What else is moving as Bitcoin price inches toward a new ATH?

Bitcoin (BTC) is hot and clearly in the hands of bulls. Yes, eventually an ETF is coming and after that a $100,000, no $120,000, scratch that, $150,000 BTC price will be on the board. 

Blah, blah, blah.

Anyone logging onto crypto Twitter is going to be bombarded with all this bullish drivel straight from the jump and that great, we’re all happy Bitcoin is doing well. I've been a holder since early 2016 so of course I’m happy. But, isn’t there more to crypto than just Bitcoin? Aren’t there other assets that are moving?

Wouldn’t it be nice to hear about them before they go on some parabolic 150% run and then your favorite anon Twitter trader with a Rolex and an Audi advises you on which support levels to buy on the next pullback?

Let's take a quick look at some of the other assets that might be on the verge of a move. Of course, this isn’t financial advice. DYOR. Just because we’ve covered it doesn’t mean it’s actually going to do something, so don’t troll us if the prices stay flat or if you lose money.

SLP/USDT

Axie Infinity has literally been blazing a trail all year long and from the look of things the play-to-earn blockchain gaming sector is poised for further growth and Axies’s metrics, along with its AXS token, look great.

The platform recently rolled out AXS staking and prior to that the team dolled out an absolutely massive airdrop on early users.

Sadly for some, as AXS went up, SLP, (the in game currency used to pay users and buy items within the game) has gone down. I mean, really down. Down to the extent that prominent and relatively anon crypto-Twitter traders are now calling a bottom.

The daily chart shows SLP trading pretty much at its end of May low at $0.06 and for many traders, the market structure suggests the asset has reached a bottom. Last week, the price did attempt some recovery up to $0.10 but then failed to hold the momentum and eventually fell back into the current range.

One thing that caught my attention is the rise in trading volume, which is a possible sign of accumulation.

Bag holders are hopeful that Axie Infinity will eventually redefine the use of SLP or curb its inflation in order to expand its utility and drive demand, but at the moment there are no promises.

Technical analysis lovers will point out that SLP currently meets resistance at the 50-day moving average and that the altcoin has flipped the 20-day moving average to support. One can also see an ‘eventual’ convergence between the 20-MA and 50-MA if buyers continue to bid the price higher. These traders would also point out that the MACD and RSI on the daily time frame each look promising.

At this stage, it appears that SLP is attempting to break out of its downtrend but from a risk-to-reward point of view, opening a position still presents risk given that the swing low is more than 20% away from the current price.

Risk-averse traders might consider waiting for further confirmation of a trend reversal. Something like a daily close above the 50-MA and a few higher high candlesticks above the $0.10 level might signal that AXS is gaining momentum.

ALCX/USD

Alchemix is another “looks like it might have bottomed” altcoin and recent developments surrounding the project could be a sign of strengthening fundamentals. At the end of October, the project was voted by Tokemak (TOKE) holders to be one of the assets added to the platform’s liquidity pools called ‘reactors’.

Tokemak claims to be “a protocol that enables sustainable DeFi liquidity” and they framed the current problem DeFi has by saying:

Reactors are effectively single-sided liquidity pools where projects and users place their tokens and TOKE holders vote on where the liquidity is directed. The aim is to “allow protocols to retain control over where liquidity goes, rather than having to incentivize users vai emission” and this single-sided staking means LPs stake an asset and the liquidity directors stake TOKE and stakers receive TOKE rewards.

How is this relevant to ALCX?

Well, TOKE has done amazingly well since its IDO and the liquidity pools have been quite popular and stable. There’s high interest and demand for TOKE, and the fact that ALCX was selected from 42 other projects to have a liquidity pool means holders are looking forward to staking and receiving TOKE.

Alchemix was also selected as part of Olympus DAO’s “Olympus Pro” product which bears some similarities to Tokemak. The platform aims to prevent the mercenary capital scenario by allowing “protocols to accumulate liquidity to secure longevity and price stability for everyone involved.”

Cointelegraph recently explained how vesting bonds over a set period of days is beneficial to the bond holder and the protocol. The image below gives a pretty straightforward rundown.

On Oct. 8 the team at Alchemix announced plans for an v2 upgrade of its platform and also suggested that its “self-repaying loans” would be more understandable to the public. The project also intends to open up the potential uses for collateral so that users can exercise various “credit delegation” options, instead of just using interest to pay the loan.

Typically, protocol upgrades and mainnet launches are bullish events for the native token but what makes ALCX’s fundamentals look juicy is the token’s cross-integration with other protocols that are performing well.

On Oct. 13 OHM price rallied within a hair of its all-time high and since launching Olympus Pro, integrating with Tokemak, announcing plans to launch on Arbitrum, and having integration and fee kickbacks from DeFi platforms like Wonderland Money and Abracadabra, the bullish sentiment surrounding OlympusDAO has surged.

From a technical analysis point of view, ALCX is still “consolidating” and aside from the recent high volume surges, it appears to be in an “accumulation phase” rather than a “bottoming phase”.

Like SLP, a daily close with a few higher highs above the $490 level would be an encouraging sign of a trend reversal. The high volume nodes on the VPVR indicator also indicate that there is resistance in the current $400 to $480 range and a break above this level could see the price quickly advance to $700.

Additional positives that hint at increasing bullish momentum include consecutive daily closes above the 20-day and 50-day moving averages, along with impending convergence between the moving averages.

ALCX’s integration with Olympus DAO, Tokemak, the upcoming v2 upgrade, the project’s bounce back from its recent $4 million exploit and the token’s “accumulation phase” seen on the daily chart are also possible signs that the asset could be on the verge of a trend change.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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