In the past 24 hours, a total of 176,548 traders have been liquidated across the network, with a total liquidation amount reaching 562.16 million dollars.
Recently, it was said that the big players first absorbed the capital in Bitcoin, so Bitcoin has been on the rise. Recently, they are absorbing Ethereum, and once that is done, Ethereum will drive the overall rise of altcoins. It was thought to be a capital absorption for a fluctuating upward trend, but in fact, Ethereum has been between 3300-4000, and Bitcoin has been drawing a line between 100000 to 92000. The big players have made retail investors feel that as long as it rises to this high range, they should sell. Let's see how many more times this 'wolf is coming' game can be played.
On the daily level, the price has retraced to the MA60 moving average again, marking the second time. If it cannot hold here, the ascending triangle may break, similar to the previous MA30 situation. Once it breaks, it means the upward trend is stagnant, and it may even shift to a larger scale adjustment (like MA120). In that case, the market will gradually enter a period of consolidation, and the adjustment time will extend, which is obviously not a good sign.
Currently, the overall market is still in a downward adjustment that started from 108353, with a rebound between 91530 to 102724 marking the second stage, and we are now entering the third stage. Considering the strong upward momentum in the second stage, I believe the adjustment in the third stage will not be too deep. If the price stabilizes above the previous two red circles, that would be normal; but if it falls below 86000, the recovery time will be much longer.
The pie in the cryptocurrency circle is not as tasty as it used to be; in the era of low liquidity, everyone is thinking about getting full rather than eating well, so the eating habits are quite unappetizing!
Currently, the on-chain market is completely ignoring the overall market and is rising independently. The independent trend I mentioned refers to the leading AI meme on-chain; if you choose the right 1-2 assets, you can get rich. If you don't know what to choose, look at my previous articles, the assets I selected have all risen.
The last drop of altcoins requires patience.
Don't interpret the decline of Bitcoin and other altcoins as a disaster! Price fluctuations are the norm in the market; what we need to do is stay calm and not let short-term fluctuations affect our emotions. The key lies in holding quality coins and strong-performing coins. As long as we have these coins in hand, why should we panic?
The current decline is merely a part of the market cycle; similar fluctuations will occur in the future. The more we find ourselves in such situations, the more we must remain calm and steadfast in our beliefs! Right now, everyone is looking forward to news from the United States, hoping for some positive developments in mid to late October. Perhaps this sudden drop is actually the market's way of 'washing the盘' in preparation for an upcoming bull market.
Finally, let me tell you about 2 'meme coins'.
WID
Recently, artificial intelligence has been behaving unpredictably. AI is indeed a big trend for the future, and it is also a big trend in the stock market, but in the cryptocurrency circle, it has become a big pit, going up and down repeatedly. I have already seen a nearly 4-fold rise and fall at this price level. War requires faith; I am determined to hold my position in this coin until it returns to zero; a few times the rise is not at all aligned with my expectations!
PNUT
The PNUT coin definitely has opportunities ahead; the price has been in a downward trend without showing stable movements. It is expected to find opportunities to enter again around 0.26, as the price may accelerate downward in the next month or so. Buying in during a sharp drop could be a business opportunity!
