Episode Summary

How To Trade NFTs?

Ideal Discord and Twitter follower numbers for NFT projects that are worth investing in.

Tip of the day: Buy 2 NFTs from the project you like.

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Hello, everybody happy Wednesday. My name is Joe Dewitt, and this is the crypto breakdown and taking a look over at Bitcoin Bitcoin price continues to battle for that 58,000 support slash resistance level. This has been a crucial support and resistance for the last couple of months here. Um, I've mentioned it quite some times here, though.

Bitcoin is in a volatile state here it's wedged between that 50 day and 200 day moving average and sitting right below this resistance level is 58,000. If Bitcoin can get this buying pressure and just hop right above that. Would put it in that zone for all time highs, which is ideal for Bitcoin. The overall macro trend is great.

Uh, accumulating higher lows and higher highs. A breakout here for Bitcoin looks inevitable. Taking a look over at Ethereum. Ethereum looks absolutely insane up one and a half percent today. It has been pushing towards all time highs for about five days. And it does not show any sign of slowing down price.

Currently at $4,720, we are just about to reach all time highs for Ethereum, which could happen even today. If buying pressure continues here, overall macro trend on Ethereum looks absolutely great. Uh, accumulating higher than. Higher highs, buying pressure is continuing to grow. There is a good amount of green volume that came in yesterday and today has a good amount of green buying pressure here.

The only thing for Ethereum, I would say, keep an eye on that relative strength index to see when we were approaching a little bit of overbought area for a slight correction. But other than that, Ethereum looks absolutely primed and ready to go. Now taking a look over at salon, I wanted to mention salon because today's candlestick.

Absolutely beautiful. It started right at that 50 day, moving average, using that as support and hopped up right above this crucial resistance level that we've been bouncing between. Um, it was a resistance flip support sitting at about $215 per salon here. Salon has a lot of room for growth, just considering it as a layer one.

To something like the theorem and Ethereum gas feeds have been growing lately. So people have been transitioning away from, from Ethereum to other layer ones like Appalachian Solano for alternative transactions. And that shows no sign of showing down until a third empty 0.0, rolls out. People will continue to use Salono and push this price up.

I could see easily price hitting that $300 range. And just a matter of a few weeks, I'm depends about where the buying pressure is. Although to start off, this is an absolutely great sign. Uh, closing the candlestick above the support level would put us in a zone of all time highs. And today, guys, I'm going to talk about how to trade NFTs, how to keep liquid and NFTs, and just a few things to keep in mind if you were looking to trade, uh, individual NFT projects.

So something I like to mention to people is to diversify. It never go all in on one NFT project. You like, it's absolutely normal to. I feel some type of way about a project and really like it, but that does not mean you have to buy 30 of them. Um, what I like to say is buy to have a project that you like, because that way, if you have one can put up for sale, which is called listing, so you can list one and then you hold onto the other, in case price continues to climb because with NFTs, they are so, so volatile so much more than crypto because you never know when volume is coming in.

And NFT markets are very abrupt and very subtle. It mostly depends on when individuals want to start trading. So when people are looking to buy, um, a certain project is when the highest opportunity comes to sell. So that being said, that is why I like to recommend buying to have a project that you like.

That way you can list one to gain profits and have another, um, in case price continues to increase. Another thing to look out for is overall traction on the NFT project and what I mean by that. Um, it's overall community and following how many Twitter followers they have in their discord. I usually like to look for a discord of upwards of 20,000 people, um, and somewhere around the 10,000 for Twitter followers, because it's a safe area.

You want enough people looking at the project where you know that there will be a good amount of transactions there. If you like a project. That has absolutely no traction. That doesn't mean you can't buy it. That just means there aren't enough eyes on it yet. You're taking a gamble with, if there are ever going to be transactions on that NFT project.

So that's why I like to stay safe and go into projects. I know that we'll have a good amount of volume because people are already looking at them. And the last thing I would recommend when looking to trade NFTs would be to look on alternative layer ones rather than a theory. I absolutely love it.

Theorem and I have multiple NFTs on a theorem network, but if you're looking at. Quick trades and take profits. Something like Solano is an absolutely great alternative. Um, they provide a great marketplaces like magic Eden, where you can go on and buy NFTs for a fraction of the cost. You'd pay for Ethereum gas, theorem, gas being upwards of 100, $200.

And Salana, you'd pay a fraction of a cent. So taking a look at alternative layer ones for your NFP projects is a. Opportunity to make some money there. That's all the time we have today. Guys. Thank you so much for tuning in hope. You all have a wonderful day, make sure to follow and subscribe to our podcast, which will all be in the description below you guys take care of quickly.

I just want to say that this is not financial advice. I encourage everyone out there to please do your own research before investing in cryptocurrencies, as they are very volatile assets. Did you know nearly all stock price changes of 10% or more result from a single news headline? News headlines have a unique ability to drive stock prices up or down.

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