The cryptocurrency world is in a state of bloodbath and has reached a critical juncture. What do you think of today’s non-farm payrolls?
After BTC falsely broke through the downward trend line, it turned around and plummeted. The decline of copycat coins was even more severe, and the cryptocurrency circle was in a bloodbath.
In recent days, the U.S. stock market has hit new highs every day. Yesterday, the non-farm payrolls were positive, the U.S. dollar fell, and gold rose. However, BTC still fell against the trend, which is a dangerous signal.
BTC has currently fallen below the daily MA200 and the weekly rising trend line, entering a critical moment!
ETF holders and right-side trading whales may stop losses and exit, creating further selling pressure.
What do you think of today’s non-farm payrolls?
Today's big non-farm data and unemployment rate are very critical, which is an important reference for the Federal Reserve to decide its subsequent interest rate policy.
According to speculation, today's unemployment rate will be in line with expectations, but the non-farm payrolls will exceed expectations, which is bearish. Countermeasures:
1. Respect the market, put survival first, and stick to trading discipline; don’t go long before the bottom pattern emerges;
2. BTC fell below the daily MA200. If the daily closing price is also below 58.3K, the stop loss will be 10% of the spot price;
3. If today's non-agricultural data and unemployment rate are negative as predicted, stop loss will be 10% of the spot; if positive, buy back the spot;
4. If the non-farm payrolls and CPI data next Thursday are not good, BTC is expected to fall to around 50,000. Then take back the spot positions that have been reduced.
5. Without the Fed’s monetary easing, the cryptocurrency market will not be able to thrive. Stay patient, control risks, and wait for the interest rate cut in September or November.
6 altcoins worth buying now that could see a 100x gain by the end of the year!
1.BNB
As a pillar of the Binance ecosystem, BNB provides multiple utility functions, including reduced trading fees and participation in exclusive token sales on Binance Launchpad. Originally created as a utility token for Binance trading fee discounts, BNB’s use has expanded to multiple applications, including trading fees on Binance Chain, travel bookings, entertainment, online services, and financial services.
In the SEC vs. Binance case, Judge Amy Berman Jackson’s ruling played a major role in determining that Binance exchange’s native token, BNB tokens, did not constitute a sale of securities.
Binance Coin uses a unique destruction mechanism, where Binance uses 20% of its profits to buy back and destroy BNB tokens every quarter, thereby reducing the total supply and potentially increasing the value of the remaining tokens. It is working hard to break through the $650 mark. We predict that the BNB price may rise to $806 by the end of this year.
2.BCH
Bitcoin Cash gained 143% in six weeks, surging from $260 to over $600 before experiencing a correction. On the weekly chart, BCH price formed an evening star pattern and struggled to stay above $500.
BCH price recently retested the $350 mark or the 50D EMA. However, a quick spike in buying pressure has lifted BCH price back up. This successful reversal reflects huge underlying demand and foreshadows the Morning Star pattern produced by the weekly Golden Cross.
BCH price is currently eyeing the $600 level as the bullish momentum continues to gain momentum. The altcoin’s price is expected to touch the $700 threshold as the market momentum is expected to increase.
3.SUN
Solana, known for its high throughput and low transaction costs, has become a darling of DeFi projects and NFTs and is expected to achieve significant growth. Solana (SOL) has attracted a lot of attention due to Solana's possible ETF approval, and major financial institutions such as VanEck and 21Shares are applying for Solana ETFs in the United States. This approval could significantly increase its price.
Reports have suggested that the Solana ETF could follow the trend of Bitcoin (BTC), which could increase in value by more than 5 times if approved. Top cryptocurrency analysts have also predicted that Solana’s price could reach $1,000 if the ETF is approved.
However, navigating the complex regulatory environment is essential and the success of these applications will be a key factor.
4. BABY
Inspired by a popular meme, Pepe has attracted attention for its community-driven approach and viral potential. Pepe's price hit an all-time high of $0.000017 at the end of May 2024, before falling as bullish momentum waned. Within a year of its launch, Pepe quickly became the third-largest memecoin with a market cap of $4 billion.
We believe that PepeCoin can attract public interest and generate hype, leading to a significant price increase. Since its inception, Pepe's market capitalization has increased by an impressive 16,590.05%.
$0.000076104 With a bullish breakout of $0.00001718, Pepe price rally could hit a new all-time high if the overall market recovers and bulls push the price above $0.000030. Theoretically, during this bull run, we predict that Pepe could reach the psychological threshold of $0.000070.
5. TREES
The BOME/USDT 4-hour chart shows a clear downtrend with technical indicators in neutral territory and the price below all moving averages.
After deeper analysis, we can see that the Alligator indicator has printed a blue line above the green and red lines and the Momentum is above the price, indicating the presence of an opening bean signal.
The RSI shows that the price is in oversold territory and a brief reversal may occur to maintain the price above support.
The price of BOME is currently under the control of the bears, and social sentiment has experienced a special decline, so the price of Bitcoin can only release support.
This can be measured by the weighted sentiment indicator, which is currently around -0.5, which is a negative number. The metric shows the sentiment towards an asset from social media and other sources, and if negative means that the amount of discussion about the asset is too low to be considered.
Bome bulls will now need to hold the price above the $0.008 area to prevent a shift in sentiment. However, bull strength above $0.01 is needed to rally and break out of the downside resistance.
6. ENS
Ethereum Name Service (ENS) has been making headlines recently. Ethereum Name Service is a decentralized domain name service built on the Ethereum blockchain. It aims to simplify the use of long and complex blockchain addresses by providing human-readable names. Since its launch, ENS has steadily grown in adoption and usage, becoming an important part of the Ethereum ecosystem by enhancing the usability of blockchain addresses.
ENS has performed strongly since December 2023, rising from $8.81 to $30, an increase of more than 185%, and is expected to reach a new all-time high of $85.69 this year. We believe that as more institutions like BlackRock begin to use Ethereum, demand for ENS will grow, making it a valuable asset.
The most recent announcement from the crypto naming service provider concerns ENSv2. According to their blog, the upgraded version is designed to improve the affordability, flexibility, and scalability of ENS. Initially announced in May, the version is set to be launched soon, with a significant impact on market prices. However, the developers have not yet revealed the exact release date of this upgrade.
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Again, at this stage, we are planning some good currencies
Believe, be interested, want to witness the strength
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