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Congressman Goes In On Meme Coins! Why That Matters

7/8/2021

Alabama Congressman, Barry Moore has reportedly bought cryptos coins such as Dogecoin, Ethereum and Cardano in an SEC filing from June 13. Since then, doge has fallen another 50% before hovering in the low 20 cent range. Cardano and Ethereum are down as well, so Moore has yet to make any money by the looks of it.

Our outlook

Although it seems like Moore bought very little crypto, it shows the big speculation around the market; that you don't need a whole lot of money to cash out bigger gains. This speculation is both good and bad because it could mean a 100% crash or a 10X on your money. It also shows us that crypto is getting more and more attention from not just the meme crowd but from people with significant influence. All in all, it just seems like another step closer to more adoption.

Trade Setups

DOGEUSD

Barry Moore's investment was not enough to help out the dogecoin hodlers like myself, and price came all the way down to touch inside the consolidation zone it already broke out of once before. This area between 15 and 20 cents will serve as a support zone should price close inside of it. Additional support can be found on the 200 DMA inside the support zone.

ADAUSD

Cardano bounced off its 200 DMA and hovers just below resistance around the $1.570000s. Today's dip doesn't look as bad as the other altcoins out there, but should price keep falling, it would find support around its moving average again.

BTCUSD

Bitcoin could not sustain itself on the supportive trend line and fell to the low $32,000s before bouncing. Long wicks on the 4H suggest price is trying to push higher, however, a lower low makes the crypto look bearish. COT also shows us that net long positions are increasing from last Tuesday.

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