Dear crypto friends, wasn't the plunge in Bitcoin yesterday afternoon quite thrilling? It was mentioned in yesterday's analysis that we should act around 100,000, and it seems to be quite accurate! What should we do in the coming days? Let me share my thoughts. Friendly reminder: This article is purely my personal review and does not constitute any investment advice; just enjoy it as entertainment, play smart with crypto, and don't follow the crowd.
Bitcoin may still need to drop; keep an eye on these three levels: 92000, 88000, and 85000. If it falls, we can gradually buy some spot at small positions, aiming for steady gains!
As for BNB, it is still hovering between 670 and 710. Participating in the launch pool is quite worthwhile, as locking up assets can yield airdrops, and there is not much selling pressure. There are many loyal fans, making it quite stable. The launch pool is essentially a way for exchanges to protect long-term holders.
ETH is also following Bitcoin, fluctuating between 3100 and 3700. If it approaches around 3000, that would be a good opportunity for us to get in.
Four altcoins with potential gains of up to 10 times below the bottom!
1. SHIB
Shiba Inu's price was one of the hottest meme coins in 2021, and considering its lackluster performance in 2024, it still has tremendous upside potential. According to Santiment's data, the net realized profit/loss (NPL) indicator has dropped significantly to -233 million SHIB, indicating surrender.
Generally, surrender events occur during severe downtrends, where holders panic-sell. These points are good reversal points, and buying on dips may yield significant gains. Additionally, note that the amount of SHIB has decreased from 1.46 trillion to 1.41 trillion, a net outflow of 500 billion tokens. This 4.25% drop indicates that investors are confident in Shiba Inu's recent price performance and do not intend to sell SHIB. This is a fundamental development for SHIB's price.
Therefore, SHIB's price seems to be ready for a quick rebound.
2. DOGE
Dogecoin is the original meme coin, having risen 350% in the past two months, and is expected to rise further. With the 30-day MVRV dropping to -22%, this is an opportunity indicating that short-term holders are surrendering. This is the area where the price formed a bottom previously, leading to a reversal. Additionally, long-term holders tend to accumulate Dogecoin from short-term holder surrender, increasing the credibility of bottom formation.
3. XRP
The 30-day MVRV indicator has fallen below zero and is currently hovering around -4%. This means that investors who bought XRP a month ago are now averaging a loss of -4%. The MVRV indicator is used to measure the average profit/loss of investors. A 30-day MVRV dropping below zero provides buying opportunities for long-term holders, as short-term holders have surrendered.
As long-term holders accumulate XRP, the likelihood of the remittance token causing a significant increase in XRP's price rises. So far, Ripple has increased by nearly 500%, and there is even greater upward momentum.
4. PENGU
The PENGU token has stirred waves in the cryptocurrency market, showcasing its potential to deepen the connection between the Pudgy Penguins brand and its global fanbase. The token was initially launched on Solana and plans to implement compatibility with Ethereum and the Ethereum Layer 2 abstraction chain, Igloo, in future updates, enhancing its cross-chain functionality and expanding its usability.
In the past 24 hours, PENGU has increased by 3.5%, with a weekly increase of up to 30% and a monthly increase of 681.47%. This surge is attributed to significant developments, including centralized exchange listings and a large influx of whales.
After South Korea's second-largest cryptocurrency exchange Bithumb announced the listing of the PENGU/KRW trading pair, the token's price skyrocketed. Trading will start on December 24, 2024, at 5:00 PM (Korean Standard Time), marking an important milestone for Pudgy Penguins. This listing has increased liquidity and attracted more traders, further driving the token's upward momentum.
In the past 24 hours, PENGU achieved a significant breakthrough, breaking through the previous resistance level of $0.03026 and rising to the current price of $0.03907. The token is currently in the resistance zone between $0.03026 and $0.03984. If it successfully breaks through, it may aim for the next resistance levels of $0.042 and $0.0472, which indicates a potential increase of 21% from the current price.
