For a long time, Smartlands was the best performer in my crypto portfolio. It even outpaced BNB for a while (which I still don't own). I originally bought SLT when it was worth 2XLM. Now it's worth 24 XLM. At its peak, it was nearly 50XLM. Interestingly enough, that peak coincided with its listing on Bittrex, where it gained a Bitcoin pairing for the first time. Since then, it has suffered from a "liquidity dump," meaning people who bought low (like me) decided to finally take a bunch of profits into Bitcoin. But unlike me, these people were probably bigger holders, and they needed the liquidity of Bittrex to sell their tokens. This is evidenced by the enormous listing dump. Not only did XLM itself tank into oblivion, but SLT dropped on the XLM ratio, causing a double-whammy of pain for investors. However, looking at its USD value, it has maintained above $2-3 for quite a while. Its All-time-high is around $7, which isn't even that substantial of an increase from current prices.
Now we will see if these long capitulation wicks on SLT are the signal for the start of an uptrend....or if it will continue to drop. Investor sentiment has waned a little bit, but Smartlands continues to be one of the best performing cryptocurrencies since the 2018 bubble peak. For the first time in a while, I actually added a small amount to my position yesterday by moving some from one of my other coins (it's still the smallest portion of my portfolio). I think it has room to fall on the XLM ratio, but I want to see if it can maintain the current floor both in USD and Bitcoin value. This is a totally speculative chart, as there isn't really any TA to go on. That's why I left a bunch of room to the right.
This is not financial advice. I'm just posting this here for future reference and personal use. Eventually, there will be some price history. I'm only making this a "Long" strategy because my position is long term. I may chose to reduce it if progress starts to slow down for Smartlands.
-Victor Cobra
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Wow, there have been no trades at all on Bittrex in the last day or so. A bit concerning. The wicks tell me that there are some low orders being filled, due to the lack of liquidity.
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Strong buying support at these levels has been built so far. Let’s see if we can break the downtrend.
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Looks objectively horrible, but we're actually at the same support we wicked to back in May. Interesting.
@stephenpjohnson01, SLT/BTC is currently trading at 0.00017 on WhiteBit. This is still over 50% down from where it was when I originally posted this. Pretty amazing, considering SLT has gone almost 100x from absolute bottom. I expect there to be strong resistance here, and then maybe it can go another 2-4x from here against Bitcoin once this level is broken. I feel like many (if not most) cryptocurrencies never make a new ATH against their base asset, in this case XLM. And most certainly never make a new ATH against Bitcoin. I think SLT/XLM could easily just make a lower high. I plan on reducing my total SLT position slightly in favor of more XLM as ratio moves up. I did this last cycle and it worked out well. My next take-profit area is 30 XLM, after taking 10% at 20. The rest I'll hold in case it really does go above $100. It's got some pretty good stuff going for it, so it'll really be a fun ride if their platform gets usage, and their token model plays out as many hope it will.
To add to that, I think the crypto market cycle has maybe one giant move to the upside left in the tank, and I plan on taking some substantial profits along the way.
-Victor Cobra
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The bottom should be building now sir. We could break out very soon