GoodDollar Market Analysis with Weekly Recap & GNC Adds New Staff! | Good$ News 3-1-21
Hello, Hello, Hello! Ladies, gentlemen and everyone in between, this is your daily dose of GoodDollar News brought to you by me, your host and fellow Basic Income lover Micah Dewey.
This episode of the Good$ News Podcast is brought to you by our newest partner LawDepot.ca. LawDepot.ca is one of the biggest publishers of do-it-yourself legal documents, forms, and contracts. While they do specialize in Canadian Law, they also have expertly drafted documents and contracts for listeners in the United States, Australia, Germany, Nigeria, India and several other countries. As a promotion to bring in new users to their site they are offering 10% off to new customers brought in through the Good$ News Podcast! To access their services and protect your family, business or other venture, check out the link in the description of the video. And now, on to the show.
As we continue to move towards 500 subs on youtube, I just want to remind you to please subscribe to the channel and hit the notification bell to be pinged whenever I upload a new video. As you may have heard, we are running our third and largest giveaway to date. All you have to do is fill out the Google Form linked below or you can directly sign up for the Good New$ Letter on the landing page for the Podcast.
There are 5 total winners, 3 will be winning G$ 5,000, one will be winning a custom NFT donated by ArtRUs on Rarible, and the Grand Prize winner will win G$5,000 and at least 25,000 GNC. The GNC reward has a targeted multiplier directly tied to how many national Apple Podcasts charts we are ranked on, on the day we hit 500 subs. So make sure to download and listen to the Good$ News Podcast on Apple Podcasts or Itunes if you do not have an ios device. The more we increase our growth the more people we can bring into the network, the more we can bring people into the network, the more opportunities we will all have.
So today I wanted to look back on my financial predictions for GoodDollar and how they stand up to what actually happened over the past 7 days.
If you haven't seen last Monday's show I highly recommend it, especially considering how accurate my read of the market appears to have been.
In that episode, I made three predictions with caveats and explained what could happen. Let’s look back at the first prediction.
“The first likely outcome is a price next Monday of pretty close to where we are currently sitting. The price has stabilized pretty significantly and movement has been restricted to a very narrow band minus two outliers that I will go over in the more positive outlook. The estimate for next Monday's showtime price is 0.000242. This is if we see no notable growth or failures. If the status quo continues this seems like the most likely scenario. If you follow this line of thinking and don't expect a major development either positively or negatively I would suggest that G$ right now is a Hold. with an entry point being any drop below 0.000220. I would suggest that we would consider this estimation to not hold true if we see overall LP rise above $12,500 USD.”
So let’s break this first one down.
Is the price today close to where it was last week? Yes. within a ten-thousandth of a cent.
Did any single event happen either positively or negatively that caused price volatility? This is somewhat subjective but I would say No. There was no notable cash injection or price plummet.
Would you have been better off holding this week? Yes. There have been approximately 5 hours in the last week that you would have made money if you bought in last week.
Did we see an entry point below 0.000220? No. The lowest price for the week was actually this morning at .000221.
Did LP break $12,500? Nope.
Prediction vs Reality? I predicted a price of 0.000242 and we currently sit at 0.000238 at 0630 CST. Meaning that we saw just a 1.7% increase in price during that time and we were less than 2% off from our overall target. I would say that this analysis was highly accurate.
One other important thing to note is the entry point. If you are not Cost-dollar averaging, which is just the general idea of putting a specific amount into your investments at a set time and just holding and riding the market, not really worrying about dips or spikes. I would recommend waiting for clear entry points for buying G$ on FuseSwap. This was a solid hold, that is still a solid hold today.
But let's just see what I said in the other two possible outcomes for the week and see if any of that information turned out to be accurate.
