🧠 How this coin increased 138% in a bear market.

GM Seedphrase Nation 👋 Welcome to "Technical Analysis Tuesday," where we dive into the charts to uncover hidden insights and trends in the crypto market.

Today’s agenda: 📓

• 🤯 The coin that has defied crypto winter

• 📈 Why are markets pumping? 3 possible scenarios

• 🪙 Top coins and what could be next

• 🏦 Analyzing money movements (Daily on-chain flow)

• 👀 BTC mining pump

🤯 The coin that has defied crypto winter.

Did you catch this pump? 👀

GALA, a cryptocurrency focused on bridging the gap between traditional gaming and the world of crypto, has seen a massive jump in value recently.

The coin pumped 30% just in the last 24 hours, and saw a 138% increase the last 7 days.

Why the surge?

Yesterday, Gala Games announced in a now deleted tweet that a partnership with Dwayne "The Rock" Johnson and Mark Wahlberg has formed.

And that seems to be just the tip of the iceberg.

Gala is looking to make a splash in the music industry with its GALA token set to be used in the GoGalaFilms and GoGalaMusic ecosystem.

With a market cap of over $295 million and a 24-hour volume of over $1.3 billion, it's clear that investors are taking notice of Gala's ambitious expansion plans.

Just look at that pump.

🤝Sponsor of the Day: Babbel

If you could start speaking Spanish in just 3 weeks, would you?

If yes, keep that energy because you actually CAN.

Everyone has 10 minutes to spare, and with Babbel, those 10 minutes will be the most productive part of your day. Babbel teaches you a new language in bite-sized 10 minute lessons.

This isn’t your grade school textbook: the bite-sized lessons, available in 14 languages, teach you localized vocabulary you’ll actually use in the real world. Plus, speech recognition technology helps you perfect your accent. Sign up today and get up to 60 percent off your subscription.

📈 Why has the market pumped the past few days?

Want to know what's really driving the market? Look to the Fed.

The recent rallies in the market are likely due to a decrease in inflation and anticipation of a decrease in Federal Reserve's interest rates. As the difference between inflation and the federal funds rate narrows, markets are expected to start to recover.

At least, that's the idea.

But be warned: charts can be deceiving. Just because BTC and the overall markets are seeing some green in the last few days, doesn't mean it's a sign of long-term gains.

Let's see what the charts are saying.

$BTC

BTC went up 1.5% in the past 24 hours and hit a high of $17,390.

$ETH

ETH rose 3.8% in the past 24 hours and hit a high of $1,344.

$SOL

SOL rallied over 18% on Monday and traded around $16.

SOL went up in value a lot because of two things happening.

1. SOL NFTs pumped.

2. BONK and FRONK also pumped.

All of these things happened in the same ecosystem, so it increased the value of SOL.

And if you thought we hit bottom…

Maybe this is the confirmation you're looking for. OR Cathie Woods could be a signal that we haven't bottomed out yet.

🧠 The interpretation of perpetual futures.

Perpetual futures got you confused?

Think of it like owing money to the store when you buy something with a credit card. Open positions in trading are like keeping a tab open with the exchange. Think of perpetual futures as an IOU, but instead of owing a person, you owe the exchange.

The meaning of these fancy words: when there isn't much interest in buying or selling, it's like a party with no guests, indicating not-so-good times for trading.

Let's look into the market movers:

ETH open interest hit a month high on Binance:

Ironically, open interest in BTC on Binance has remained stagnant.

This can mean 1 of 3 things.

1. The flippening, aka the possibility of Ethereum (ETH) overtaking Bitcoin (BTC) in market value and usage, is showing signs of becoming a reality.

2. The growing adoption and usage of ETH are increasing faster than BTC.

3. However, what is observed as a market movement may be a fake pump, and the market is not moving.

Historically, BTC has been the dominant cryptocurrency and has controlled the markets.

⚜️ Golden Nugget: The current data does not indicate that BTC's movement or increase in open interest is a sign of a long-term bull market, and prices may go back to previous levels after a short-term pump.

🪙 Top 10 coins and what could be next.

What does this mean?

Well, we can’t know for sure, but typically:

When the markets see a pump, alts follow closely behind it.

⚜️ Golden Nugget: Keep an eye out for alt coins to have a short-term pump. Ride the wave if you want to make some gains.

🏦 Is money leaving the market? (Daily onchain flow)

Right now, the number of BTC and ETH going in and out is staying the same, which means little is happening.

Sometimes this can be just a little bump, not a significant change.

But when more BTC, ETH and stablecoins are put into the exchange, people want to buy and sell, and things start to heat up.

We just haven't seen that yet.

The good news is: 👇

USDC's number of 7-day exchange deposits reached a one-month high.

An excellent sign that tells us more people are interested in buying and trading crypto.

Seeing big numbers of USDC coming into the exchanges is like a green light telling us that people are buying a lot.

👀 BTC mining pumps.

A flicker of hope.

INTERESTED IN WORKING WITH SEEDPHRASE DAILY?

😂 Meme of the Day

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research