When will Bitcoin turn around?
At present, the specific time is difficult to determine. It may be at the end of the month or on September 18 (if the Fed cuts interest rates by 50 basis points). There may be two opportunities to buy the bottom this month, one before the interest rate meeting and one after the meeting.
In the week before the meeting, the market may speculate on the expectation of rate cuts, leading to a rebound until the day before the meeting. If the market drops rapidly and reaches a low point on Thursday or Friday this week, there may be a retracement, but it may not form a reversal unless the retracement is strong enough to directly break through 61,600 and continue to rise to above 64,600. As long as the price is below 61,600, the market remains bearish.
The Fed has never cut interest rates by 50 basis points at once before, and the possibility of this is very low, so we should not have too much expectation. If the interest rate is really cut by 50 basis points, then the next interest rate meeting will face a "bomb". Because after the 50 basis point cut this time, if the next rate cut is reduced to 25 basis points, the market may plummet in the short term. It's like giving you two candies for the first time, your satisfaction is 100, and you are full of expectations for the next time; but the second time you only get one candy, you are not only unhappy, but you will complain. This is human nature, and the market is well aware of human nature, while traders often do the opposite.
As long as the trend has not completely reversed, we will continue to observe market movements and act accordingly.
These 4 cryptocurrencies will bring 100x returns!
1.LTC
Litecoin (LTC) is a cryptocurrency that uses blockchain technology to enable fast, secure, and low-cost transactions. Transactions are typically confirmed within minutes and transaction fees are extremely low.
Litecoin has been performing strongly recently, showing a steady upward trend. In the past day, LTC price rose by 0.16%, driven by increased whale activity. In the past week and month, LTC rose by 8.93% and 2.43%, respectively.
The coin has further recorded 17 up days in the past 30 days, with high liquidity relative to its market capitalization. Additionally, Litecoin’s 14-day relative strength index (RSI) is 53.81, indicating a neutral position that could lead to sideways trading in the short term.
Additionally, the Litecoin Foundation and its community continue to work on improving the usability and scalability of the network. Ongoing developments include the introduction of privacy features, integration with payment systems, and the establishment of strategic partnerships.
Looking ahead, Litecoin is expected to maintain its upward trend. We remain optimistic that the growing demand for a secure and efficient payment system is a driving factor. However, as with any market, these trends are worth keeping an eye on.
2.IMX
Immutable’s recent partnership with Portal, a renowned Web3 distribution platform, marks a major step forward in the NFT gaming space. The collaboration aims to change the way Web3 games are distributed, monetized, and experienced.
Additionally, the partnership aims to leverage Portal’s strengths in user acquisition, rewards and payment systems to make Web3 games more accessible and attractive to a wider audience. This will be used alongside Immutable’s proven game development platform. This partnership has the potential to significantly boost the growth of Web3 games, as it can help these games gain greater traction among mainstream users.
In addition, Immutable has also partnered with Netmarble’s Web3 subsidiary MARBLEX. Although the specific details of this cooperation have not yet been disclosed, it is expected to have a significant impact in the blockchain gaming field.
Meanwhile, the IMX token is trading at $1.20, down 2.35% intraday. Despite this, trading volume is up 25.27%, which suggests a possible change in sentiment and growth opportunities ahead.
The token has performed well over the past month, with a slight gain of 0.79%. The token also exhibits strong liquidity, supported by its market capitalization.
3. SHIB
The memecoin market has experienced a significant drop over the past few days. Meanwhile, the price of the second-largest meme, Shiba Inu, has fallen by 6.23% over the past seven days. Moreover, it has been showing sideways price action since August, indicating weak market sentiment.
The technical indicator RSI shows a persistent flat line on the 1D timeframe. Moreover, the average trendline has been hovering below the neutral point. This suggests weak buying and selling pressure. However, a potential bullish reversal could also be in the cards.
Assuming that the bulls regain momentum, the Shiba Inu price will be ready to test its resistance at $0.0000170 in the future.
4. GHOST
AAVE is in an uptrend as it is trading above the 200 exponential moving average (EMA) on the daily timeframe. Moreover, its relative strength index (RSI) is neutral, which means that AAVE is neither in the overbought nor oversold territory.
In this market downturn, crypto whales saw an opportunity in AAVE and bought in large quantities. Recently, an on-chain analytics firm Lookonchain published an article on X (formerly Twitter) stating that a whale bought 50,504 AAVE tokens worth $6.78 million from Binance, the world’s largest cryptocurrency exchange.
With such a massive accumulation, the whale currently holds 125,605 AAVE tokens worth $16.9 million, which he purchased at an average price of $134.6. The whale’s interest in AAVE appears to be strong as they have been buying AAVE tokens during the market downturn.
