Category: Olu Oyekanmi

ARB:Has It Almost Bottomed Out?

8/9/2023

I heard of Arbitrum (ARB) but had not paid that much attention to it. What got me to look at ARB more seriously was Mirror. XYZ. Arbitrum is a layer-2 scaling solution for the Ethereum blockchain. It aims to improve the performance of Ethereum smart-contracts by increasing their speed, scalability, and privacy. We all know that using the Ethereum blockchain for payments has been a nightmare in terms of costs to the user. Sometimes, the Ethereum blockchain is unusable due to a lack of scalability to deal with a backlog of payments. ARB is a much cheaper alternative and scales effectively. I think we best stop here; this blog is not about discussing the virtues of ARB.

Arbitrum Chart, Courtesy Tradingview

The ARB chart shows that the current price of $0.90 is close to the all-time low of $0.87. One might say that this is a buying opportunity. It probably is. We can also see a series of lower highs and lower lows, which means there is a possibility that the price may have further to fall. We must pay attention to the price action as the choppiness index has enough energy to affect the fall. In addition, the Laguerre RSI indicates weakness in the price action overall, with no movement to the upside. The discount area on the chart acts as support, as seen over the last few days.

No one knows what will happen; we can only make educated guesses. Since that's all we have, your guess is as good as mine.

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SOL: Vagaries Reign Supreme?

6/9/2023

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My last post on Solana mentioned briefly that just like any other instrument, Solana is subject to the vagaries of the market. The price of SOL spiked by 3.5% in 24 hours. Once I saw the spike, I knew some news triggered the reaction. While a busy day, I took time to find out what exactly caused the jump. It turns out that Visa had announced it would begin to send USDC to selected merchants via the Solana blockchain. No doubt, this is good news for Solana and its supporters. And yes, exciting times ahead.

Solana Price Chart, Courtesy Tradingview

Putting the initial euphoria aside, the price of SOL is down from $20.60 to $19.81 (at the time of writing). On Monday, we discussed the price movement of SOL. The confluence between the 78.6% Fibonacci level, the point of control (POC), the institutional buying zone, and the price remains unchanged. As posited on Monday, the Solana price may still fall to $17. If SOL breaks the $19 level, the chances of falling to $17 are more relevant than ever. We must not be surprised if institutional buying acts as a strong support for the price levels. Solana investors are going to have to be vigilant on this one. Just as the price spiked upward, the same can happen heading downwards.

No one knows what the market will do except if you have a crystal ball. And if you don't have one, your guess is as good as mine.

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SOL: Much Ado About Everything?

4/9/2023

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Many of you following me will know I have never analysed Solana at any level. Solana is a proof-of-stake Layer 1 Blockchain that offers users fast speeds and affordable costs. There are a variety of projects built on Solana, such as the support for smart contracts, DeFi, social media platforms, and NFT marketplaces. One can say that there are good times ahead in this project. That said, we are not here to talk about the virtues of Solana but the charts.

The overall cryptocurrency is in a downtrend, and we should expect a further fall. Solana is not immune to the vagaries of the market. We must be cautious in our assessment of where the market may go. The Solana chart shows the confluence between the price, the Fibonacci retracement of 78.6%, and the institutional buying zone. The volume profile shows that if the price rises, we may have a return of $22. However, if it falls, we are looking at $17 as a possibility. Although highly unlikely, the price may drop between $15.50 and $16.00.

Solana Chart, Courtesy of Tradingview

In addition, nothing in the news cycle suggests Solana is in any form of trouble. Nevertheless, the vagaries of the market do reign supreme. One might even say there is "much ado about everything". In other words, no news is good news. As always, when determining the vagaries of the markets, your guess is as good as mine.

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Bitcoin: Price Predictions

27/12/2021

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I am not for making predictions, but the Bitcoin predictions are fun to watch and see who is correct. Perhaps we should bear in mind something said by Peter Drucker:

Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window.

We have seen some crazy predictions made about Bitcoin. Some have spoken of over a million dollars in price. Nevertheless, several subscribers asked me to predict the BTC price at the end of the year. I was reluctant but said $70k would be as far as it goes. (Please see a copy of the newsletter sent out in January 2021; the prediction is in yellow highlight). We all know that the highest price for BTC this year was $69k. Some will argue that there are still a few days left in the year, but I don't think we will see anything remotely close to $69k.

Newsletters from January 2021

I believe that 2022 is going to be a year of development. We all know the Metaverse will grow. NFTs will continue to surge, and of course, DeFi will continue to blossom. The interest is in the price of Bitcoin. We at Nosa Capital can give no financial advice, but we posit that the price will be $110k. Lord only knows what some pundits will predict for next year. One can only suppose things are going to get interesting.
I think it best to conclude with a quote from Damien Rice:

I have an abundance of enthusiasm; however, it would be foolish to think I can predict a future that doesn't exist.

