Market holds steady. ZK-Rollup and World Cup Narratives Lead the way for October.

Market holds steady. ZK-Rollup and World Cup Narratives Lead the way for October.


Hi there, welcome back to another issue of the VirtualBacon Newsletter

Today we have another session of Crypto Market Insights.

On the agenda today, we have Bitcoin, Ethereum, and Bitcoin Dominance analysis. As well as new alpha on ZkSync, StarkNet,  The world cup narrative, Reserve Rights RSR, and the XRP Flare token launch.

Let's get right into it.

BTC Analysis

The key support level for Bitcoin remains unchanged at 18,500. This level is the previous low made in the May crash, and the peak of the 2017 bull run.

If this level breaks, Bitcoin would've made the first new low in the last 5 months, and would certainly move much lower towards the 12,000 level.


On the bright side, it's not very important to try to predict if Bitcoin will have another drop. More practical way to look at it is that, Bitcoin MAY have another 20-30% drop if 18.5k breaks, but it's safe to assume that the bottom is within the range of 12k to 18.5k.

I'm perfectly comfortable with this 20-30% drop if it happens, so I am holding Bitcoin and not trying to time this at all.

On top of that, since everyone is waiting for this "capitulation" to happen, it will be very hard to catch if it does come.

If 18.5k continues to hold, Bitcoin could be forming a double bottom pattern which leads to a reversal to the upside. The requirement for this to play out is for Bitcoin to test the resistance at 24.5k and break above it. If this happens, Bitcoin is likely to have a 3-6 months uptrend at the very least.

ETH Analysis

Quite a boring week for Ethereum, as it's at the exact same price as last week.

Key levels are still the same.

Support at 1k needs to hold in order to avoid a larger crash, this is similar to the 18.5k support for Bitcoin.

Resistance is at 2k which dates back to summer of 2021. If ETH can test and break above the 2k resistance, we're likely to see 3-6 months of uptrend as it finally reverses the downtrend we've had since November of last year.

Bitcoin Dominance Analysis

Bitcoin dominance continues its uptrend, thus we remain cautious in Altcoin positions. When BTC.D trends up, money is likely to continue flowing from Altcoins back into Bitcoin.

The current risk-off cycle can last as long as 3-5 months. Within this period I will focus on holding Bitcoin and Ethereum and refraining from taking risk in Altcoins.

Holding BTC and ETH instead of stablecoins in this risk-off period has two main benefits.

  1. It helps me avoid the Altcoin downturn
  2. It contains my potential FOMO in case markets have a surprise rally

Even if Altcoins have a surprise rally, I could still capture some upside with my Ethereum position.

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zk-Sync Airdrop mainnet 2.0 launch

The zkSync 2.0 mainnet launch is reported for October 28th.

zkSync 2.0 is a EVM compatible zk-rollup. This brings the same developer tools and security of Ethereum.

It is also confirmed on their official website that there will be a native token.

You can play with the zkSync Testnet and qualify for potential airdrops.

The best way usually is to go to the testnets on zkSync and interact with these protocols.

Here are the top apps to try on zkSync to get the airdrop.


  • A monolithic protocol of AMM/DEX
  • Strategy: Create pools, borrow assets, trade

Phezzan Protocol

  • Perpetual DEX
  • Strategy: get faucet, bridge ETH on testnet, deposit, withdraw, make a trade,provide liquity


  • DeFi on zkSync
  • Strategy: get faucet, deposit, get hue token, stake, add liquidity, tweet and share in discord


  • Gamified decentralised Metaverse
  • Strategy: faucet, login into the testnet, set a name, play the game, collect karma


  • Cross-chain web3 platform - DEX, NFT on Evmos and zkSync
  • Strategy: faucet, launch app and swap, farm, create spacebase, get different roles


  • perpetual swaps.
  • Strategy: faucet, join discord & verify, deposit, withdraw, trade, test long and short, close position, add liquidity, remove liquidity

Orbiter Finance

  • decentralised cross-rollup bridge
  • Strategy:  bridge across different blockchains


  • Trading platform
  • Strategy:  trade, lend, deposit, add liquidity

MES Protocol

  • DEX
  • Strategy:  open long & short positions + use the bridging feature

You can find detailed information in HEADBOY’s and OlimpioCrypto Threads.

Starknet Token Launch

StarkWare and StarkNet is rumored to be launching its token in October. StarkWare is building zk-based scaling solutions.

Their products use a technology called zk-STARKs, which allows blockchains to move some of the computation off-chain, while maintaining security and transparency.

Starkware is building two main products.

