NFT sales replace crypto airdrop to fund the war against invading Russian army; plus our weekly BTC and ETH technical analysis
- Ukraine Rugpulls Token Airdrop?!
- Bitcoin/USD – Bitcoin Hovering Over Support
- Ethereum/USD – No Man’s Land
Ukraine Rugpulls Token Airdrop?!
The Ukrainian Prime Minister Mykhailo Fedorov announced last Wednesday via twitter that the country was canceling its plan for an airdrop.
This airdrop would have provided free tokens for those who already donated to the country and given an incentive to future donors in anticipation of the airdrop. Scammers took advantage of the airdrop news and issued fake tokens known as “Peace World Tokens” that appeared to be the official token. One of the red flags that revealed the token was fake was the way the token appeared to be issued from Ukraine’s public Ethereum address, but instead was issued by a third party. A few hours later, Mykhailo Fedorov, Ukraine’s minister for digital transformation mentioned in a tweet that the Ukrainian government planned to sell NFTs instead of airdropping tokens.
Although the airdrop is no longer happening, it did increase donations to Ukraine sent by late donors in anticipation of an airdrop. The official Ukrainian crypto wallet reportedly received about $7 million in donations after the airdrop announcement. Reports suggest that the official donation wallet for Ukraine has received a total of $37 million dollars in tracked crypto donations.
Bitcoin/USD – Hovering Over Support
BTC Daily Chart
BTC Weekly Chart
At the time of writing, Bitcoin is priced at about $38.9k and is hovering over its weekly support at $38k. It seems that Bitcoin has been ranging back and forth in a wide range from the range low at $34k to its high at about $46k. Most of the price action seems to be choppy due to Macro outside events, and in my opinion, the charts are showing signs of indecisiveness between buyers and sellers. In my opinion the best trade to take right now is either at the extremes of the ranges or none at all until the market becomes easier to trade/macro conditions resolve.
Bitcoin Bull Scenario
Bitcoin maintains above $38k and breaks $46k resistance.
Bitcoin Bear Scenario
Bitcoin does not maintain $38k and we look for $34k to act as support again.
Ethereum/USD – No Man’s Land
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is priced at about $2.5k and has still not broken the downtrend line as mentioned in last week’s article. Ethereum also seems to be floating within the middle of its range with the high located at $3k and the range low located at $2.3k. Again, due to the macro environment and the current uncertainty in the market, the best trade during choppy conditions like this is at the extremes or no trade at all.
Ethereum Bull Scenario
Ethereum reclaims the $2.7k level and then the $3k area as well.
Ethereum Bear Scenario
Ethereum does not reclaim the $2.7k area and we look at $2.3k to act as support.