12/21/2021
The past month or so has dampened a lot of the bullish sentiment that surrounded the market in the months before. This year has brought not only a new light to crypto, but also the businesses around it. Here are some big things happening in the crypto world that may be the golden ticket of 2022.
Blockchains
NFTs (non-fungible tokens) were introduced to the mainstream which people flocked to just to get their hands on a digital piece of art. What seemed to be a ridiculous idea at first eventually gained lots of traction, and eventually they were selling these tokens for up to hundreds of thousands of dollars.
Many employees in Silicon Valley have left their jobs and started to move to this space. An example of the type of business was described here. But essentially, the company sells website addresses that hold and sell the blockchain. Lots of attention in that kind of space can sound a little concerning for those who lived through the tech bubble of 2001, but bubble or not, more demand will likely start really pouring into this industry of NFTs and blockchain as billions of dollars are moving into this area.
Blockchain Stock To Watch
DKNG- Draft Kings is not only an online betting company, but they also sell NFTs. Tapering discussions have hurt the growth stock's performance this year, but the beaten-down company has growth potential in the online gambling industry and in NFTs as well. In the last twelve months, DKNG has generated over $1.14 billion in revenue with revenue growth of 60% from last quarter.
Trade Setups
Cryptos To Watch (Other Than Bitcoin)
ETH
Ethereum broke out of a wedge on the 4H chart and made another higher high. If price continues to follow this trend, we may see the pair move to $4118 for another test. Candles on the 1D chart suggest hammer rejection patterns with a potential push to the upside.
ADA
Cardano stabilized on support on a newly formed trend line on the 1D chart. Resistance is just above around 1.425018, and above that is the coin's 50 day moving average. Price has been pushed down to the lows of $1.18, so RSI is showing that ADA is oversold.
DKNG
DraftKings's stock made a higher high on the 4H chart suggesting a continuation to resistance around the falling trend line on the 4H timeframe paired with further resistance at $33.40s. RSI is currently at 40 after coming up from a low of 16 at the beginning of December, so price may test that level of resistance before starting to look overbought in the short term.
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