Good morning, everyone. The on-chain data is bleak and the cryptocurrency market has no intention of rising. Powell gave a speech last night, saying that inflation has made considerable progress, but he is still unwilling to say whether there will be a rate cut in September and when it will start!
Two aspects of yesterday's speech
1. Bao's speech was positive, gold rose, and the US dollar index DXY fell. It should have risen, but BTC fell in the opposite direction.
2. There was not much inflow of funds into ETFs yesterday. In terms of on-chain data, although BTC did not continue to flow into exchanges in large quantities, it is worrying that stablecoins showed the trend of flowing out of exchanges.
Therefore, although we are optimistic about the general rebound, we still need to guard against the last drop, which is why we remind everyone not to chase the rise.
Other potential data releases:
The non-agricultural data will be released at 20:30 this Friday. The last time the non-agricultural data exceeded the standard, it caused great harm to the cryptocurrency circle. This time it should be normal. Although it seems to be stressful, don't sell at the bottom, otherwise when the extreme rebounds, your mentality will be out of control and blame others. The current position does not exceed 50%, so you can continue to buy at the bottom when there is a sharp drop.
Inflation will always go down, and Mentougou will always be resolved. Don’t fail tomorrow, and you will win the day after tomorrow!
The 4 most worthwhile cryptocurrencies to buy in 2024 that are likely to explode 100 times!
1.Sun
Solana ETF is coming soon Investment giants VanEck and 21Shares made a splash when they filed Solana spot ETF applications with the U.S. Securities and Exchange Commission on June 27 and 28. The news sparked market excitement, pushing the price of SOL up by about 11% to $150.
The surge was largely driven by growing optimism that the U.S. Securities and Exchange Commission (SEC) could soon approve a Spot Solana ETF, setting the stage for potential further gains.
Although the SEC classified SOL as a security in its lawsuit against Binance and Coinbase, approval is still possible within the next 12 months. Balchunas believes that changes in SEC leadership after the U.S. presidential election could be a boon to Solana.
From a long-term technical perspective, Solana is currently trading within a symmetrical triangle pattern. This, combined with the previous uptrend, suggests that strong bullish momentum will continue ahead of the U.S. presidential election.
If Solana manages to break above the upper trendline, it could spark a price rally to $300 by the end of the year. Currently, SOL is trading at $150, up 2.5% in a day, with a market cap of $69.6 billion.
2.BONK
Solana’s first doggie-themed token, Bonk, has been on a sharp uptrend since the beginning of the year. Despite bearish interference, bulls have dominated the gains and frequently sparked rallies. Currently, the price has surged above a critical support level, which suggests that the token is about to gain a crucial resistance level.
Short-term trading suggests that the price will reach the neckline close to $0.00003 after a parabolic recovery phase. The increasing volumes favor the bulls, thus maintaining the bullish momentum. However, a small decline is needed to attract more liquidity, as suggested by the stochRSI, which is about to trigger a correction after reaching the upper boundary. Therefore, BONK price is expected to remain in upward consolidation and reach the neckline before the end of the week.
3.FLOKI
After hovering in a range for several days, the price of FLOKI has begun to rise rapidly. This increase in value has driven the rise in market optimism as Bitcoin shows some strength. Currently, the price is testing a key resistance area, so the coin is expected to remain high and reach these levels throughout the week.
The short-term trading shows that the bulls and bears have enough dominance in the rebound as the price remains stuck inside the predetermined resistance and support levels. However, the RSI maintains an uptrend and is expected to remain high in the coming days and reach $0.000018. The bulls have shown weakness at these levels in the past few days and if a similar trend plays out, the consolidation is likely to continue. Otherwise, the FLOKI price is expected to rise and reach levels above $0.000019.
4.Ton
As TON price continues to maintain a bullish trend, an ascending support trendline can be seen on the daily chart. Moreover, the uptrend respects the 50D EMA to extend the higher low formation. Currently, TON price is approaching the $8 mark and is expected to breakout and rebound.
After Toncoin price breaks above the 50% Fibonacci level, it is expected to surpass $8 and set a new all-time high at the psychological barrier of $10.
According to the trend-based Fibonacci levels, Toncoin’s uptrend can reach the 1.618 Fibonacci level, which is $13.25.
If the Ethereum-based project releases a major update or announces a major investment like Pantera Capital or partnerships, the price of the TON cryptocurrency could surge and could reach a maximum price of $14.20 by the end of 2024.
Conversely, stricter regulation or a strong bearish reversal could cause the Toncoin price to drop to a low of $5.12 this year. As a result, the average price of this tier 1 altcoin could reach $9.66 in 2024.
