Plutus DeFi (PLT) has a similar interface to Uniswap, except for the fact that they have 7 more wallets to store your funds in! Not only Metamask. Now THAT’S a buffet:p
Having all the hype surrounding DeFi now , it’s hard not to take notice when a unique project comes out with a feature that makes it stands out from the rest. In this case, PLT/USDT takes the cake and shows us why!
One of the interesting features rolled out by this project, is the full-stack DeFi aggregator that includes ETH mixers—(PlutusDeFi “Bl3nd3r”). What this essentially does (as what the name Bl3nd3r suggest), is that it mixes in all the transactions and blends them together such that the end-product provides maximum anonymity. When the liquidity within the Bl3nd3r increases, so does the degree of anonymity.
As explained in an AMA session hosted by BiKi Exchange on 24th July 2020, Co-founder of PlutusDeFi Ali Hararwala states that “PlutusDeFi’s Bl3nd3r enables privacy for users when sending transactions by disrupting and breaking the connection between the sender and recipient address. There is no way to link the withdrawal from the Bl3nd3r from the sender, this is done by using complex smart contracts with zkSnarks proof, which accept deposits into our liquidity pool (Bl3nd3r) and spits out the assets to a new address, by using the proof (or a key) provided at the time of deposit.
By using zkSnarks, all transactions are 100% anonymous, PlutusDeFi’s Bl3nd3r acts as a proxy between parties.”
Since PlutusDeFi has just been listed not too long ago, we will have to look to the smaller timeframes to determine the token’s short-to-intermediate moves.
- Drawing the trendline as such, we can see that price has rejected off the trendline for the 3rd time and is well on it’s way to imprint a bullish engulfing candle.
- Using the high as the prior resistance, we see that price is rejecting off that particular zone, making it a resistance-turned-support.
- Taking Fibonacci from the start of the first wave, we see that price has retraced to the crucial Fibo zone (between 61.8-78.6) and extended to almost exactly the -61.8 extension.
- 17&50 EMAs widening gap indicates strengthening bullish momentum.
- A quick switch to linechart and back, we found ourselves a nice level at 0.275 that has repeatedly acted as resistance, and once as support.
- Taking the new Fibo for the second wave, we found that price rejected off the 61.8 Fibo level, and our target of -27.2 extension level at 0.345.
- Readjusting the trendline on H1 to make sure it does not cut any candle bodies, we notice that price in fact rejected off a confluence of the 0.275 level, Fibo level 61.8 and the 50 EMA.
- 17&50 EMAs still indicates bullish momentum.
- Seems to be forming a potential right shoulder.
This is the Bullish scenario that I will be expecting to see based on the H1 timeframe:
I will be expecting the right shoulder for the Head&Shoulders pattern to be formed, BUT also expecting it to fail and price to be rejected off at the confluence of the ascending trendline and crucial level (also our entry point). Why do I expect the H&S to fail? Bear in mind that this is the H1 timeframe we’re talking about, highly volatile, highly manipulable. We are still in a very strong bullish trend and it would definitely be unwise to go against the trend (something I’ve always advocate).
As always, do implement the proper risk-management in place and keep the risk-to-reward ratio to at least 1:3.
For new BiKinSight readers, welcome to my humble crib:> Click here to start trading PLT/USDT now!: https://bit.ly/PLT_SURGE
Disclaimer: The above does not constitute as investment advice. Do note that trading cryptocurrencies (or any other financial market) involves substantial risk, and there will be a potential for loss. Your trading results may vary. Please practice the proper risk management to avoid risks of approaching account zeroing and liquidation.