Today's market analysis:
BTC: It fell back to around 66,500 last night, and then rose again to 68,000 in the early morning before falling back. From a technical point of view, the adjustment has lasted for two days, and today may be the final stage of this upward adjustment. According to the hourly chart, a three-wave low was formed at a small level, and the support level is around 66,900. On the daily chart, it should be noted that it may be inserted to the seven-day moving average around 66,450. The overall trend is still mainly bullish at low levels, with the support level below referring to the 66,900-66,450 range, and the upper pressure level between 68,000-68,500. Driven by the spot Ethereum ETF, the expected upward target is expected to reach around 70,000 points.
ETH: The strong resistance level of 3520 has not been effectively broken. It is expected that the ETF will be passed at 9:30 this evening, and the general direction is still bullish. If the positive news is passed, there may be a short-term explosive market, and the target range is expected to be between 3650-3700.
However, there may be some selling pressure after the favorable news is passed, so it is recommended to reduce positions in time after the favorable news is passed and wait for short-term correction. The expected adjustment period is 1-2 weeks. At the same time, it is necessary to pay attention to whether the market makers will release negative news to cooperate with the deep correction, and pay close attention to the subsequent ETH outflow of Grayscale, and be prepared for defense.
In terms of altcoins: In the social communication sector, you can focus on MASK, which is currently priced at 2.43 and has a short-term target of around 3;
SoL Ecosystem: The leading SOL is expected to break the new high of 210 again this year, and BONK is currently priced at 298, and is expected to reach around 380 in the short term;
CKB can consider short-term storage, and if there are favorable news about RGB++, there is a chance of a short-term rise.
The above is my personal opinion, which is time-sensitive.
The market has been pretty good recently, and the profits from the previous spot ambushes have been very impressive. There are opportunities to ambush in this wave of market. Here are a few good targets selected by Xiao Miao:
WIF
With the trend of the descending channel gradually emerging, the WIF price is entering a correction phase. However, the bullish cycle in the bearish channel indicates a breakout rally for a trend reversal. The MACD and signal lines may see a bullish crossover, which increases the breakout chances for a trend reversal.
If the bulls maintain the momentum, the WIF price is expected to surpass $3 and could peak at $4.50 in July. If the Dogwifhat (WIF) project releases an impactful update and announces a major collaboration, the price of the WIF token could surge to $10.
The daily chart tested the strong POC chip area and was suppressed, and now it has come to the support range of 2.58-2.44. If the price falls below the $2.4 position, it is recommended to consider the right side operation to enter the short position. However, considering that $WIF is the most popular meme currency in this round, it is necessary to be cautious when operating and take one step at a time.
Related MEME sections to watch out for: Floki, People, Pepe, slerf, etc.
TO US
The price of ENS has attracted a lot of attention in the cryptocurrency market over the past few months, with its valuation increasing by more than 150% this year. Its market cap is $861.161 million and it is currently trading at a discount of 69.48% from its previous high of $85.69.
The Relative Strength Index (RSI) continues to hover around the midpoint on the 1D timeframe. However, the average has recorded a bearish convergence on the 1D timeframe, indicating that the crypto market has mixed sentiment towards the altcoin.
If the market sees positive price action after the ETH ETF listing, the ENS price will start trading with a bullish sentiment and could move towards its highest point at $32.50.
LOVE
During the correction phase, TIA price fell under the influence of a huge resistance trendline. Despite multiple rejections that resulted in the formation of lower highs, Celestia price has risen 43% in the past two weeks and 11% on Sunday, ranking among the best performing altcoins.
TIA price is showing signs of breaking out of the trendline as the MACD and signal lines have avoided a bearish crossover. With a breakout rally, the altcoin’s bull run could reach the $11,184 level or the 50% Fib level.
PEIPEI
PeiPei emoji coin was launched in June, based on the Pepe (green frog) emoji coin, but PeiPei features a red frog. The emoji coin was initially launched on the Uniswap chain and then bundled with WETH, quickly attracting a lot of attention in the cryptocurrency market.
$PEIPEI has surged 268% in the past 30 days, climbing to 314th in the world with a market cap of $131.1 million. The relative strength index (RSI) is 65.64 and has not yet broken out of overbought territory.
The forecast shows that the price of $PEIPEI could rise by 220.35% to $0.00000107 in the next month. The bullish trend could see PeiPei hit new milestones in the upcoming bull run. However, a reversal in the trend could lead the meme token to break through its support trendline and hit new lows.
ETC
Despite experiencing a correction of about 2% in the past 24 hours, the Ethereum Classic (ETC) price has risen by 2.26% in the past week. Currently, ETC is trading at $23.49 with a market capitalization of $3.472 billion, ranking 27th in the global cryptocurrency rankings.
On the 1D timeframe, the 50-day EMA is acting as resistance on the ETC price chart. Additionally, the MACD indicator is showing a persistent green histogram, highlighting the upward price action in the cryptocurrency space.
If the bulls regain momentum, Ethereum Classic price is expected to test the $29 overhead resistance in the coming weeks.
Today's hot news sharing:
The Ethereum ETF approved by the US SEC will be available for trading at 9:30 tonight;
Trump will speak at BTC conference on Saturday;
STRK v0.13.2 update, the testnet will be launched on August 5, and the mainnet will be launched on August 26;
GMT-STEPN GO will start Alpha testing on July 23.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
