Crypto launching pads
In the previous post, we looked at how it continues to be a risk-on market.
Crypto has been the segment of the market that has posted some of the largest returns. Within this space, the leaders have been: ETH, ADA, SOL, and LUNA.
Despite the big 50% drop in the total crypto market cap from May-July, these leading coins have recovered and are currently up between 12-110x from their 52-week lows. Simply phenomenal.
We already looked at this beautiful weekly chart of SOL:
With such large moves already in the past month & year, it’s tempting to think that we get a pause here. But in this post, I want to show how so many cryptos are just now coming out of bases, which could act as the launching pad for a nice rally.
BTC:QQQ, Weekly. Relative to the Nasdaq 100, Bitcoin is coiled tightly and holding major support.
The following are weekly charts for: ADA, BNB, DOT, UNI, LUNA, and XMR. All just recently came out of bases and are showing strength:
Finally, I want to leave you with this monthly chart of Ethereum. August finished with a 5-month breakout, and the highest monthly close ever. September just started off with a bang today.
And there you have it. With the above 8 charts, I’d argue that we’re at the start of another crypto rally.
Important Disclaimer: This blog is for educational purposes only. I am not a financial advisor and nothing I post is investment advice. The securities I discuss are considered highly risky so do your own due diligence.