Dear coin friends, was the plunge of Bitcoin yesterday afternoon a bit exciting? I mentioned in the previous analysis that you can consider selling it when it reaches around 100,000, and the result is quite accurate! So how to operate in the next few days? Let me talk to you.
First of all, the price of Bitcoin may continue to fall, and we should keep an eye on the levels of 92,000, 88,000, and 85,000. If it really falls to these levels, we should buy some spot in small positions in batches, be safe, and wait for the opportunity to come.
As for BNB, it is still fluctuating between 670 and 710. It is quite cost-effective to participate in launchpool. You can get airdrops by locking up your position. There is not much selling pressure, and there are many loyal fans. It is quite stable overall. Launchpool is actually the exchange protecting long-term holders in disguise, which is quite good.
ETH follows Bitcoin and fluctuates between 3100 and 3700. If it really drops to around 3000, it will be a good opportunity to get on board, don’t miss it!
To summarize the upcoming January market:
First of all, the hot spots next month are undoubtedly Trump-related and Musk-related concept tokens. This sector will trigger a new wave of market before and after Trump's official inauguration, which deserves special attention. In addition to this, Wall Street institutional concepts will continue to exert their strength, and the most critical one is Grayscale Fund. It is expected that Grayscale will drive the market through explosive actions in the short term, such as Grayscale's violent move on ZEN, which may kick off the violent rotation of altcoins.
In addition, sensitive partners should have noticed that the performance of platform coins in the short term is extremely eye-catching. BGB and GT have set new historical highs. BNB and HTX have also reached new highs before. Before March this year, OKB was also the leading platform coin. Since October this year, in addition to OKB, other platform coins have successively set new highs, and even HTX, which has the most puzzling performance, has also ushered in an increase.
Those who have experienced the last bull market should understand that platform coins are often the first to pull up the market, which indicates that the rotation of the altcoin market is already brewing. Platform coins usually explode in the most concentrated wave after the old mainstream coins rise and before the altcoins have differentiated. This also means that the performance of platform coins may be the first shot for the next altcoin market.
Bargain hunting for 3 altcoins that could increase 10 times in the future!
PLEDGES
The PENGU token has recently caused quite a stir in the cryptocurrency market, showing its great potential in connecting the Pudgy Penguins brand with fans around the world. The token was initially launched on Solana, and plans to achieve compatibility with Ethereum and its Layer 2 solution Igloo in future updates, further enhancing its cross-chain functionality and expanding more application scenarios.
$PENGU has gained 3.5% in the past 24 hours, 30% in the past week, and 681.47% this month. This surge can be attributed to several key factors, including its listing on centralized exchanges and the active influx of whales.
The token’s price surged after Bithumb, South Korea’s second-largest cryptocurrency exchange, announced the launch of the PENGU/KRW trading pair. The trading pair will be officially launched on December 24, 2024 at 5 pm (KST), marking an important step for Pudgy Penguins. The listing greatly increased liquidity, attracted more traders, and further boosted the token’s price.
In the past 24 hours, $PENGU has successfully broken through the previous resistance level of $0.03026 and climbed to $0.03907. The price is currently fluctuating between $0.03026 and $0.03984. If the token can continue to break through the current resistance range, the next step may be to challenge the price targets of $0.042 and $0.0472, which means that from the current price level, there is still about 21% room for growth.
TON
Toncoin (TON) has been performing strongly recently, with the current price at $5.74, up 8.85% in the past 7 days. The market capitalization reached $14.65 billion, up 3.44% from the previous day, and the 24-hour trading volume was $223.72 million, up 4.19%. Of the total supply of 5.11 billion TON, 2.55 billion are currently in circulation, and the fully diluted valuation (FDV) of the token is $29.38 billion.
Recently, TON's Open Platform (TOP) launched the TON Space custodial wallet and successfully completed the testing phase. TOP CEO Andrew Rogozov announced the news at the Gateway event in Dubai, while releasing a complete self-custodial wallet platform. During the testing phase, more than 100 million Telegram users created self-custodial wallets, accounting for about 10% of Telegram's user base. This data shows that TON has gained widespread attention among users.
The updated TON Space platform provides a seamless navigation experience, allowing users to easily switch between custodial and non-custodial wallets. These improvements not only simplify the registration process for new users, but also greatly improve the usability and convenience of the platform.
MOVE
The MOVE token has been performing very well recently, and it has been on a strong upward trend since its initial launch on December 9. In the past 24 hours, MOVE has risen by 9.18%, bringing its weekly increase to an astonishing 53.76%. Now MOVE is priced at around $1.15, and is at a critical point, about to break through the classic cup-and-handle pattern, which usually indicates the next rise.
By December 20, MOVE had become the biggest gainer among the top 100 cryptocurrencies, reaching an intraday high of $0.877 and a market value of nearly $2 billion at the close. This surge was accompanied by a surge in trading volume, with daily trading volume increasing by 63% to over $1.6 billion, showing a growing interest in the market. In addition, data from CoinGlass also showed that MOVE's futures open interest hit a record high of $103.93 million, more than double the previous day.
MOVE's rapid rise is mainly due to its cooperation with BitGo. Through this cooperation, MOVE introduced WBTC (Wrapped Bitcoin) to its mainnet, further expanding the DeFi ecosystem. This step will help it provide more options for asset utilization, liquidity and decentralized financial services.
In addition, the launch of Movement’s mainnet two weeks ago also contributed to the rapid development of MOVE. As the second layer network of Ethereum, Movement distributed a portion of MOVE tokens to early users and the community through MoveVM support, which also attracted a lot of attention.
Although MOVE looks strong, traders should remain cautious. Failure to break through the current resistance level could result in a short-term correction, with the price likely to find support around $0.83. However, if the breakout is successful, MOVE is likely to continue its strong upward path.
