During the most recent DeFi pump in February, data focused coins were some of the last to chad upward (ocean, grt , data) lagging behind all the DEX and ETH killers tokens. This time around it’s seeming like history is rhyming, ETH competitors look great with SOL stealing the new DeFi hype train from BSC and DEX’s are making great headlines. But where are the data coins? Ocean and GRT are my two leaders in this pack and GRT in particular is far down from its heady highs of almost $3 back in Feb.
What does this mean? In the long term (a few months) as the hype moves through DeFi and toward Web3 protocols, the data sector of DeFi will become extremely hyped, we saw this with GRT and OCEANS highs coinciding with the NFT boom as they are both areas that rely hugely on the possibilities and promises of the Web3 future. In the short term this means that we are likely to get a small jump back to mid value levels before a big bull rush toward the end of June/July.
This makes data coins great short term and long term holds as they are currently at a huge discount with the focus of the market elsewhere.
Short term the PA looks great and ripe for a move upwards. We’ve made consistent higher lows over the last 3 days and the low we had was nearly 10% higher then the previous wick bleed. For our entries we will enter at current price with half of our position (1.37) as ETH looks like it will be going sideways and that creates a perfect scenario for big ALT moves. Our second 50% will be at the 0.618 Fib level (1.33) in case of a small correction downwards.
Overall this is a short term trade to take advantage of GRT being undervalued and we are targeting the 1.7 for profits. If you want to hodl this would also be a fantastic entry to hold to mid summer, however our plan currently is to grab some quick profits and come back to GRT in a few weeks when the market changes its focus.
Good ape use low leverage, Good ape profit