May 14, 2021
Competition Ballot #27 Killmex Review
Introduction: How does it work?
Finance.Vote introduced the semantic ballot voting system. In this Dapp you can make market predictions on your favourite crypto assets by voting.
Each week you will be able to vote and have a chance to earn FVT. A total of 100.000 FVT will be split amongst the winners every week. If you are a winner your reputation (V-points) will also grow, giving you more voting power in the next rounds. Each week you can vote again, you will never lose your voting power. The only costs are the transaction costs. Mint an ID here and vote on your favourite coins right now.
How do you win?
When a new ballot opens everyone has a week to vote on the crypto asset he or she thinks will appreciate the most in value (%) in the week after that. When the votes close, the performance counting starts and after one week the winner will be automatically determined. Everyone who has voted on the winner will receive the reward, so 100.000 FVT split over the winning voters.
1.Projected Winner ChainLink
This week the projected winner is ChainLink by a fair margin with YFI and Compound coming in 2nd & 3rd place.
2.Why ChainLink?
Chainlink’s protocol facilitates trusted marketplaces for obtaining quality oracles and provides extensive tooling for using them within customizable and decentralized frameworks. Chainlink is quickly becoming the de-facto standard in the Oracle-as-a-Service category and is seeing wide adoption across the blockchain landscape which reflects in its demand.
3.Killmex Opinion : Is ChainLink the right call?
The latest developments around Oracles are exciting to say the least. However Oracles on their own are not necessarily secure. This is where ChainLink comes in and extends the security guarantees of the smart contract. We believe this will be a major catalyst driving ChainLink higher.
4.Techincal Analysis & Reasoning
Let’s start off with this weeks projected winner ChainLink.
LINK USDT
Trading well above the 1.618 fib whole forming another range. Depending on BTC it could see a final wick lower taking out the lows into prior range high but I’m expecting it to hold as support and push for new highs afterwards.
LINK BTC
Beautiful s/r flip at mid range and on its way to range high. The marginally lower high structure above range high will act as a big launchpad if it reclaims range high as support.
YFI USDT x YFI BTC
For those who’ve been reading along since the early Ballots know we are bullish YFIUSDT at 44.2k and YFIBTC at 0.69 since April 14.
https://killmexc2m.medium.com/competition-ballot-23-killmex-review-13fde09ca0aa
YFI USDT
Flipped prior range high as support and is battling the 1.272 fib extension right now. If it can flip 75k as support I’m expecting a push towards the 1.618 extension.
YFI BTC
Beautiful expansion from D1 demand + 50dSMA we mentioned in Ballot#23.
Next area of interest will be the neckline of the head and shoulders pattern that lead to the breakdown at 2.18
COMP USDT
Still trying to accept above the 2. fib extension but so far it’s not able to do so. If I would take a position on COMP I’d wait until there is a clean s/r flip of 880 for a leg towards 1215.
COMP BTC
Similar to the USDT pair COMP BTC is still battling the 2D Supply at mid range since our initial coverage of it. A flip of mid range would make me target range high but until then rangebound.
Conclusion
Now that we’ve covered the top 3 contenders we have a better understanding of potential outliers that will outperform the rest.
ChainLink : USDT pair struggling with 2. fib extension while the BTC pair is reaching major s/r at prior range high. It needs to reclaim 975 to take out the marginally lower highs which will act as a launchpad for a swift move higher.
Yearn.Finance : USDT pair in price discovery trading above 1.727 fib while the BTC pair looks to be on root for 2.1BTC per YFI. Both pairs look stunning.
Compound.Finance : Last week COMP was our weakest link and it remains the same. Still at key supply on both pairs.
With the data available we expect Yearn.Finance to outperform in this weeks Ballot.
