Greetings, degens, holders, traidoors, and diamond hands!
I hope you are having a great weekend despite the Bitcoin price and the rest of the crypto, which just experienced not one but two small dips. The first one happened as rumors of the US government probing Tether (USDT) started spreading. The short-lived recovery was then stopped by another dip, mainly caused by the strike made by Israel against Iran. The latter is just an educated guess since I was sleeping during the operation.
Nevertheless, but the time of writing this post, the market led by BTC has started yet another slow but steady recovery process. To be honest, I was a little afraid to see what all this FUD had done to my altcoin positions. Was there any altcoin still standing tall and green? Let's find out!
Casualties
If I had taken this screenshot early in the morning it would have looked even worse but most of the alts have started to recover a bit since that. Still, the layer 1s, Sui, Near, and Injective are down more than 7% by the time of writing this while Celestia is even more.
In addition to macro events, I think the upcoming massive $TIA unlock(happening on the 30th) also has some effect on the $TIA price while holders are probably preparing for that event.
It's interesting to analyze my portfolio where all the sectors are represented. Some time ago I remember reading some KOL writing, "Don't trade tokens, trade sectors". Maybe there's some wisdom in that as I often see coins from a specific sector surging or dropping together. This seems to be the case today since most of my L1 holdings are at the bottom.
To think of it, and to take this further, when I scroll up I can see that the middle section of my portfolio is occupied by another sector - AI coins.
Bittensor TAO, AKT, DEAI, and GLM all took damage but not as much as L1s.
Now that I have analyzed the middle- and bottom parts of my portfolio, it's probably not going to be a surprise which sector dominates the top section...
Winners
Well, it's not as meme-coin-dominated as I thought. When I took a look at the 24-hour performance list before, $SPX was there too I think. Now it seems to have fallen somewhere in the middle with $WIF.
But two of my meme holdings stood strong during the dips. The weird, hated, loved, and fascinating $GOAT is back in upward movement after consolidating while $POPCAT looks relatively strong as well.
However, probably the most pleasant surprise is the performance of $SPEC. This project focusing on AI agent applications dipped with the others but made a really strong recovery after the second dip.
I have been mentioning SPEC a lot in my threads and posts and I'm pretty bullish about it and looking to add more. There was a great chance to do it this morning but out of fear, I faded the opportunity.
I had entered the position at $10.22(actually bought a little already at $9.20) and today it crossed that level again(green arrow) before starting to climb up again.
Perfect opportunity missed but it is what it is. If I analyze why I froze, I come up with the idea that consecutive dips create extreme fear of more dips to come. I should just reason with myself that the dips of the dips don't matter in the big picture when zooming out. If you believe in the project in the long run, even buying that first dip will probably prove to be a win in the future.
Here's a link to Spectral Website if you want to do some research of your own. As I mentioned, I'm quite bullish on this $141 million market-cap AI coin, and even though the MC/FDV -ratio is only 0.12, the next unlock is set to happen as late as May 2025. So no supply shocks are expected any time soon.
Trade of The Day - $PENDLE
While I had missed the opportunity to add more $SPEC, the little traidoor in me had to have its needs satisfied.
I wasn't planning on buying this particular dip but while going through my positions I noticed my $PENDLE exit I had made not long ago while the PENDLE price was at $4.70. I also clearly remember how pissed I was after that since PENDLE kept on surging all the way up to 5 dollars.
PENDLE is something I've been patiently swing trading for some time while using the whole amount to buy or sell:
- buy - $4.01
- sell - $4.50
- buy - $4.33
- sell - $4.70
- buy - $4.22
So with this morning's trade, I managed to re-enter the position at a much lower price than I sold. I like to think this is a pretty good example of being patient and taking it easy even though we don't hit those optimal buying or selling points. The market will always produce new opportunities. It's like going to school, you don't have to be there exactly at the right time but the important thing is that you go there.
Conclusion
Lesson learned today: while dips offer great opportunities, it's not always so easy to buy them. All sorts of feelings, mainly fear and greed, mix in our minds to cloud our decisions. Once you have made your moves, be happy with the ones you made and forget the ones you missed.
A little voice inside my head said
“Don't look back, you can never look back” - Don Henley, The Boys of Summer
There are as many new opportunities emerging as there are new coins launched every day. Since I had a lunch break in the middle of writing this post the market is probably red again but no worries! WAGMI - we are all gonna make it.
Thank you for reading and don't forget to engage, traidoor! 👇
DISCLAIMERS:
- This is NOT financial advice.
- Thumbnail image created with Canva, Screenshots: CryptoRank
TON mini-apps I'm currently playing:
🔹 Blum - play mini-game and complete tasks to earn Blum points (pre-market trading live on Whales Market!)
🔹 Wizzwoods - cool strategy game (Berachain + Tabi)
🔹 TON Station - very simple farming game with a lot of potential
🔹 Agent 301 - perhaps the next $DOGS
🔹 Human Protocol - well-made mini-app with a prediction game. Use your points to bet on US elections, sports, etc.