Tomorrow is the National Day. Please be prepared for risks. There may be fluctuations. Stop losses in time! Since the high point last Friday, the daily trend has stagnated again. A cross star and a small negative line appeared over the weekend, accompanied by shrinking volume and weakening bullish momentum.
Although it is normal for the market to stagnate on weekends, the risk of weakness still needs to be treated with caution. In the medium-term trend, around the bearish AB=CD pattern, the price is trading sideways around 65835. Although there is no clear reversal signal and structural characteristics, the stagflation of the bearish harmonic pattern still needs to be vigilant. If the price continues to fall below the low point, the possibility of turning to bearish will increase.
Macro events worth watching this week:
At 02:00 on Tuesday, Federal Reserve Chairman Powell will deliver a speech at the National Association for Business Economics; at 22:00, the US September ISM Manufacturing PMI;
Wednesday 20:15, US ADP employment data for September;
Thursday 20:30, US initial jobless claims for the week ending September 28;
At 20:30 on Friday, the U.S. September seasonally adjusted non-farm payrolls and September unemployment rate will be released.
Potential altcoins worth watching
1.LINK
Chainlink is a blockchain abstraction layer that allows smart contracts to connect with external data sources. Through a decentralized oracle network, blockchains are able to securely access off-chain data, events, and payment systems, which is critical for smart contracts that rely on external information.
Currently, Chainlink is trading at $12.90, up 0.97% intraday. Over the past year, its price has increased by 66%, showing strong growth potential. The token has also performed quite well compared to its initial sale price. In the past 30 days, 17 days (57%) closed higher than the opening price, reflecting positive market sentiment. Chainlink is also quite liquid considering its market capitalization.
Furthermore, the forecast shows that Chainlink’s price could rise by 8.93% and is expected to reach $13.92 by October 28, 2024. Although current technical indicators indicate a neutral market sentiment, the Fear and Greed Index is 64, showing that the market sentiment is biased towards greed. In the past 30 days, 17 days have seen positive price movements, with a volatility of 6.11%. Some analysts believe that now is a good time to buy Chainlink, but caution is still warranted.
2. THIS
Ethena Labs, known for its synthetic USDe, has launched a new stablecoin, UStb, whose reserves will be invested in BlackRock's USD Institutional Digital Liquidity Fund (BUIDL). Previously, the company had launched a synthetic stablecoin USDe pegged to the US dollar, which was stabilized through a spot buy-sell arbitrage strategy. The launch of UStb provides more options for users and exchanges, and this news caused Ethena's ENA governance token to rise 14%, jumping from $0.307 to $0.378.
Currently, the ENA token price is $0.358544, up 1.83% in the past 24 hours. In the past 30 days, the token has shown gains on 17 days, with the closing price exceeding the opening price 57%. The token is highly liquid and trading near the cycle high, and the market sentiment is bullish, with 16 technical indicators currently supporting this optimistic trend.
