Today's market analysis:
BTC: There is not much change in the weekend market trend. It can be clearly seen from the daily K-line chart that when the price rebounded to the lower track of the previous daily line dense trading area of 67620, there was an obvious retracement. At a small level, the early morning rush was accompanied by the appearance of hourly divergence again. In addition, under the background of expected pressure on the daily line, we still maintain yesterday's prediction. It is not recommended to rush to chase high spot. Short-term chips can be stopped in batches, and contracts can be considered high. The general direction is bullish. Now is the consolidation stage in the rising stage. There will be repetitions on the market. The mid-line suppression range is 68395~69197, and the short-term support is 64588~65110.
ETH: The current price is close to the area with concentrated chips above. Just like the idea of the market, under the background of regular fluctuations, the main force will inevitably test and clean up here, including the area above. We should beware of the trend of high rise and fall. Short-term support 3418~3384 (valid for 15 hours), medium-term support 3255~3313, short-term support 3638~3674 (valid for 15 hours), medium-term suppression 3764~3844.
Bitcoin is currently approaching the key resistance level of $70,000. On the daily time frame chart, Bitcoin is forming a "descending expanding wedge" pattern. After rebounding 25% from $53,400, Bitcoin is currently heading towards the key resistance level of $70,000. Once the $70,000 resistance level is broken, the "super bull run" carnival will officially begin.
Bitcoin may break through the 80,000 mark in August! The bull market is coming, and these 4 popular altcoins are about to rise!
XRP
Looking at the daily chart, Ripple’s XRP has been heading towards the key resistance area of $0.64. This level has proven to be an important threshold, attracting significant investor attention. Despite resistance and pullbacks, price action around this level shows strong buying pressure, indicating that the bullish trend remains strong. Buying activity increased as prices pulled back to the 200-day moving average, fueling a new wave of gains. This shows the market’s confidence in XRP breaking through the $0.64 resistance. Currently, buyers are concentrating on pushing the price above this level, but the high run on the Relative Strength Index (RSI) suggests that a consolidation period between $0.53 and $0.64 is likely before price moves significantly again.
SUN
Solana has rebounded after briefly breaking below an important resistance zone, rising 5.63% in the past day and 22.97% in the month. Year to date, SOL has a return of 55.51% and its market value currently stands at $79.063 billion.
The Relative Strength Index (RSI) is heading towards the overbought zone, trading above the midpoint. In addition, the SMA indicator on the 1D timeframe continues to support the Solana price chart, suggesting that the price is expected to continue to rise.
Maintaining the bullish sentiment will set the stage for SOL price to rise towards the overhead resistance of $209.70 in the coming weeks.
However, short-term and mid-term investors should be careful: it can be seen that the bulls are weakening, and there is a pressure point above. The weakening of bulls near the pressure point is not a good sign. Although there is no obvious reversal signal, it is necessary to be cautious in mid-term operations at this position. Once a reversal signal appears, short-term and mid-term investors who entered the market earlier should consider leaving the market.
DOGE
With a market cap of $11.61 billion, Dogecoin has surpassed all expectations and become a famous cryptocurrency. Dogecoin, which first appeared as an internet meme, is currently worth $0.1204.
Dogecoin’s journey to the $1 milestone was aided by market volatility, market corrections, and unwavering community support. Elon Musk’s announcement of “X,” a groundbreaking application designed to revolutionize digital payments, reignited interest in Dogecoin’s growth potential.
In addition, Musk’s endorsement of the official payment account briefly pushed up the price of DOGE, highlighting the impact of market sentiment on its trend.
ITSELF
Musk reluctantly expressed support for Trump’s presidency and posted on social media wishing him a speedy recovery. Tron founder Justin Sun also said that Trump is the best choice for the cryptocurrency industry.
This statement triggered a frenzy in the entire cryptocurrency market. Bitcoin (BTC), Ethereum (ETH) and other tokens have seen sharp increases. The price of MAGA coins soared by more than 50% to $8.27 before falling back. Even now, the value of MAGA is about 16% lower than its previous high, but it is still much higher than before.
Elon Musk's endorsement has certainly given Trump's MAGA coin a huge boost. While the coin is not backed or created by Trump, its name has caused it to grow significantly in the memecoin market. With the election approaching and the buzz surrounding it, MAGA coin has the potential to reach new heights. So keep an eye on this memecoin - it could be the next big thing in the cryptocurrency world! Don't miss out on this rollercoaster ride.
Wormhole（W）
Wormhole (W) is an emerging altcoin that has attracted the attention of many cryptocurrency enthusiasts. The coin aims to revolutionize the field of data sharing and privacy, based on the powerful blockchain technology that ensures fast and secure transactions. Considering the current market cycle and the repetitive pattern since 2021, Wormhole (W) shows great potential. Although the technology is emerging, it has the potential to disrupt the traditional system. With the increasing popularity of the altcoin season, Wormhole (W) stands out as a strong candidate. Now may be a good time to keep an eye on this coin.
Cardano（ADA）
Cardano (ADA) is a top altcoin with strong potential, known by its ticker symbol ADA. The coin stands out for its focus on creating a secure and scalable blockchain platform. Despite the recent market decline, ADA has consistently performed strongly during bull cycles. Its unique technological features, such as smart contracts and efficient energy utilization, set it apart. Analysts believe that this pattern indicates that altcoins will prosper again, making Cardano more attractive at the moment. Its solid fundamentals and positive developments indicate that it could shine in the next market rally.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
