beautiful flagSushi has a low risk to reward ratio at this price.
Fibo extension levels:
1 (1-a-b)=$4
1 (C-1-c)=$196
Governancetokens
THE ONLY SERUM I WANT TO TAKE RIGHT NOW! (UNDERVALUED PROJECT)Been a minute since we published an idea.
Today we look at the pair, SRM /USDT
First off, the Fundamentals,
SRM (Serum) is a decentralized exchange built on the Solana Blockchain that allows you to make both market orders and limit orders compared to traditional DEX's that only allow market orders namely; UNISWAP, SUSHISWAP & PANCAKESWAP etc.
In addition to being built on solana's blockchain, it also means that transactions are going to be quicker and faster than other DEX's and the fees are going to be lower than the likes of those built on Ethereum.
Serum was co-founded by FTX, Alameda Research & The Solana Foundation.
Now on to the Technicals,
From the chart we can see that from it's listing up until it's first rejection at resistance, as shown by the Fibonacci tool, we found a bottom at around the 0.382 fib region and bounced right off there to begin our impulse wave 3 whilst forming an ascending channel that looks to be respecting price action on the top of that wave, which was just under the 1.618 fib resistance.(Not shown for clarity reasons)
The 0.382 fib bottom gives us the idea that the entire impulse move is considered a First-Wave Extension, with wave 1 being the longest of them all.
Should histroy repeat itself, finding support here and bouncing right off it would give us a wave 5 price target in the range of
a few dollars under the $30 mark or a few above it, which alligns with our channel resistance and also ensures wave 5 is shorter than wave 3, confirming our First-Wave Extension Thesis.
If you agree with this idea, pls make sure to like and share.
Pls leave your thoughts in the comments section and as always, feedback is very much appreciated.
UNI- Deep correction may indeed be overThe governance token of granddaddy of all AMM and DEX.
I believe the deep correction is nearing its end, but there could be another re-test near the bottom of the demand zone.
DeFi governance tokens are volatile by nature so proceed cautiously.
Just my two cents. Not the investment advice.
YFI- Even its own creator says it has 0 financial valueDeFi boom as well as limited total supply (No pre-mining and supply increases as yield farmers providing liquidity by staking and lending their tokens) contribute to the supply/demand imbalance of YFI governance token, leading to the rapid appreciation.
First of all, it has a comparatively minuscule total supply limited to just 30,000 coins. Second, over 60% of them are currently locked in various staking pools, according to data scientist Alex Svavenik.
Andre Cronje, software engineer who built yearn.finance and created YFI governance token, intended for YFI to be a valueless 0 supply token. "We reiterate, it has 0 financial value” as he wrote in his blog.
However, that didn't stop yield farmer from pumping YFI to the outer stratosphere as it jumped 270% in 5 Days.
Treat it as a speculative coin and short-term swing trade it (No need to hold it for more than a week) on the 1hr time frame.
KNC- DEX token on fire. Long after the pullback.Kyber Network- One of the only two DEX coins that are on the Coinbase and are on the hot streak. Follow the daily timeframe and buy on the pullback as long as the ascending triangle structure remains intact
COMP- Wait for the deep retracement to finish before going longDeFi lending governance tokens such as MKR and COMP are the ones that started the DeFi gold rush!
Though LINK may have benefited the most regardless of which governance token wins out at the end because of the pick and shovel effect.
