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🔫 Either Now or October, We Liquidate Some Bears

🔫 Either Now or October, We Liquidate Some Bears

September 04, 2024

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GM, we’re entering the demon zone.

It seems our early week warnings about staying safe were right on the mark. September’s seasonal effects are in full swing, and unfortunately, it’s not just the charts that are taking a hit.

We’ve got Ethereum revenue plummeting by 99% in the past six months. You might think, “...but all the action is shifting to Solana, right?” Well, Solana’s onchain activity is now lower than when SOL was trading at twelve bucks.

On top of that, there’s a new active case on Nvidia at the moment, which was “subpoenaed in an escalating antitrust investigation.”

Looks like we’re witnessing the full force of September’s seasonality in action.

We’re also approaching the big FOMC meeting on the 17th. If the market stabilizes before the rate-cut event, we might see some relief, especially in October, which historically favors risk assets.

For now, stay safe and ease off the leverage. Many are getting massacred as we speak. At the same, be wary of the extreme bearish sentiment: October is just around the corner…

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UNI/USDT 6H Binance Log Chart

$UNI has been showing great relative strength on the USDT and ETH pairs for about a week now. Last night, Bitcoin dumped, and the Uniswap sell-off was immediately bought back up and out of the purple box again.

I’m not sure if we continue up from here or if another majors dump sends us back into the purple box, but I have limited buys down there ready to snag those. It feels like a trip to the top of the quarterly VWAP is due sooner or later.

Learn more on the daily Luke’s TA stream!

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

NFA as per usual, please always do your own research.

The important bits.

Alora (AI) - Announces partnership with Berachain
eBTC (DeFi) - Borrowing Bitcoin yields rewards
Perennial (DeFi) - Perennial’s matic market will be closed and migrated to pol
Smilee (DeFi) - Showcases alpha on how to use the platform for profits
EOS (L1) - The Spring 1.0 Release Goes Live Today
Mantle (L2) - Now live on Odos exchange

Even more important bits.

Nvidia gets subpoena in escalating antitrust investigation
Ripple to roll out in-house USD stablecoin within weeks
Samsung Next invests in Startale

Life gets busy so here’s what you’ve missed.

The Polygon MATIC to POL Upgrade Explained

Research

Today's a big day for Polygon, and we've dug into this significant move from MATIC to POL. Why is this shift happening? The short answer is the AggLayer.