Last night, Bitcoin's price fell, but other altcoins did not follow its trend. Looking back at this round of market, it is not difficult to find that altcoins overall have not seen significant rises; instead, more often individual altcoins briefly lead a small market before returning to calm. Ethereum (ETH) has also failed to break through previous highs, while Bitcoin has stood out, leading the market alone.
Analyzing the trend of this round of market, I believe the primary reason is that Bitcoin and the current cryptocurrency market still show a fragmented state. Since the approval of the Bitcoin ETF, the liquidity and funds generated have mainly concentrated on Bitcoin itself, failing to effectively spill over to other tokens. Behind the seemingly lively market, other altcoins remain relatively weak aside from Bitcoin. This also explains why Bitcoin can maintain consolidation at high levels while other altcoins continue to decline; Bitcoin repeatedly sets new highs while altcoins keep losing value.
It can be said that this round of market is a solo act of Bitcoin, or rather, the comprehensive bull market we expect has not really arrived. Currently, many altcoins' movements are still influenced by Ethereum. Perhaps only when Ethereum begins to break through and initiate a new round of rises can we truly welcome the long-awaited comprehensive bull market.
In other words, the current cryptocurrency market remains in a state of division, with Bitcoin leading the way while other tokens are relatively quiet. Only when key tokens like Ethereum also begin to exert strength can the entire market possibly welcome true prosperity.
Buying these cryptocurrencies in 2024 can yield a 100% return!
1. ENA
Ethena Labs and World Liberty Financial (WLFI)—a decentralized finance (DeFi) project supported by elected president Donald Trump—have partnered to enhance the liquidity of stablecoins and provide richer rewards for WLFI platform users. A highlight of the cooperation is a governance proposal that suggests integrating the synthetic digital asset sUSDe stablecoin developed by Ethena Labs as a core collateral asset in the Aave-supported protocol of WLFI.
Once this proposal is approved by the WLFI governance community, users will be able to use sUSDe as collateral to obtain other stablecoins such as USDC and USDT. The vote for this proposal is expected to take place within the next week, which could unlock a series of new features for the WLFI platform and attract more users.
Meanwhile, the price of Ethena's native token ENA has fluctuated, currently trading in the range of $1.05 to $1.10, and after a brief decline, it has stabilized around $1.04.
This cooperation holds great potential for both parties. Including sUSDe within the collateral assets may not only attract more users to join the WLFI ecosystem and enhance its liquidity but could also drive demand for the Ethena stablecoin, boosting market confidence and increasing the value of the ENA token. This collaboration marks a strategically significant step for both platforms in the DeFi sector.
2. SOL
SOL has seen significant price fluctuations recently, declining by 18.80% in the past week and even dropping by 30.50% in nearly a month. However, despite these declines, Solana has still achieved a growth of 34.97% over the past six months. Currently, SOL's trading price is between $205.85 and $239.87, showing considerable volatility.
From a technical indicator perspective, the current market sentiment leans bearish but may also indicate an upcoming turnaround. The Relative Strength Index (RSI) is at 38.29, nearing the oversold area, which could mean that the selling pressure is weakening and buyers may soon enter. Meanwhile, the Moving Average Convergence Divergence (MACD) value is -1.376, indicating that the market is in a downtrend. The stochastic oscillator is also at a low level, with a specific value of 26.34, which also suggests a potential price reversal.
In terms of support levels, Solana's recent support point is $188. If it falls below this price, it may further decline to the next support level of $154. On the upside, SOL faces resistance levels of $256 and $290. To reach the first resistance level, Solana's price needs to rise by about 8%. In contrast, if the price drops to the recent support level, it would mean a decline of about 10%.
Additionally, the 10-day moving average is currently at $182.89, while the 100-day moving average is at $193.52. Both indicators suggest that SOL's current price is above recent averages. Therefore, while the market may continue to face pressure in the short term, Solana still possesses certain upward potential in the medium to long term.
3. XRP
In the past six months, XRP has performed exceptionally well, with an increase of 366.94%, demonstrating strong market interest in cryptocurrencies and active trading activities. Notably, in the past month, XRP's price surged by 77.14%, showcasing a robust upward momentum. However, it is worth noting that last week XRP's price experienced a 7.81% correction, indicating some volatility in the market in the short term.
Currently, the trading price range of XRP is between $2.03 and $2.73. On the upside, the first resistance level for XRP is $3.02, and if it successfully breaks through this price, it may further test the higher resistance level of $3.73. On the downside, the recent support level is $1.61, and if this support level is lost, it may further decline to a secondary support level of $0.9041. These key price levels are crucial for judging the future trend of XRP price.
From a technical indicator perspective, the current market sentiment is relatively neutral. The 10-day simple moving average (SMA) and the 100-day SMA are at $2.24 and $2.28 respectively, with a small difference between them, indicating that the market is in a consolidation phase. The Relative Strength Index (RSI) is at 42.72, meaning XRP shows neither overbought nor oversold signals. The MACD indicator is slightly negative (-0.0059), which may suggest a slight bearish sentiment in the market.
In summary, by closely monitoring these technical indicators, we can better gain insights into XRP's potential price trends in the short term. Investors should remain vigilant and flexibly adjust strategies based on market changes.
4. AAVE
The recent surge in AAVE, as we discussed earlier, is mainly attributed to its Total Value Locked (TVL) significantly surpassing the peak of the previous bull market, while its token price remains at over $300, far below the previous bull market peak of $670, which is clearly an undervalued state.
In addition, the Trump family's WLFI project has chosen to increase its position in AAVE, a move we have specifically analyzed, so I am not surprised by the upward trend of AAVE. However, in the short term, I believe AAVE's upward space may be nearing saturation, as it has already reached the previous high point of $390 today! At this moment, early investors are already in a position to double their investment.
In the current market environment, many cryptocurrencies have experienced significant declines, while AAVE has risen against the trend and is expected to hit new highs this year. Although the overall market environment appears slightly weak, AAVE's strong performance is indeed remarkable. From a long-term investment perspective, I believe it is entirely possible for AAVE's price to reach $800.
5. SUI
SUI, as an outstanding representative of MOVE projects, has a prominent background—it originates from meta and belongs to American projects, backed by strong capital support. In the public chain technology field, SUI, with its unparalleled speed, is hailed as the fastest public chain today.
As the cornerstone of the web3 industry, the performance and capacity of public chains play a crucial role in the future development of the industry. Looking back at the development history of public chains, SUI is very likely to become a leader among the fourth-generation public chains.
Although SUI has demonstrated impressive strength, the activity level of its ecosystem still needs further activation. Currently, Tether has not issued USDT on SUI, which undoubtedly limits its liquidity. However, this also leaves significant growth space for SUI, indicating its limitless potential.
For investors, it is advisable to closely monitor quality ecological projects on SUI, such as navx, cetus, blue, etc., to explore potential investment opportunities. When formulating investment strategies, it is recommended to include SUI in the purchasing plan and avoid blindly following trends. A pyramid buying strategy can be adopted, gradually increasing positions during price corrections to reduce investment risks and enhance return on investment. In summary, SUI is undoubtedly a cryptocurrency worth close attention from investors, with huge potential. If you do not know how to filter strong coins, I suggest you follow me. Whether in spot trading or derivatives, a slight action could be your limit; opportunities are short, so you must seize them! Success is not based on luck; choices are greater than effort, and the circle determines fate. In the crypto space, besides having a keen eye for timing, you also need to keep up with a good team and a good guide. By following me, you have already succeeded halfway in the crypto space.
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