How will the market develop next?
Yesterday I told you that the market might fluctuate within a range. Tonight, the number of first-time unemployment claims in the United States last week was 233,000, which was expected to be 240,000 and the previous value was 249,000.
This is good news. Market confidence has been restored to a certain extent. Bitcoin took the opportunity to hit 6.0000. I hope it can break through.
We should not bet on rising or falling now. We should take profits on short-term positions and keep long-term positions unchanged.
For long-term positions, you must ignore the ups and downs and hold on to the bull market.
This period of time may be very long, at least more than half a year, and your future self will definitely thank you for holding on to your chips now.
I saw some people opening short positions at high prices, while others were buying at higher prices.
My advice to everyone is to sit back and watch the situation develop.
Now is no longer the best entry position compared to the previous low, and there is no need for us to chase highs during the rise.
If the market goes away, it goes away. Our main positions are long-term positions, and we can reap the profits.
If the market plummets again, our cash position can save our lives.
Seize the opportunity to invest in these four altcoins that will explode 100 times in the future!
1. XLM
Stellar price has been in a bearish trend since creating the yearly high and has been struggling to shake off the bearish influence. The price had faced a sharp decline, but the recent rebound has kept the gains within the range and is expected to trigger a breakout soon. There has been a significant spike in the buying volume which suggests a significant increase in trading activities, hence, XLM price is expected to maintain the uptrend and surge above $0.12.
Since the second half of July, the price of Stellar has been struggling to break out of the resistance of the descending wedge. As the buying pressure increases, the coin is expected to break out of this level. The bullish supertrend and the MACD about to experience a bullish crossover are likely to confirm the bullish trend ahead. Therefore, if the XLM price breaks out of the resistance, the coin may surge and reach $0.12 in a short time.
2.DOT
Polkadot (DOT) holders have had a tough time lately, with prices dropping to as low as $3.69 on August 5th amid the Bitcoin crash. Polkadot has struggled over the past 30 days, losing 24% of its value. The token’s inflation rate is the primary cause of this sharp drop, offsetting gains from staking rewards. Selling pressure has caused DOT’s value to drop faster than it can recover. However, there may soon be hope for DOT investors.
According to CoinMarketCap, DOT outperformed most of the top 10 digital assets except XRP, which surged 17%. DOT's trading volume increased by 3.05% to $202 million. The price also rose slightly by 1.92% and is currently trading at $4.65. However, the altcoin is still down more than 11% over the past week.
As the rally slows in some sectors of the cryptocurrency market, Polkadot has gained some momentum, attracting attention from investors who see potential in its current lower price. The token was up nearly 6% earlier today, though the rally has since slowed to 2%, according to CoinGecko. Still, investors are keeping a close eye on DOT’s gradual climb.
Part of the reason for the renewed interest in Polkadot is the ongoing on-chain development, which is helping to calm market anxiety following the recent widespread sell-off. If these positive developments continue, we could see more upside in the coming days as investors and traders assume the sell-off may have been a one-off event.
3.NOT
In the recent bearish action, NOT price broke below the decisive range and broke below the lower support level. However, the bulls managed to hold the support level, so the price started to rebound in a short period of time. Also, the volume has declined in the past few days, which is a cause for concern.
As mentioned above, NOT price broke below the triangle and hit a critical support level below. The Gaussian Channel has turned bullish and the MACD, which shows a declining selling volume, is about to undergo a bearish crossover. Therefore, the current trade setup suggests that the Notcoin price will pull back by 10% if the coin falls back below $0.1.
4. BABY
After losing the psychological cushion of $0.000010 and the 200D EMA, PEPE’s decline hit a descending support trendline. At the right time, the broader market outlook began to rebound and the memecoin regained momentum.
PEPE price is trading slightly sideways below the 200D EMA as the long-tailed candlesticks indicate underlying demand. However, the intraday gain of 6.18% has created a bullish candle, offsetting last night’s loss of 4.85%.
Currently, PEPE price is $0.00000781 with increasing trading volumes supporting the recovery momentum. Moreover, the recovery sprouting from the supporting trendline increases the chances of a bull cycle in the descending channel.
The memecoin is facing multiple high supply resistances as the bullish cycle starts to gain momentum. However, the short-term recovery and revival of the long-term bullish outlook make it a buy-low opportunity.
According to price analysis, the uptrend could challenge the overhead trendline at $0.00001047. However, a bullish breakout of the psychological hurdle and resistance trendline will result in a surge to $0.0000166.
