ [ad_1]

We are about to see a wipeout in the crypto markets because the speculation got so out of control.

Litecoin threatened the $60 level on Wednesday as it looks like we are ready to break down again. There is quite a bit of support underneath that shows signs of life, based upon the previous hammer, but it certainly looks as if we are going to fall and test that level again. Because of this, I think we have a situation where the market will eventually try to slice through all of that area.

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If it does, that opens up a move to at least $40, perhaps even down to the $30 level. Frankly, there’s nothing from a technical analysis standpoint that even remotely suggests that Litecoin should be trusted for purchase, and I think we have much further to go to the downside. This is probably easy to say for most crypto coins, not just Litecoin, so it’s not necessarily going to be an indictment on the Litecoin ecosystem, rather than an indictment on crypto in general. Because of this, I look at any rally as a shorting opportunity and do so on offshore exchanges that allow leverage.

It’s not until we break above the $80 level at the very least that you could say that momentum is picking up because you would then see the 50-day EMA broken. Even then, I think you will struggle to get above $100, if for no other reason than the psychology behind it. I believe Litecoin is going to follow the rest of the crypto down quite a bit from here because even though most crypto has dropped at least 60 or 70%, it can drop another 50% from these low levels. Crypto winter is here for a lot of the smaller markets, and now they need to see Bitcoin save the whole situation, or things could get rather ugly.

While I don’t necessarily think Litecoin is going to zero, there will be several coins out there that do. We are about to see a wipeout in the crypto markets because the speculation got so out of control. Most of these crypto markets are based upon something that could possibly happen down the road, but certainly is not happening right now. Sooner or later, people will come to realize that only a couple of these can survive, due to the fact that so many of them are trying to accomplish the same thing.

LTC/USD

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Solana Continues to Look Miserable /2022/06/09/solana-continues-to-look-miserable/ /2022/06/09/solana-continues-to-look-miserable/#respond Thu, 09 Jun 2022 21:13:59 +0000 https://excaliburfxtrade.com/2022/06/09/solana-continues-to-look-miserable/ [ad_1]

Crypto is a complete dumpster fire at the moment and will continue to be for the next several months, if not years. 

Solana did very little on Wednesday, which is a bit impressive considering just how negative it has been previously. After all, if it cannot find buyers down here to get something positive going, the question then becomes whether or not it ever will? Obviously, it could but Solana has been extraordinarily bearish for quite some time, and I just don’t see how this changes. The market is now threatening the $40 area and has already broken below it.

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Looking at these last couple of months, we have formed a nice descending triangle, measuring $20. At this point, it looks like Solana will go looking to the $20 level on a breakdown. At this point, we would have to look at the previous action in the area, as it was so important. This would be a complete “round-trip” for the Solana market, something that even Bitcoin is threatening to do if it breaks down through a few small levels. Crypto is dead in the water at the moment, so unless you are a longer-term investor, there won’t be anything to do with Solana and other coins.

The market would have to break above the $60 level, meaning gain 50% for it to be even remotely close to flipping to bullish. That being said, I suspect the most likely situation will be that we go down to the $20 level, and then drift a little lower than that where we go sideways and wait to see whether or not Solana sees any type of significant adoption. Crypto is a complete dumpster fire at the moment and will continue to be for the next several months, if not years. You need to see other markets such as Bitcoin and Ethereum turn around before you can even remotely consider Solana.

That being said, I’m not completely against the idea of buying some Solana after it breaks down again, and then slowly building a bit of a position. After all, if you can buy it at $20, and it turns around to reach the highs again, it would be a 10-bagger. I have no idea how long that would take, but obviously, it is something that you can think about. You also have to recognize that Solana is very speculative as all crypto is, so never speculate with money you can’t afford to lose.

SOL/USD

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