“The second outcome would be a drop and hold. Last week our lowest price was 0.000199 but we pretty quickly recovered. I would say if you are looking to make a move right now waiting for a big single-day drop might be the best entry. If we see prices fall below 0.000200 for more than a day then I would say this scenario is likely the culprit. The reasoning could be a combination of things or just a removal of Liquidity from Fuse as we saw happen to Fuse last week. In this situation, I would say that G$ is a strong buy due to the historical momentum we have had.” Micah D. 2-22-21
This prediction is fairly straightforward. It was on point but didn’t happen. In the past week, we didn’t fall below the 0.0002 price point at all, so the “Hold” recommendation is still in effect over a “Buy”. LP stayed stable for both Fuse and GoodDollar allowing the steady growth we have seen continue.
Our final prediction was a little further of what actually happened, but I think it is important to take a quick look at what was my optimistic analysis and why it actually didn’t happen.
"Based on the data analysis I did I think it's pretty unlikely for us to break our ATH this week without a major cash injection into LP. This could also occur if we see Fuse rebound back to above the $0.20 USD mark. But I am still giving the statistical likelihood of a high in the range of 0.000310-325. Short of our all-time high but not by much. I actually think that this is probably the most likely of the three to happen based on the charts."
So what I did not expect was the drop of most of the alt-coin market by 22% last week. We did not see a major LP injection, nor did Fuse hit the 20 cent mark. So I suppose if you were following my advice for the week, and took this to be the most likely outcome, as I did at the time, you would be disappointed that we did not see more growth, but you would still be up just over 5% if you bought G$ on Monday morning last week.
I guess a good question to ask is how or why did we see this growth or lack thereof, depending on your opinion. I think the sooner we onboard more people to FuseSwap, getting people transacting daily on the platform, we will start to see more growth as far as price is concerned. We are also still waiting for public GoodDollar staking with returns going directly back to investors. This is in the works and should be announced relatively soon. And once that happens, who knows what will happen? I’m certainly not going to be making a bold prediction yet, especially without a lot of vital information that needs to be analyzed still yet to be publicly released.
Let me know if you want to see more financial analyses of the Fuse native tokens such as GoodDollar, Fuse and GNC. I find it very educational and informational and these pieces of knowledge or opinions on the market should be widely distributed to the users of said platform.
I honestly feel some amount of responsibility to not push a token that I know is going to have a rough week. I hope you all understand why I am sometimes hesitant to talk about the analytics aspect of the markets, especially in their current, underutilized state. I would really like to know what you think about this segment. Would you like to see Monday’s be analysis day? Tell me what you think down below.
GNC
An announcement that I am super excited about regarding GNC is coming up right now. Today, I would like to announce that the GNC team has added a paid community manager to the organization as of March 1st. Risky Kasmaja is an Indonesian crypto lawyer who has made a massive impact on bringing in dozens of new users to the Fuse platform as well as the official GNC Indonesia Telegram chat.
In the first week, he has run daily trivia nights, giveaways and has continued to foster a great sense of community on the platform. It is with a great amount of pride that I announce this to you, my loyal viewers. If you are still not a member of either of the GNC group chats, the links will be in the description of the video below. Come say hi to our newest team member who goes by Fulled on telegram. Make sure he feels the love today.
This announcement of new staff has also necessitated the desire to bring more active community members into the organization. If you or someone you know would like to be part of this growing community of crypto enthusiasts who are dedicated to providing rewards and value to our favourite content creators, artists and other underappreciated workers, feel free to email me at [email protected]
Alright folks, thank you for watching or listening. Be sure to smash that like button and subscribe to the channel. Don't forget to come back tomorrow for another episode of the Good$ News Podcast!
DESCRIPTION
#GoodDollar #Crypto #BasicIncome
Good$ News Podcast is a daily Breaking News and Financial podcast related to the cryptocurrency GoodDollar based on the Fuse Blockchain. These episodes are designed to be a bite-sized analysis of GoodDollar’s daily financial statistics and any other GoodDollar related News or Rumors.
Disclaimer: I am not employed by the GoodDollar Organization or eToro, GoodDollar’s executor. This is not meant to be financial advice. I am not a licenced financial advisor nor am I an expert. I am still learning about Crypto and in some situations, I may be incorrect, and if I am, I’m sure I will hear about it in the comments section. This show is meant to be informational and entertainment, NOT FINANCIAL ADVICE.
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Last week’s analysis: https://youtu.be/pniZamxjHt0
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