Last week, BTC showed significant price fluctuations. While geopolitical tensions in the Middle East caused a temporary downtrend, BTC held above the $60,000 level. As the week progressed, BTC rebounded in response to optimistic US economic data, briefly touching $64,000.

Unfortunately, BTC couldn’t break through this crucial resistance level. At the time of writing, BTC has retraced to around $62,500. The current focus is on maintaining the $60,000 support level while attempting to retest the resistance. A breach of this support could lead to further declines, with potential new support levels at $57,500 and $54,000.

Overall, market sentiment has improved. With US inflation data moving closer to the 2% target, markets are anticipating a more aggressive stance from the Fed. According to the CME FedWatch Tool, the market now assigns a 50% probability that the Fed will cut rates by a total of 75 basis points by year-end.

The Pintu Academy team has compiled valuable insights from several crypto projects. We analyze that information to determine its potential impact on various asset prices. Will these be bullish or bearish catalysts? Find out in the following article.

It should be noted that all information in this Market Signal is intended for educational purposes, not as financial advice. Do your own research before making any financial decisions!

Jupiter (JUP) ➡️ Bullish 🚀

Through a community vote, DAO members have approved the extension of Jupiter Staking Rewards (ASR) until 2025. This decision could have significant implications as ASR also serves as an incentive for the Jupiter DAO. In essence, the Jupiter DAO has an additional 12 months to elevate its capabilities to the next level.

The Jupiter DAO is expected to become more resilient and effective with the extension of ASR. Especially with new initiatives like LFG Launchpad V2 and CAT are currently under development.

In addition to the ASR extension, Jupiter has recently launched the Jupiter Portfolio feature. This feature lets users view all open Limits, DCA, VA orders, token holdings, and perpetual positions with just a click of the wallet icon.

All these updates could serve as a positive catalyst for JUP in the short term. While in the long term, these updates further solidify Jupiter’s position as a premier and top-tier DEX protocol in the Solana ecosystem.

In the past seven days, the price of JUP has performed poorly, dropping 10.04% to Rp 12,187. However, JUP still recorded a 12.13% increase in the last 30 days, reaching a high of Rp 14,423.

AAVE (AAVE) ➡️ Bullish 🚀

Aave officially launched its collaboration with Sky, called Sky Aave Force, on October 3rd. Sky is the latest version of MakerDAO and has its native stablecoin, USDS, as a replacement for DAI.

In the Sky Aave Force collaboration, USDS and the SKY ecosystem are now integrated with the Aave ecosystem, specifically Aave V3. This collaboration aims to bridge the gap between decentralized finance and traditional finance. It is hoped that Sky Aave Force can create a more resilient ecosystem, wider accessibility, and increased adoption.

One of the highlights of this collaboration is the integration of USDS with Saving USDS (sUSDS) into Aave V3, offering native token rewards and creating a new Spark.Fi/Aave market for seamless interactions and exclusive benefits.

Additionally, the collaboration offers an airdrop program for its users. This airdrop program will offer 3.33 million SPK tokens per month to users who provide sUSDS supply on the Aave V3 Main Market. This program will help boost USDS adoption and increase Aave’s Total Value Locked (TVL) revenue by attracting new borrowers.

Stacks (STX) ➡️ Uncertain⚖️

After a long wait, Stacks has finally announced that the Nakamoto Upgrade will be launched on October 10th. Initially, this update was reported to be launched in August. The reason for the delay of the Nakamoto Upgrade is related to the testing on the Nakamoto testnet.

The required hard fork turned out to take longer than the initial plan. Moreover, the Stacks team has been continuously updating its system to ensure improvements based on the results of previous tests.

"The development team wanted to test the testnet longer and see if the primary testnet was updated first before determining the mainnet hardfork block. Once the block is determined, the entire system will be ready to launch," Stacks explained in its official blog.

The update will bring significant performance improvements to Stacks. One is issuing new blocks every few seconds, up from 10 minutes. Thus, Stacks will provide a better user experience for high-volume transactions or advanced DeFi usage.

There is a possibility that the moment of the Nakamoto Upgrade launch will be used as an opportunity to “sell the news.” In the last 30 days, STX has experienced a 26.93% increase. However, its price dropped 3.76% in the previous seven days to Rp 27,775.”

Mantra (OM) ➡️ Uncertain⚖️

OM has emerged as one of the tokens that has maintained a positive performance amidst increasing market volatility. While other tokens have experienced corrections, OM has recorded a 63% increase in the last 30 days.

Turn out, the price increase of this Layer-1 (L1) protocol token specifically for Real World Assets (RWAs) was triggered by the news of its main net launch in October.

With the mainnet on the horizon, Mantra aims to offer a comprehensive and customizable set of tools to meet the specific needs of development teams. Through Mantra, moving RWAs on-chain can be done seamlessly while still complying with regulatory requirements.

Given that this mainnet launch will mark a new chapter in Mantra’s journey, their native token OM is expected to receive a positive catalyst. However, many also doubt this momentum, given the significant price increase. The mainnet launch may be an opportunity for a “sell the news” event. As a result, the OM token is categorized as uncertain for this week.

Token Unlock Agenda This Week

Pintu Academy will feature a list of protocols for token unlocks this week. Here is the list:

Furthermore, some other protocols that will conduct token unlock this week are Hashflow (HFT), Cardano (ADA), Ethena (ENA) dan Xai (XAI). Notably, the total token unlock value this week exceeded $204 million.

In general, the token unlock agenda will increase the supply in circulation. If the holder of the unlocked token decides to sell their holdings and there is no offsetting demand, the token price will likely plummet. The greater the number of tokens unlocked, the greater the potential pressure generated.

However, a well-planned token unlock schedule can also strengthen the sustainability of a project. As the protocol evolves, token unlocks can motivate team members, boost community engagement, and promote ecosystem growth.

Crypto Performance Over the Past Week

Here are the best and worst performing cryptos on Pintu:

Cryptocurrencies With the Best Performance

• Degen (DEGEN): 🔼82,41% (Rp 128)
• Civic (CVC): 🔼34,60% (Rp 2.730)
• Popcat (POPCAT): 🔼30,87% (Rp 20.073)

Cryptocurrencies With the Worst Performance

• Entangle (NGL): 🔽33,36% (Rp 693)
• Ethena (ENA): 🔽23,44% (Rp 4.548)
• Orion (ORN): 🔽22,51% (Rp 15.299)

References

• Stacks Foundation, Nakamoto Activation Update: Core Developers Ship Release Candidate 2, Adjust Hard Fork Block Selection, Stacks Blog, accessed on 8 October 2024.
• Abiodun Oladokun, Mantra (OM) Reaches All-Time High at $1.45, Eyes Bigger Gains, BeInCrypto, accessed on 8 October 2024.