StarkEX is an application specific scaling solution. Major projects like DyDx, Sorare, ImmutableX are all built on this solution.

The other product is StarkNet, which is a decentralised ZK-Rollup layer-2 on top of Ethereum. Anyone can deploy dAPPs on StarkNet to scale their computation.

$STARK token will be airdropped to the community based on "verifiable work".

Here are the main protocols that you should try on their TestNet to maximise your chances to get an airdrop.

  • Download and setup Argent X wallet
  • Bridge to StarkNet using Stargate and Orbiter finance
  • Swap on MySwapXYZ and 10KSwap
  • Trade some NFTs on mint square and
  • Try out StarkBoard and get OG pass

FIFA World Cup Hype

The 2022 Fifa World Cup starts on Nov 20th. There are a ton of alpha around three main coins related to the world cup.

Algorand and official FIFA NFTs

Algorand is FIFA's official blockchain platform partner for World Cup 2022 and has launched an NFT Platform for the event called FIFA+COLLECT.

The NFTs are similar to NBA Topshot on Flow blockchain. Each collectible contains a unique goal highlight, and references the related team and football star.

Since this is an official platform to collect the best FIFA moments, people are comparing the FIFA+COLLECT platform to NBA Topshot.

If you were early to the Topshot drops, it turned out to be super lucrative.

The genesis drop of FIFA is live now for 5 dollars per pack. And some of the rare moments are selling for 20 to 50 dollars already.

I’m expecting these FIFA NFTs to receive more hype, especially if the world cup moments will be included.

Chiliz, Fan Tokens, and Football Index

Chiliz network is the market leader in football fan tokens. Their Fan Token Offerings or FTO's have partnerships with top football clubs like FCB, Juventus, and PSG.

Most Chiliz Fan Tokens are tradeable on Binance. Binance recently also launched a Fan Tokens Index of Top Football club tokens. This is a great way to speculate on fan tokens in general and bet on the whole category to be trending.

You can buy the index in the Binance Future Market under the symbol FOOTBALLUSDT

The full name is Binance Football Fan Token Index.

You can buy the index in the Binance Futures Market.

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BitciCoin and National Football Team Tokens

BitciCoin and BitciChain is a blockchain built for issuing fan tokens.

They have helped top national football teams issue their own fan tokens including brazil, argentine, and Spain.

This coin is very low cap and has been reported to be a sketchy platform in Turkey. It also has a huge amount of tokens to be released to the team. So be careful speculating on it.

We are still covering it because there are prominent National Football Teams which issued their own Fan Tokens on BitciChain.

After researching, it seems that Brazil, Spain, and Peru tokens were issued on BitciChain.

While Portugal and Argentine were issued on the much more legit Chiliz platform.

You can find Brazil, Argentine, Spain, Peru and many other national football team fan tokens under the Fan Tokens category on CoinGecko. People have started to speculate on the strong contenders to world cup.

Flare Network token release

The Flare network is a new blockchain focused on interoperability. It brings smart contract capabilities to blockchain networks like $XRP, $BTC, $ALGO, $DOGE, $LTC etc.

Spark token (FLR) is the native token of Flare.

The Flare network just announced its token distribution to XRP holders. It will take place between 24th October and 6th November with an almost two years delay.

$FLR is distributed to XRP holders based on a network snapshot taken in December 2020.

Qualified XRP holders can claim 15% of the Spark token at launch and another 3% every month after.

You can use $FLR

  • as collateral in DeFi apps
  • for providing data via an on-chain oracle
  • for taking part in protocol governance

If the valuation at launch is low, this could be a good play. XRP fans will bring a lot of attention to this network.

Reserve Rights $RSR Mainnet

Reserve Right ($RSR) will launch its Mainnet on October 10th. This will introduce their RToken platform.

Reserve is one of the most widely used digital payments app in Latin America, their RPay app targets non-crypto users and lets anyone send money instantly with zero cost.

In the mainnet 2.0 launch, Reserve will use the RToken platform to onboard crypto-native users.

The RToken platform makes it very simple for anyone to launch a new stablecoin. Each RToken is fully asset-backed by any combination of ERC-20 tokens and governed separately.

Reserve will also launch a new stablecoin with a super cool feature - it automatically generates yield in your wallet, so your balance will constantly go up without you doing anything. In the backend, the platform deploys the collateral assets in DeFi to generate this yield.

Secondly, the RSR token will also have staking rewards. This yield does not come from inflation, but rather RSR stakers insure the stablecoin and receive some of the DeFi yield from the platform.


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