Today's market analysis:
BTC: For the first time since June 25, there have been many positive big positive lines. From the daily level, it has now stood above the 10-day moving average, and the 5-day moving average has turned upward. After consolidation, it is expected to rise again. As the saying goes, "May is poor, June is desperate, and July is a turnaround." Major events often occur half a year after the founding of the Party, the Army, and the People's Republic of China. After three months of silence, the daily line shows that bulls may usher in a big pull-up.
When BTC's 30-minute level indicator shows signs of overbought in the short term, it is recommended not to chase highs during the day. If the box breaks through and then falls back to 62,000, it will be a relatively reasonable entry point. At the same time, you can consider entering those high-quality coins with faster growth, especially PHB and METIS. The short-term pressure level is between 64,180 and 64,860, and BTC's first support level is 62,000, and the second support level is 61,150.
ETH: The weekly line closed with a long lower shadow positive line, ending the previous four consecutive negative trends. In the process of ETH returning to 4000 this month, the three barriers that need to be paid attention to are 3520-3610-3695, and the operation is mainly bullish!
ETH-related concept coins performed well again, led by ENS, followed by the resurrected SSV. In addition, the ONDO series rose steadily, and old MEME coins such as PEOPLE and PEPE, as well as WIF in the SOL track, are all projects I often mention. High-end ingredients are often most suitable for simple cooking, and the pull of MEME coins often shows the strongest power of faith.
July has started very well, with three important events worth noting:
First, the ETH ETF was announced.
The second is Biden's announcement of his involvement in the Mentougou incident.
Finally, Trump attended the BTC conference.
There is no need to say much about ETH ETF. As the engine of the bull market, more than 90% of the projects in the cryptocurrency circle are based on the ETH ecosystem. The participation of Biden and Trump is undoubtedly the biggest event marketing this year. The participation of the current US president and the presidential candidate will inject a shot in the arm for the global market. Therefore, I predicted 5 days ago that July is expected to reach a climax at the beginning.
There is a famous saying in the stock market: "May is poor, June is desperate, and July is a turnaround." The difficulties in May and the despair in June are over, and now it is July. This saying is not just a casual remark, but is based on the long-term economic laws of the market. After three months of adjustment, the market owes us a big rise, and July is really expected to usher in a chance for a turnaround. Come on!
Several potential currencies that may help you turn things around in July!
FLOKI
I won’t introduce FLOKI in detail. According to the news on the chain, Justin Sun has quietly increased his holdings of Floki recently. This may be a signal worth paying attention to! You should know that Justin Sun first bought Floki on January 24. Let’s see how much Floki was at that time? Didn’t he buy it just before the outbreak? After that, it soared 10 times, so you can also pay attention to it this time. After all, this coin has fallen so much, and a little allocation may bring unexpected gains.
But remember one thing: when everyone is looking at the moon, it is time to escape the top. On the contrary, when everyone is shocked and dare not to take a position, it is time for us to take a position. It is a good opportunity to enter the market with a high profit and loss ratio and stop loss. But remember to take a loss and don’t hold the order!!!
TRX
TRON (TRX) is a major force in the altcoin space. According to CoinMarketCap, TRON’s price has risen by more than 60% in the past 12 months. In the future, this altcoin may usher in a new bullish trend.
From the technical analysis point of view, the outlook of TRON is also quite optimistic. Currently, TRX is trading above the 100-day and 200-day moving averages, while 28 technical indicators show green signals. Therefore, the market predicts that by the second quarter of 2024, the trading price of TRX will reach $0.20.
GRT
The Graph (GRT) is a decentralized protocol for indexing and querying blockchain data, designed to enable efficient data retrieval for decentralized applications (dApps).
GRT coin entered its current correction trend in early March, with the price retreating from $0.49. The bearish reversal took it down to the psychological support level of $2, a loss of nearly 60%.
Selling pressure in the altcoin market eased this week as Bitcoin price stabilized above $60,000. Graphcoin (GRT) maintained above the $2 support level and rebounded 1.2%, currently trading at $2.1. Meanwhile, the market capitalization surged to $2 billion.
A rebound from the $2 bottom could help buyers break out of the overhead resistance trendline, thereby continuing the current corrective trend. A potential breakout could signal the end of the corrective trend and pave the way for buyers to target the $1 mark.
BONK
Bonk is a meme cryptocurrency built on the Solana blockchain, known for its strong community drive and rapid growth.
During the market correction in June, the price of BONK fell sharply from $0.000044 to $0.000018, a drop of 59%. However, the falling price found strong support at the rising trend line on the daily chart, resulting in an immediate rebound to $0.0000228.
BONK coin has a market cap of $1.55 billion, while trading volume has plunged 45% since yesterday to $155.35 million.
A reversal of the recent recovery in the broader market could result in a rally towards the $0.0001 mark.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