We all know the crypto crowd has boatloads of enthusiasm but not necessarily the discipline to curb that enthusiasm. Let us all proceed with caution. And as to what the final price may be, your guess is as good as mine.

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NFTs (Non-Fungible Tokens) Stories You May Have Missed (2)

19/11/2021

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We all know it people, NFTs are the hot stuff of crypto in recent months. This is bound to continue

Here are just some of the stories you can read in our NFT Space Flipboard magazine:

You Wouldn't Steal a JPEG: What Does the Massive Right-Click Heist Mean for NFTs?
Download every NFT (all 17 terabytes) for free using this torrent
This Company Wants To Turn Your Mortgage Into An NFT
Brave browser now has a built-in crypto wallet that supports crypto assets and NFTs
Investors Are Making NFTs of the Blockchain, on the Blockchain
How NFTs Will Kill Netflix
Discord Suspends NFT Integration After User Community Backlash
Science proves it: Most NFTs are worthless
The US Government Made It Illegal to Buy These NFTs
How NFTs Create Value

Read Magazine

A more enjoyable option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "NFT Space". This magazine is curated by Olusegun Oyekanmi

You can see other NFTs at OpenSea and ShowTime:
Opensea: https://nosax.me/2WuYYmI
ShowTime: https://nosax.me/3x0qiqV

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Crypto Stories You May Have Missed (LXV)

18/11/2021

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It has been a while since our last mention of stories you may have missed. A lot has happened since then, most of it quite exciting. Considering the amount of activity in the last few weeks , you could be forgiven for missing a story or two.

Solana is now the most staked crypto asset by value
Argentina to Tax Crypto Exchanges
Fed Governor: Why Launch A CBDC When You Got Stablecoins?
Brave browser now has a built-in crypto wallet that supports crypto assets and NFTs
Why Monero Could Be Better Than Bitcoin
Famed Economist Doubts Bitcoin Will Become Global Currency
eNaira may reduce deposits in commercial banks, IMF warns CBN
Bitcoin’s Taproot upgrade simply explained

Read Magazine

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Bitcoin: What The Crypto is Going On?

10/9/2021

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A few days ago, the price of Bitcoin suddenly dropped. Why has this happened? We don't know. You will hear all sorts of reasons from people trying to sound intelligent and in the know. Don't be deceived. Those involved in derivatives, on the other hand, have felt the price drop. Those who have taken a long position(believe that the price will rise) in BTC have found themselves on the losing end. This audio blog is, to some extent, a rant. Enjoy!

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NFTs (Non-Fungible Tokens) Stories You May Have Missed

8/9/2021

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Here is the first of many alerts to come to you concerning NFTs. If you have anything to do with the crypto industry, you will have heard of NFTs. NFTs (Non-Fungible Tokens) are crypto-assets used to authenticate ownership of digital assets such as artworks, music, books, collectibles, virtual real estate, virtual pets, etc. The key here is the authentication part. Now that there is digital asset authentication, there will be no ownership disputes.

Here are just a few of the stories you can read in our magazine:

Read Magazine

As mentioned in the audio section, here are the NFTs we've put together on OpenSea:
https://nosax.me/2WuYYmI

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Crypto Stories You May Have Missed (LXIV)

7/9/2021

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It has been a while since our mention of stories you may have missed. A lot has happened over the last few weeks. Considering the activity past, you are forgiven for missing a story or two.

Here are just a few of the stories you can read in our magazine:

Crypto Exchange Binance pulls out of Singapore
NFTs offer means for governments to find solutions
Bitcoin miners and oil producers to discuss crypto-mining opportunities
Bitcoin is now legal tender in El Salvador
Twitter will soon let user receive tips in Bitcoin, Ethereum
Nigeria's planned e-Naira will not be enough to deter crypto users
What is Loot? The surging Ethereum NFT role playing phenomenon
Vitalik Buterin reveals his biggest regret about Ethereum

Read Magazine

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Bitcoin: Anything New?

26/8/2021

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There were a few exciting days when the price of BTC hit $50k and then a sudden drop. Pundits went on the BTC $300k shouts once more. Notice how quiet these people become when the price falls and noisy when there is a price rise. As suggested in the past, let the market dictate to you what action you should take. There is no reason to panic. Thank the "TA gods" BTC OGs are holding sway. Is there anything new and of some surprise? Answer: No!

This video is strictly for educational purposes. It is not a video giving any financial advice as the maker of this video is not authorized to do so. This video is not an endorsement of Bitcoin for purchase.