Looking at the current market panorama, the German government's selling pressure on Bitcoin has come to an end, and Mt. Gox's compensation process is also halfway through, and compensation payments are steadily flowing to retail investors. It is expected that the market will usher in the last more significant selling peak in late July, but given the deconcentration and flexibility of retail investor behavior, such large-scale selling is unlikely to continue to pose long-term pressure. Therefore, this article is optimistic and believes that Bitcoin's market outlook will continue to show a strong trend driven by bulls.
What is particularly noteworthy is that the popularity of Bitcoin soared during the US election. President Trump’s public support injected strong momentum into it, which not only attracted widespread social attention, but also likely triggered a massive influx of funds, further pushing up the price of Bitcoin.
At the same time, from a macroeconomic perspective, the Federal Reserve’s dovish stance and the market’s widely expected interest rate cut plan in September have created a relatively loose financial environment for digital currencies such as Bitcoin, which is expected to provide strong support for their price increases.
As for Ethereum, Bitcoin’s rising momentum has undoubtedly brought positive effects to it. However, with the approval of the Ethereum ETF, there may be profit-taking by institutions such as Grayscale based on ETHE in the short term, which will put some pressure on prices. In addition, considering the pace of institutional fund inflows before October, Ethereum’s short-term gains may be limited. But in the long run, as the dust of the US election settles and important upgrades such as Pectra approach, Ethereum’s technical advantages will attract the attention of more institutional investors, and capital inflows are expected to accelerate, contributing to its strong performance in the fourth quarter. Laying a solid foundation is expected to achieve significant growth breakthroughs.
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1.WIF
In WIF price action, although currently within a descending channel and exhibiting a pullback, the implied bull cycle within the bearish channel signals a strong rally that could reverse the trend. This sign is particularly significant because the impending bullish crossover between the MACD and the signal line further enhances expectations for a trend reversal breakout.
It is worth noting that WIF price achieved a significant 15% increase in the overnight session and rose steadily by 4.89% in intraday trading, actively challenging the upper trendline resistance and the key psychological price of $2. This performance not only demonstrates the activity and determination of the market bulls, but also lays a good foundation for the further upward trend of the subsequent market.
If the bulls can continue to maintain their strong momentum, the price of WIF is expected to break through the important level of $3 in one fell swoop, and continue to climb to a high of $4.50 in July, achieving a considerable increase.
In addition, if the Dogwifhat (WIF) project can release updates with significant impact or announce cooperation with industry giants in a timely manner, this series of good news may become a spark to ignite market enthusiasm and drive the price of WIF tokens to soar. Its potential increase may even reach a high of US$10, bringing unexpectedly rich returns to investors.
2.STX
Stacks, as an innovative layer designed for smart contracts on the Bitcoin blockchain, is leading a new round of changes in the crypto space. It not only enables smart contracts and decentralized applications (dApps) to use Bitcoin as the underlying asset, but also ensures that all transactions are settled on Bitcoin, the world's most secure and decentralized blockchain. Currently, although Stacks has a market value of $2.77 billion and has experienced a slight correction in the past 24 hours (a drop of 0.79%), this has not concealed its strong growth momentum in the near future.
In fact, thanks to the booming Stacks ecosystem and the surge in the number of dApps built on it, the $STX token has achieved an impressive 23% increase in the past week. This performance has undoubtedly pushed Stacks to the forefront of the cryptocurrency market and become the focus of investors' attention.
Stacks brings unprecedented advantages to the market by cleverly combining the flexibility of smart contracts with the unparalleled security features of Bitcoin. This innovation not only greatly enhances investor confidence, but also sets a new benchmark for the entire crypto industry, heralding the arrival of a new era of deep integration of smart contracts and Bitcoin.
3.TON
The price trend of TON coin continues to show strong bullish signals. A solid upward support trend line is clearly visible on the daily chart, providing solid support for the upward price. At the same time, the upward trend closely follows the 50-day exponential moving average (EMA), continuously forming higher lows, further confirming its upward momentum. Currently, the price of TON coin is approaching the key resistance level of $8, indicating that an important breakthrough rebound is about to come.
Once TON successfully breaks through the 50% Fibonacci retracement level, its upward channel will be further widened, and it is expected to easily cross the $8 threshold and challenge the historical psychological high of $10. According to the Fibonacci extension level of trend analysis, TON's upward trend has great potential, and its ultimate goal may even reach the 1.618 Fibonacci level, which is a high of $13.25.
In addition, if the Ethereum-based Toncoin project can release updates with significant impact or announce important cooperation with well-known investment institutions such as Pantera Capital, these good news will undoubtedly inject strong momentum into the TON cryptocurrency and push its price to accelerate by the end of 2024, possibly reaching a peak of $14.20. Such a prospect is not only exciting, but also highlights the strong competitiveness and market potential of the TON project in the blockchain field.
4. SMOKE
After an impressive price surge that saw it gain over 1,000% and hit a high of $8.20, the DYM token suffered a significant bearish reversal and its price action started to show weakness. In the process, the 50-day exponential moving average (EMA) formed a clear bearish wedge, acting as an insurmountable area of dynamic resistance on the altcoin’s price decline.
However, there have been subtle changes in the market recently. The DYM token rebounded strongly from the support trend line, not only successfully crossing the 50-day EMA, but also further challenging the upper trend line resistance. This round of rebound momentum is strong. In just two weeks, the price of the DYM token has soared 103%, regaining the important psychological price of $2, showing a good rebound potential.
Although DYM's stock price surged 23% last night and is currently trading around $2.05, forming a cross candlestick pattern, which may technically indicate that the market may enter a consolidation or correction phase in the short term, the so-called "another bear market cycle in a falling wedge pattern." However, it is worth noting that the recovery trend of the entire cryptocurrency market is gradually emerging, which may bring external support to the DYM token, forcing it to rebound in a breakthrough.
Therefore, although market volatility may intensify in the short term, in the long run, the DYM token is still expected to achieve more substantial growth by leveraging the overall market recovery trend and its own fundamental advantages.
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