Main reasons to be bullish on cryptocurrencies:
The chart below shows Bitcoin correlated to the global M2 money supply. As central banks print money, Bitcoin prices surge.
Lately, global M2 has been falling, causing a pullback in Bitcoin. This means there is no reason to worry. More money needs to be printed to pay the interest on the massive debt. As far as I know, there is no way to avoid this. If you wait long enough, the price of Bitcoin will rise as more crypto flows into the market. It's that simple.
Sometimes a picture is worth a thousand words...
$AVAX
AVAX has recently suffered a significant downturn, falling 28% since the beginning of June. This decline has pushed AVAX to key support at $25, a critical threshold not seen since December 2023.
Testing of a key support area is underway. The move reversed after the peak and is now testing upwards. A break below this area could signal further declines, but a bounce here could offer a good entry point. Keep an eye on the reaction!
The current bearish outlook for Avalanche (AVAX) is reflected in the technical charts. The relative strength index (RSI) indicates an oversold environment, with the indicator falling to 28. On-chain data shows that a growing number of addresses holding Avalanche (AVAX) are now out of funds, increasing from 36.69% to 49.94% over the past few weeks. This shift indicates a rise in bearish sentiment among holders, which could lead to increased selling pressure as participants look to stop losses.
A close below the red line at 27.24 is not ideal, but a failure to close above 28.89 could see the decline continue.
The next support is at 20.78 level. If this support holds, we expect the up move to continue.
The short-term outlook remains cautious, with significant downside risks if broader market conditions do not improve.
$ETHFI
ETH Beta
ether.fi (ETHFI) represents a groundbreaking leap forward in the Ethereum staking space, introducing a liquidity re-staking protocol that fundamentally enhances the way users interact with and benefit from staking on the Ethereum network.
At the heart of ether.fi’s innovation is its liquidity re-staking token, eETH, which is Ethereum’s first native liquidity re-staking token. With ether.fi, users can mint eETH, a process that seamlessly integrates staking and re-staking of ETH, thereby optimizing return potential. This innovative approach not only simplifies the staking process, but also opens up new ways for users to maximize staking returns.
$ETHFI is trading inside a descending wedge and is currently reaching ma 50 as support
A successful bounce will confirm the bullish momentum
Soon it soared to $5 and above
LayerZero is an advanced protocol that enables seamless and efficient message transfer between blockchain networks. It ensures the authenticity and determinism of message delivery and allows users to adjust the desired level of trust.
Often described as a “blockchain of blockchains,” LayerZero facilitates direct and trustless communication across various blockchain platforms.
The price of ZRO is close to $3.0, which is a 36.8% drop from its historical price.
Furthermore, despite the intraday price drop, the cryptocurrency has created a milestone since its debut, entering the top 100 cryptocurrencies by market cap. The volume-to-market cap ratio is 50.38%, indicating high volatility.
While prices have been falling, the reduction in volume inflows suggests waning seller interest, which could hint at an impending bullish trend for the innovative blockchain interoperability protocol ZRO.
The last round of venture capital was priced at $3, with long-term restrictions (buying below $3 is a good price)
The airdrop volume is relatively small
No more unlocks in the next year
Valuation under $3 billion (Wormhole is valued at $15 billion)
MDT's core products include: RewardMe and Measurable AI. RewardMe is a consumer-facing application that incentivizes users by rewarding them for sharing their data. This approach not only empowers users by compensating them for their contributions, but also encourages the sharing of high-quality data.
On the other hand, Measurable AI provides services to businesses that provide real-time, actionable consumer insights by aggregating data. The service is designed to help companies make informed decisions based on accurate and up-to-date information.
The low-cap AI coins that appear on the gainer list are preparing for another breakout. If they succeed, another 2x bullish rally is expected in the next few days.
WIF has become a key player in the memecoin market, attracting investors with its strong ecosystem and lucrative investment opportunities.
Currently in a downtrend, support is around $1.5, there is some buying liquidity, and overall it is a good area where I expect a bounce. Getting some bids in will be knife-edge, and support forming could be a sign of relief
However, if the overall correction is strong, I would expect further declines.
$ENS
The ENS coin received personal praise from Vitalik Buterin and started building its own network, which is a very interesting alternative. It has the potential to become an important cornerstone of the Ethereum ecosystem in the long term. In addition to having no significant competitors, it has been adopted by the Ethereum community as the primary name serving protocol. Therefore, the growth and development of ENS Coin is expected to continue as long as Ethereum exists.
Over the years, its development has put it at a significant distance from potential competitors. ENS, the native token of the Ethereum name service, has risen 20% in seven days, reaching a peak of $25.3. The strong increase in trading activity led to volume reaching $237 million on June 19, the highest level for the month.
Social media sentiment is strong and remains positive.
On our daily chart, the price remains in an uptrend as per BTC and continues to maintain a strong momentum. The price has approached the designated sell zone and if the price sustains at the $30.47 resistance area, we may see the price move towards the overhead resistance level.
