Despite the bear market, venture capitalists are still raising money and looking to deploy capital.

On July 12, crypto venture capital fund Multicoin Capital said it has raised $430M to invest anywhere between $500K-$25M in early-stage opportunities and up to $100M in mature projects.

The fund will make investments in web3 infrastructure, DAOs and DAO tooling, consumer products, new IP-based business models, and creator monetization.  Multicoin is looking for protocols that offer “proof of physical work” – ones that incentivize communities to “do verifiable work that builds real-world infrastructure.” 

Multicoin Capital began investing in crypto five years ago and their portfolio includes early investments in Ethereum, Solana, blockchain explorer Dune Analytics, crypto-IoT network Helium, crypto exchange FTX, and DAO accelerator Seed Club.

DataDAOs

Multicoin will be especially focusing on “DataDAOs” – DAOs that incentivize users to contribute data and push data governance into the hands of their communities.  

Tushar Jain, co-founder and Managing Partner at Multicoin, told The Defiant he expects many DataDAOs to pop up that could be “segmented by data type (mapping/location, social media, financial transactions, etc.)” or “segmented by data consumption ( having different DAOs selling to different customers, consumers joining multiple DAOs)”. Multicoin has already invested in Delphia, a DataDAO that uses investors’ data to improve its trading strategy.

“Multicoin is probably the single most contrarian venture fund operating in the crypto arena right now. They are not afraid to bet big and be first,” Delphia CEO Andrew Peek told The Defiant.

DAO Tooling

Multicoin is also focused on DAO tooling, especially projects which enable new ways of capital formation. “This could be things like group buying of NFTs, NFT social platforms, guild coordination tools and more,” Jain told The Defiant.  

As for innovating IP-driven business models, Jain told The Defiant he is really interested in new IP models coming out of the decentralized music and science industries. 

“Music remains one of the most under-monetized art forms when compared with its huge cultural impact,” he said. Decentralized music has gained traction over the past year with music NFT startups like Royal spearheading the movement.

Be[in]Crypto takes a look at the price movement for seven different cryptocurrencies, including Zilliqa (ZIL), which increased considerably on May 4.

BTC

Bitcoin (BTC) had been decreasing inside a descending wedge since April 18. The wedge is considered a bullish pattern, meaning that a breakout from it would be likely. 

On May 5, BTC managed to break out. 

If the upward movement continues, the closest resistance area would be at $42,800. This is the 0.5 Fib retracement resistance level and a horizontal resistance area.

ETH

Ethereum (ETH) has been decreasing inside a descending parallel channel since April 10. The movement led to a low of $2,716 on April 30, before the price bounced (green icon). The bounce served to validate the $2,750 support area and the support line of the channel.

If ETH follows the lead set by BTC, it will break out from the channel in the near future. If so, the next closest resistance would be at $3,150.

XRP

XRP has been falling since reaching a high of $0.93 on March 28. The downward movement led to a low of $0.56 on April 30. 

Afterward, the price bounced, validating the $0.57 horizontal area as support (green icon). 

If the upward movement continues, the next closest resistance area would be at $0.70.

SHIB

Shiba Inu (SHIB) has been decreasing underneath a descending resistance line since Feb 8. This led to a low of $0.000018 on April 30. 

The ensuing bounce created a long lower wick and created a double bottom pattern relative to the price in Jan (green icons). The double bottom is considered a bullish pattern and often leads to trend reversals. 

A breakout from the resistance line would confirm the validity of the pattern. If so, the next resistance would be at $0.0000275.

ADA

Cardano (ADA) had been decreasing alongside a descending resistance line since reaching an all-time high price of $3.02 on Sept. 2.

On March 22, the price broke out and proceeded to reach a high of $1.245 on April 4. However, the upward movement could not be sustained and the price decreased until it reached a low of $0.73 on April 30. 

The downward movement caused a sweep of the Feb lows before the price bounced considerably.

Due to the bounce, the $0.78 area is now expected to provide support once more.

MATIC

Polygon (MATIC) has been trading inside a long-term ascending parallel channel since May 2021. It has been decreasing since reaching an all-time high price of $2.92 on Dec 27. 

Initially, the price bounced at the $1.37 area, but failed to initiate any sort of upward movement, and broke down on April 24. This led to a low of $1.01 on April 30. The low was made very close to the support line of the long-term channel and led to a significant bounce.

If the upward movement continues, the previous support area at $1.37 would be expected to provide resistance.

ZIL

Zilliqa (ZIL) had been decreasing underneath a descending resistance line since April 11. The downward movement led to a low of $0.066 on May 3. 

However, the price initiated a significant upward movement the next day and managed to break out. So far, it has reached a high of $0.098.

The high was made inside the $0.096 resistance area and created a long upper wick (red icon). This is the final resistance area prior to the April highs.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here