SALT is a token that's peaked my interest from it's launch and is still the new kid on the block in many respects, but in my view it's one to watch for both the medium and long term, so first lets look at some fundamentals;
SALT is a lending platform allowing you to currently place your Bitcoin & Ethereum as collateral against a Fiat loan, the platform is in it's very early days and as such the back log is huge and new loans and accounts are currently frozen. On the surface this might sound worrying but they have been hiring some well established names and look set to be huge players in what is an incredibly promising area.
The token itself can be used to pay both interest and the principal at the fixed retail value of $27.50, an interesting use for a token currently valued below $3 but not as crazy as it might sound when we look to the long term plans of SALT. Finally there are some big milestones ahead of us including the launch of Loan fund & tools for this quarter as well as plans for a credit card later in the year.
Importantly this is a young token that has been trying to find it's floor, we have touched on an all time low and this has held up very well. This is not a XVG situation where you have a multitude that bought in at a 10th of a penny and the bottom is an uncertain value. Unless you were in the SALT "Membership Sale, totally not an ICO , I don't know what you're talking about can we change the subject" then you are likely now in loss country.
So on to a light technical view of things -
The is looking neutral to positive, we have a lovely crossover peeking it's head up, the is lacking momentum at this time but we're in overall neutral land, also good to notice the recent break upwards seen clearly from being oversold on the SMI, a pattern reflected in many alts at the moment.
I am a fan of the 3 day view, especially for a coin like this where we lack the data needed for longer trend views, in fast moving markets the weekly will often reflect what has happened after the fact. So on the 3 day view we can see that we have been looking oversold since the end of January and we are seeing a nice convergence of the on the horizon.
You can see above not the most conventional , but stay with me. I am trying to illustrate that we have broken out of the down-trend channel and are now in the accumulation phase, we also have the benefit of an upcoming Bitcoin dip which we can use to our advantage for an optimal entry. This coin has shown low in a clear strong downwards trend, very little overhead resistance now remains meaning we could be looking at one of the first dogs out of the gate once Bitcoin enters it's April consolidation phase.
Recommended trade entry - 0.00027 - 0.00034 - I would advise patience, lets see where the next Bitcoin dip takes us
Targets will be updated as things develop - for the first wave up my eyes are on the 0.00050 so consider a sell order shy of here to catch the next dip and re-assess, however we will cover this as the trade develops.
Thanks for reading and hope this was helpful
Not financial advice, supplement anything with your own research and never eat the wax around a Baybel.
I would advise patience for Bitcoin to take it's course as this will open up some brilliant buying opportunities
More updates will follow, for now we are looking for an ideal buy in during the next 3 days around the 0.00030 - 0.00031 area, if you are already in and holding long then I would advise no action as this is just the beginning.
Thanks for reading
We are accumulating very nicely and as you can tell from the last Bitcoin drop, the buy targets are solid.
Expect to see some great things from this coin over the coming month.
Short term wise, we are in over sold territory and we can expect a good bounce in the coming days so if you're planning to get in on this trade then my personal view is to pick up in the current price range while you can.
Things are just getting started for Salt
Our first important target to break is 0.00047 and our daily chart is showing plenty of room to move upwards
If you are entering this trade now just be mindful of how overbought we are on the 4h chart, hold on for that retracement to the 0.00038 area before the next leg upwards.
Just keep an eye on that momentum as we are going to need a strong push to break our resistance.