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Buy the dip - all right but which coins should I buy?
$BTC has moved up from $25k to $45k without as much as a small break.
What we’re seeing today is probably a healthy correction. What surprises me is this at $ETH never really managed to stay above $2,400. The last 3 months have been quite bullish, but $ETH has been a silent sleeper (just as it was in 2020).
Today I originally wanted to talk about trading and what I want to improve for myself going forward. And in general, I want to take fewer trades…but since we had a little dip today, let’s instead look at coins that look like a buy/sell here. I know many of you bought the dip, and that others again are planning to buy here when the prices are lower.
So let’s just start.
In general, you have two mindsets:
Trader mindset
Long-term investor mindset
So, depending on what type you are you will look at coins differently. A trader will look at coins that behave strong on a dip, and thus buy that one.
A long-term investor on the other hand may look for assets that look undervalued fundamentally. With that said, a long-term investor would also want to buy strong assets, but my point here is that they will also buy assets that they know have great fundamental value. I should maybe write “fundamental value” because do coins really have value? Hehe, you get my point.
$SEI: quite self-explanatory really. Insane strength, good backing from VC’s, “low” mcap for an L1 (can be discussed). On the dip today it pumped above it’s current price right away and even reached an ATH afterwards. This coin is a trader’s favorite these days. For long-term holding, I would be more cautious about buying it now. In general I think we will go lower for altcoins after the ETF, but don’t take my word for it.
$ARB/$OP/$LDO/SSV: Ethereum beta plays. Personally, I think they’re all overpriced right now, and wouldn’t buy them long-term, but from a trader’s perspective, they are super strong. Look no longer than today’s dip. All three of them look great. OP maybe the “weakest” of them, but Optimism started the run much before the others. One ETH beta I am very bullish on though is SSV (shilled by Vitalik Buterin). Was strong on the dip today and seems like a good long term hold too.
AI coins: TAO 0.00%↑got hammered on this dip. If you are a long-term investor you might want to pick this coin up. It’s supposed to be the #1 AI-coin. However it’s reaction to this dip was not great in my opinion. It’s still down there. Now 40% down from ATH. It already showed weakness before this dip. Short term trader’s should stay away here. RNDR looking better, but if I were to choose I would go for OLAS, AKT or AIOZ (DePin, L1, AI, storage —> all in one coin).
SOL + solana eco coins: $SOL has been strong for the last months, but has now “cooled off” for a bit. At the moment not buying any SOL. Some of you might remember my spot bag from July, bought at $23. For me it makes more sense to look at $SOL eco coins. I still think $PICA (Eigenlayer of Solana) looks good. PYTH and JTO looks overcooked, but could be worth it for long-term investors (maybe?). However NEON is an interesting coin and I actually hold it myself.
SUI/CETUS: $APT ran from $4 to $20 one year ago. Think little brother $SUI from Mysten Labs is ready for a little run too. Strong backers, new coin, "low" mcap as a L1 (people especially in a bull market love comparing market caps and invest in "what could be"). Also has a fairly developed DeFi system: Cetus, Scallop Lend, Deepbook, NAVI Protocol, Aftermath++
RWA: Canto/MKR: Still think Canto is undervalued. Maker is the most income producing asset in the space. Don’t think MAker needs more explanation. For Canto, see below:
7. DEX’es: RBX, AEVO (old RBN), RUNE, KUJI, JOE: Literally too many to choose from, but these are the ones I am bullish on. Very excited about AEVO right now.
Other coins I have on my watchlist are: GRAIL, RSTK, CTSI, NSTK, STOS, DUSK, the whole Metis-ecosystem (Hermes, Hummus++), AR.
Just to end this, everyone seems bullish still, but what if easy mode for now is over? By for now I mean the next couple of months.
This could be a 50/50 market with plenty of room to go down. Who knows?
Whatever you choose to do, always make the decisions on your own. Don’t buy it because an influencer recommended it.
And btw, keep you eye out for these categories in 2024:
That was it!
Which tokens are you bullish on in 2024?
Let me know in the comments or shill me in the Twitter DMs.
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Undervalued DePIN is DIMO , lots of tractions, good revenue, doxxed US based team, invested in by Founder of Helium. It recently went on a ripper from 9 cents -> 80 cents very quickly, but has now cooled down and is sitting around 35 cents.