Today’s market analysis
Bitcoin rebounded to $66,000 today, with a daily increase of more than 3%, but the market generally fell, especially Ethereum (ETH). Due to the poor performance of ETFs, market panic broke out. The price of ETH fell from $3,500 to around $3,100, and the ETH/BTC exchange rate also fell below the 0.05 mark. The pullback of Ethereum was the main reason for this round of market decline.
In contrast, $sol performed strongly last night, with little decline on the daily level. This is similar to the market performance after the passage of the Bitcoin ETF, when Ethereum performed stronger. It is expected that when the ETF hype turns to SOL, the SOL/ETH exchange rate will rise rapidly, and SOL's rising potential may also exceed ETH.
BTC K-line
ETH K-line
The current market pullback provides spot investors with an opportunity to invest, and many altcoins have pulled back to lower prices. For example, in the last wave, many altcoins have pulled up by more than 50%, such as the oversold PORTAL, SEI, and IO. Of course, the crazy ones must also be the crazy MEME sector. You can pay more attention to TON, AVAX, and SHIB, which have rebounded strongly.
TON：
The overall market outlook is extremely positive in the medium to long term. Rather than touching on this point, we can look at the TON Coin chart right away since I have explained why this is the case several times this week for different reasons. Despite the support provided by the Binance exchange to the TON Coin ecosystem, the price fell to the $6.77 support level and affected the overall market sentiment. If the TON Coin price closes below $6.77, a drop to the double top formation targets of $6 and $5.5 is expected. However, a sharp rise from here could quickly push the price to $7.72.
AVAX：
SMA20 is flat at $27.55 and the RSI is not showing a clear direction. If the selling continues in the coming hours, we might see a drop to $24 and $21.8. In the opposite scenario, we should see AVAX Coin price recover from the moving averages.
SHIB:
The price is trapped by the moving averages, hovering in a narrow range. A close below SMA20 could drop the price to $0.000015 and then to $0.000013. A bounce off the bottom will keep the price in the range with a ceiling of up to $0.00002. A real uptrend could occur for Shiba Coin investors on a close above $0.00002. The upside target is $0.000026.
