Uptober is coming fellas

GM Reader,

what a crazy week it has been again. At the beginning it felt like everyone was still depressed when they looked at the chart, then Powell came along and shot us all to the moon, so, well... Looking at the last seven days, my portfolio is up 20% but still down 60% overall 😢

But... Uptober is coming, we'll be back! We would also like to remind you of our very first issue (you can read missed issues online). Because in the headline we wrote “September goes green”. But hey, we don't have a crystal ball, I just wanted to say it 🔮😏

Before we really get into this issue, we would like to provide a little motivation. Because over the summer, many of you may have lost a little of the desire, a little of the belief in what we actually do here. Why we are all here. We are here to break the fcking system. The ailing system that leaves our parents impoverished when they retire, even though they have worked hard for over 50 years. The bank system that gives us 0.5% interest on our money and the inflation is 10 times as high. To put it in a nutshell: The summer and the sideways and downwards phase of the charts were tough. Nevertheless, you should never give up, but keep on grinding. A good example went around on social media this week: The new Nike CEO has worked his way up from intern to CEO & President of the Corp over 35 years. He never gave up; started from the bottom and is now on top!

YOU SHOULD NEVER GIVE UP 💪

The classic market had a small recovery phase last week and is in the process of recovering from the black days in August and early September. The Fed cut the key interest rate by 50 basis points on Wednesday (we reported on this in a special edition). This has pumped up the traditional market as well as the crypto market. The S&P 500 climbed to a new all-time high, as did gold 👀
Gold felt an unusually high pump this week. Could this be a harbinger of things to come for crypto?

Bitcoin also rallied slightly. Since Wednesday, there have finally been inflows into the Bitcoin ETF in the triple-digit millions again. In addition, the SEC has allowed options trading for the BlackRock ETF. That's fucking bullish. Let's see where this takes us...

And since we are still a memecoin newsletter here, we also have to talk about them. Because the memecoins naturally got carried away again when Bitcoin pumped. The classics such as $PONKE, $BONK, $MUMU or $SUNDOG went crazy and in some cases posted +50%. A few coins even went straight for 100x (we love 100x), for example $AURA. All those who held on to the last dump were able to cash in handsomely last week. But don't forget, this is just the start. Look forward to October, ahem I meant Uptober. We are so back 💯

Just a viral lil hippo…

Moo Deng, a project that was launched at the beginning of September, is currently pushing as fck. A good example of how memecoins built on viral moments can conquer the market, the timeline and the vibe within days without much additional marketing.

To understand: Moo Deng is a pygmy hippopotamus that lives at Khao Kheow Open Zoo and became a popular internet meme in September 2024 after pictures of her went viral on the internet. Through TikToks and posts on Instagram, she quickly became known and adored by everyone. Because let's be honest: who doesn't love an animal baby?

On the website and on the X account, the project describes itself as a “fan coin”. On X, they post memes about the hippo that are pretty well received. They use the current viral momentum to quickly build up their reach. When the coin was officially launched last week, it was quickly listed on Moonshot. Since then, the chart has only known one direction: upwards. First cracked 100x within minutes and then higher and higher. As we write this, the coin is up +1800% overall, with the ATH at +2000%. This was mainly due to the fact that the aforementioned exanchange pushed the coin massively. The coin was displayed first as soon as you opened the app. It was shown in Spotlight throughout the week. In addition, several push notifications were sent to all users throughout the week, luring them with the current gains. We don't want to imply that there was a deal... But even if there was, this shows the following: As a trader, you should keep a close eye on every platform and see what is currently trending. Every push notification has propelled the project like rocket fuel.

And there is still plenty of upside potential. Because the meme is far from dead and we believe it will last for a while (at least another month). As long as the meme remains viral, new ATHs are virtually guaranteed. If the meme then flattens out on the timelines of “normal users”, it remains to be seen what the devs will do to push the project further.

The project is also committed to good. Together with Moonshot, one of the exchanges on which Moodeng is traded, they have made an agreement that all proceeds from the fees generated by this coin will be donated to the zoo where Moo Deng was born. So the project also has a good cause in the background.

Worth mentioning: The zoo has also noticed the memes and the hype surrounding Moo Deng and is therefore now selling merchandise. If Moodeng jumps to 3000x, I'll treat myself to the T-shirt. And you?

Cactus $BTC Market Analysis

Market Overview:

Over the weekend, Bitcoin's price action was relatively quiet, with the market mostly consolidating around its current levels. The key focus now is on whether Bitcoin can close above the significant $64.1k mark for the weekly candle, which could set a positive tone for the upcoming week.

Technical Analysis:

- Price Movement: The lack of significant movement suggests indecision in the market. If Bitcoin manages to surpass and hold above $64.1k, this could signal a continuation of the bullish trend we've seen recently.

- Support and Resistance: With $64.1k acting as a pivotal resistance, a break above could target higher resistance levels around $67k or even approach the psychological $70k mark. Conversely, failure to break this resistance might see Bitcoin retesting lower supports around $60k or $58k.

- Volume and Momentum: The volume during this period of consolidation is crucial. Low volume during small price movements might indicate a lack of strong conviction in either direction, suggesting a potential for a breakout soon. Momentum indicators like the RSI could show if Bitcoin is overbought or oversold, offering insights into potential reversals.

Sentiment Analysis:

- Futures and Options: From insights gathered from X posts, there's a cautious optimism in the futures market. The sentiment leans towards a hopeful but not overly confident market, with some traders positioning for a breakout either way.

- Social Media Buzz: On platforms like X, the conversation revolves around this crucial resistance and what a break could mean for Bitcoin's immediate future. While there's excitement about potential upward movements, there's also a sober acknowledgment of the possibility of a downward correction.

Strategic Takeaways:

- For Traders: Keep an eye on the volume as Bitcoin approaches $64.1k. A break with high volume could be a strong signal for trend continuation or reversal. Also, watch for any divergence in momentum indicators for signs of a potential move.

- Long-term Investors: While short-term fluctuations can be thrilling or nerve-wracking, for long-term holders, this consolidation might just be another step in Bitcoin's ongoing journey. Patience might be rewarded if historical patterns hold true with such consolidations often preceding significant moves.

Conclusion:

Bitcoin's current stance at this critical resistance level paints a picture of a market on the brink of a potentially significant move. Whether it's a breakout to new highs or a correction, this week's price action could set the tone for the near-term future. As always, keep your charts close, your strategy closer, and navigate the crypto universe with both caution and optimism. Happy trading!

How many of you were at the Solana Breakpoint 2024 in Singapore?

Next year, it will take place in Abu Dhabi in December. We will also be on site at the next one and create exciting content. The planning has already started 👀

Don't forget that you can earn Solana in our referral program! Invite 25 friends to the Cactus newsletter and you will receive a random amount between $5 and $1000 in Solana to your wallet. Help us make this newsletter big 🤝