The UK's biggest NFT project, backed by the largest influencers, rappers and content-makers, is about to blow. I tuned into the developers' telegram group call today, and will share key technical and fundamental analysis. I will be posting an update on this project every couple of weeks for accountability on my analysis so make sure to follow! Find last week's article here.
The Fundamentals
The key underlying reasons that this is a great project
Changing the Entertainment Game
Not only is the token developed by one of the UK's largest social media influencers, it's featured from Forbes to Yahoo.
That's right, famous Instagram giant, Antz, and his page 'imjustbait' are the roots of this project. It is set to be astronomically adopted amongst the tightly knit entertainment industry in the UK with some of the most significant online presences braced to use it's NFT value.
Like all good projects, it provides a solution to a problem. The problem is that at present tickets in music, live shows an festivals can be faked.
The sad truth is a lot of people fall victim to fake ticket selling, particularly online. Nearly 11 million people are affected by fake ticket sales yearly.
That's not to mention the many that pay for tickets and never receive them. This problem is something blockchain has had the potential to solve for a while, and this only is the next natural step towards the blockchain integrated world.
Take the biggest, best connected artists and influencers, get them to develop a solution to a problem in the ecosystem they know so well, and have it sustain thousands of sales every day. The formula is simple.
The Tokenomics are just as impressive
Mobile app and exchange
The UK's market for Cryptocurrency is still behind a lot of developed economies leaving huge potential untapped.
The team will develop their own DEX and Mobile App to easily support their NFT dream and the stage is set for complete and total adoption.
The best part? These famous personalities are not only accountable to their investors but also their fans. If the call with them today proved anything to me, it is that I'm doubling up my holdings.
The Technicals
What should stick out immediately from this graph is the long accumulation pattern.
Accumulation 1: Double Dip
The double dip pattern, in the midst of the broad sweeping Cryptocurrencies' bear market earlier this year, provides a very strong support at roughly 0.00003. The pattern almost immediately and perfectly completed itself in the market recovery hitting its present price and taking out an entire 0.
Usually with newer projects, the break of these natural resistances at round numbers only exponentially leads to moon runs. Notably, one zero down, many investors anticipate the next (x10) to fall soon.
Accumulation 2: Cup and Handle
However, on it's way to the next x10, which will bring about a 10M market cap, it will have to break the ATH at 0.00036 which was brought about almost immediately after the token was released, before the Crypto winter that hit bitcoin.
What will help is the cup and handle pattern that has been formed, courtesy of the market makers on the Baitcoin team (that's right: market makers), which looks like a textbook example primed to break to the upside, now that 0.0001 has provided stable support. The market makers are an especially important part of the puzzle, as some of the richest devs in the UK Entertainment business are paying a large amount of money to signal a buy.
Targets
The first target will be the immediate 70% gain measured from the top of the handle, conveniently building at 0.0001, to 0.00017. The bottom of the cup, 0.00003, to the handle at 0.0001 provides the measurement for a 0.00007 increase (70%).
The second target will be met at the ATH of 0.00036, which is double the target of the cup and handle breakout, and is to be supported with a lot of news coming out from the team, once they start rolling out solutions to entertainment stars.
The third target will be the taking out of the next zero as we talked about aforementioned (the next psychological resistance at 0.001).
I'm planning on HODLing my coins all the way to the moon. Make sure you do your own research, and do not be afraid to hold me accountable for my views.
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