After the U.S. released the CPI data for November, the probability of the Federal Reserve cutting rates by 25 basis points in December has risen to 98.6%. If a rate cut occurs this month, it will undoubtedly increase market liquidity, benefiting the cryptocurrency space, with a high chance for both mainstream and altcoins to have substantial room for growth. In the early morning, Bitcoin fell along with U.S. stocks, retreating below $100,000 after peaking at $102,500. $102,000 is a strong resistance level that needs to be broken to stabilize. Coinbase in the U.S. is about to launch pnut, and Squirrel has also risen over 30% in 24 hours. I remember saying before that Squirrel would have another wave of popularity; let's look forward to its performance after launching on CB. Returning to today's daily BTC market analysis, the 1-hour chart shows a downward trend, the 4-hour chart is also down, and the 12-hour chart is set to confirm a downward trend, with daily levels showing weakness. The intraday resistance level is $102,000, and the support level is $97,000.
Three altcoins suitable for bottom fishing with a potential tenfold increase! 1.TON
TON has recently gained significant momentum, thanks to strategic investments and strong market performance. OKX Ventures has invested $5 million in TON Ventures, a program supporting innovative projects within the ecosystem. Previously, OKX launched a $10 million Telegram Growth Hub in collaboration with The Open Platform (TOP) and Folius Ventures, aimed at accelerating the development of the TON ecosystem.
Toncoin (TON) has shown a clear upward momentum, bouncing from a support level near $4.6 to test the three-month high at $6.7. Currently, Toncoin's trading price is $6.37, up 4.83% in the last 24 hours and 19.03% over the past month. The market sentiment for Toncoin remains bullish, as evidenced by the fear and greed index rating of 83 (extreme greed).
From a technical perspective, the trading price of Toncoin is significantly above key moving averages, including the 20-day, 50-day, and 200-day EMA, supporting its strong upward trend. Notably, its trading price is 212.87% higher than the 200-day SMA ($2.03). Analysts believe the next important milestone may be the 50-day EMA crossing above the 200-day EMA, potentially pushing the price towards resistance levels of $6.8 and $7.6.
Currently, the 14-day RSI is 47.69, indicating neutral momentum in the short term and a possible sideways consolidation. Predictions suggest that the price of Toncoin may increase by 227.07%, potentially reaching $21.03 by January 2025.
2.STX
Stacks acts as a Bitcoin layer, enabling smart contracts and decentralized applications to leverage Bitcoin as an asset and facilitate transactions on the Bitcoin blockchain. Its functionality is supported by a proof-of-transfer consensus mechanism and the Clarity language, allowing access to Bitcoin's state at all times.
This integration makes Stacks a unique platform that extends the use of Bitcoin beyond simple transfers or value storage. Currently, the price of Stacks is $2.43, reflecting an increase of 8.29% in the past 24 hours. This upward trend puts it 27.51% above the 200-day simple moving average (SMA) of $1.89844, indicating bullish market sentiment.
Additionally, Stacks has shown stability, with 19 trading days performing well in the past 30 days. The 24-hour trading volume to market cap ratio for Stacks is 0.1207, indicating reasonable liquidity relative to its market cap. Such liquidity levels make it an affordable choice for investors. Its ability to consistently trade above key averages further reinforces its current strength in the market.
3.MASK
Mask Network has carved out a unique market in the Web3 space by seamlessly integrating encrypted messaging and decentralized services into popular social media platforms like Twitter and Facebook. This open-source platform allows users to enjoy decentralized messaging, payments, file storage, and sharing without leaving their familiar Web2 environment.
One of the most exciting features of Mask Network is its support for Initial Twitter Offerings (ITO). This feature allows blockchain projects to raise funds directly on Twitter, bringing a novel and innovative approach to fundraising. The platform supports ITOs on major networks, including Ethereum, Polygon, BSC, and Arbitrum. This could be one of the reasons for its growing popularity and recent price surge.
The trading price of the platform's native token MASK is $4.19, with a 22.18% increase in the past 24 hours. Its market capitalization has risen over 22%, reaching $419.29 million, with trading volume surging by 65.76% to $272.53 million. Analysts are optimistic about MASK's future, predicting that its price could climb to $5.955 by January 2025. Even in a bearish scenario, its bottom price is expected to hold at $2.579, demonstrating resilience in the volatile cryptocurrency market.
The growth of Mask Network is bolstered by its strategic initiatives, such as the recent acquisition of the decentralized identity platform Nametag. This acquisition, announced on September 20, 2024, aims to enhance Mask Network's identity solution Next.ID, allowing users better control over their Web3 identities.
