Is this the end of crypto?

Welcome back to another dandy issue of NFToday!

About a week or so ago, I dedicated an entire newsletter to a singular topic. 

The feedback was amazing, readers loved it!

In order to keep things fresh and new, I'm bringing it back; and what better topic to write about than the one striking fear into hearts of degens alike.

Today's newsletter is allll about the crypto market's current sediment!

Let's go...

- Hunter Maier

👃 Nose Dive!

The GODA Mint Pass - 5.75 ETH

Bored Ape Yacht Club - 89 ETH

end of sartoshi - 0.06 ETH

The Aswang Tribe - .249 ETH

Note: Floor prices of these may or may not be different when reading this!

Before giving in, you might want to cuddle up with a soft blanket and your favorite comfort food; things are about to get ugly...

Some of crypto's current prices/stats/metrics

• Bitcoin - $27,460.35 - Down ≈ 60% from its ATH (all time high)

• Ethereum - $1,462.46 - Down ≈ 70% from its ATH

• Polkadot - $7.65 - Down ≈ 86% from its ATH

• Solana - $32.83 - Down ≈ 88% from its ATH

• Terra Luna (no need to explain)

Well... crypto's current demise is due to a mixture of news, events, sediment, and more.

Most recently, as mentioned in yesterday's newsletter, it was revealed Friday morning that the U.S. CPI (Consumer Price Index) came in at a whopping 8.6%, the highest CPI rise since 1981.

Alongside the CPI news:

• The financially respected treasury secretary, Janet Yellen, warned investors that crypto is a "very risky investment."

• The department of financial services (DFS) enacted regulatory terms for stablecoins.

• Terraform Labs may soon be under investigation due to investor protection laws.

When reading charts, there are typically three leading indicators I tend to take note of, those are:

• Supply/Demand Zones or Support/Resistance Levels

• RSI - Oversold/Undersold

• MACD - Momentum

In terms of levels, Bitcoin is currently trading below the $30,000 support level, as depicted by the image above. While it's currently unknown whether or not this breakdown will continue to act as a false breakout/liquidity grab. 

If we hold, great! If we continue nose-diving, we may not see much of a hold until the $20,000 level.

The RSI (relative strength index) and the MACD (Moving Average Convergence Divergence) work in tandem together!

When looking at the monthly chart, Bitcoin is about 15 points away from entering "oversold territory." In simple terms, we currently have some wiggle room for both upside and downside. According to the MACD, as expected, bearish momentum is as strong as ever.

We could go either way!

If you genuinely believe that blockchain, crypto, decentralization, and other web3 tech will be the future, there's no reason why you shouldn't be taking advantage. Dollar-cost average, invest in that NFT you've always wanted, etc. Have fun; everything's on sale ;)

DYOR/NFA

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• 👍 IT WAS INCREDIBLE!!!

• 😐 It was alright!

• 👎 Could've been better.

Nothing mentioned above is financial advice, this newsletter is created for nothing more than entertainment purposes!