Happy Sunday, traders and other crypto enthusiasts!
The US elections are closing fast, which is reflected in the market's volatility. There's one thing the market doesn't like and that is uncertainty which is definitely in the air as the other candidate is more pro-crypto while the other is not so much.
I believe that no matter what happens, the market is going to correct itself quite swiftly, and in the long run, we are in it for a bullish rest of the year.
Weekends aren't perhaps the most optimal time of the week to figure out which direction the market is going to take since tradfi stocks aren't open but it can still offer some good opportunities, especially on volatile times like these.
Now, let's take a look at a couple of trades I made today.
$RUNE
The native token of THORchain is something I've been watching closely for over a year now although it's been several months since I've held or traded it. Still, I've noticed that $RUNE is a token that performs very well during an uptrend often leaving many newer alts behind it.
This was seen in a run that started on the 26th of October where $RUNE climbed up ~30% until it started declining with the rest of the market.
There was strong support near $5 and although the BTC price could be testing its own lower levels and therefore probably dragging RUNE down with it, I decided to buy at $5.053.
If we zoom out and look at my drawings in the picture below we can see that $RUNE has been making higher lows for a longer time now and buying at this level would fit in the sequence perfectly.
By the time of writing this, $RUNE is trading at $5.10 so it did make a small bounce but it's too early to say if it'll last.
As for the rest of the year, I'm expecting a volatile November so I'm planning on trading $RUNE back and forth trying to catch those higher highs and higher lows while increasing my RUNE bag.
$INJ
Another trade that I made almost at the same time as $RUNE was buying $INJ, the native token of the Injective chain.
I have a bit different approach to $INJ as I'm staking most of it but back then I also left some liquid for swing trading purposes. Since then I've been swapping it back and forth with $USDC whenever the charts have looked right.
Not long ago I sold all my liquid INJ when the price was $18.77. Today the time seemed right to jump back into the spot position at $16.26 near the previous lows seen in the pic below.
The $INJ price made a bit bigger bounce to $16.71 after the trade but has now come down a little. A lot depends on the BTC price of course but I can be very patient with this one. Actually, I've noticed that when you have most of the asset in question staked, it's more relaxed to play around and swing-trade the rest of it than it would be if the whole amount was in play.
It's a psychological thing. If you miss an entry when there's a sudden surge, you can still tap yourself on the shoulder as the value of your stake is growing. On the other hand, if the price dives, at least you are receiving staking yield.
I think $INJ has a good chance to come close to $30 by the end of the year and during a full-blown alt season, maybe even $100 or more.
$PENDLE
This is also a token I've been trading a lot and even though $PENDLE is very interesting with all that RWA thing going on, I still plan to swing with it for at least until the end of December and hopefully by then I have increased my holdings enough to leave it to cook.
This is a somewhat similar chart to what $INJ had but the main difference is I jumped into this earlier today. Since then the price broke through my entry level but has recovered a bit with the rest of the market.
I've been trading $PENDLE for a couple of months now and it feels like I always enter or exit too soon. Gonna set up a limit sell order to $5.1 now and perhaps forget about it for a while. You can never time the market so close enough hits will do just fine.
Conclusion
$SUI is also a token I'm holding and currently looking for a good entry point since I sold some at $2.04. It is currently trading at $1.85 in theory I could buy that but perhaps it's wiser to take more of a DCA approach since the elections aren't over yet and there's still a lot of uncertainty around.
In addition to buying, I also exited my $FET & $ROSE positions because of the poor performance and I'm now thinking about whether I should re-enter those later on or rotate to other assets.
Also, I'm not trading all of my holdings. For example, I could've easily sold $GRASS and $DEAI for profit but I believe coins that show strength during dips are often best left alone. Besides, doing this kind of spot trading with the whole portfolio would take the whole day.
That's it for today. Have a great rest of the Sunday and an awesome start to the new week! Btw, what's your take on the market at the moment? Made any trades? Comment below 👇 and thank you for reading!
DISCLAIMERS:
🟢 Grass season 2 is now ongoing so if you want to try passive farming, here is my referral link: Grass.