Yesterday's Market Review
BTC started to rise yesterday and has now broken through the previous high, reaching as high as 75,000. Yesterday, it was clearly suggested that it could be stored. This round of rising expectations is related to the election. Trump's approval rating is currently higher. The 4-hour price has entered the overbought range again. It depends on the election situation during the day. If Trump's approval rating is higher, it may continue to rise. Otherwise, it will start to pull back. To prevent unexpected situations, you can make a moving stop profit at 73,000, wait and see during the day, and wait for the election results. The daily level remains healthy, and the weekly level golden cross has been formed. Keep holding, strengthen your confidence, and continue to be bullish in the future.
Yesterday, Erb token followed BTC's rise, briefly breaking through 2600. Currently, it is also nearing the overbought territory in the 4-hour timeframe. Observing for the day, the bullish outlook continues, with the target range remaining at 2800-3000.
Altcoins are rising in sync with the mainstream; SATS should be held patiently, considering liquidation around 50; PEOPLE can continue to be held for the medium term, and FTM should be maintained.
Intraday market analysis
BTC is entering the overbought territory in the 1-hour and 4-hour levels, while returning to a healthy level in the daily timeframe. Observing for the day, expectations for the larger cycle have not weakened, with intraday support at 72000-73000 and resistance at 75000-77000.
ETH is entering the overbought territory in the 1-hour and 4-hour levels, while being below a healthy level in the daily timeframe. Observing for the day, those with positions should hold, with intraday resistance at 2700-2800 and support at 2450-2500.
5 altcoins that can help you become a millionaire in a bull market are ready to explode!
1. STX
The recent Nakamoto upgrade is a significant milestone for the STX token, introducing key advancements in transaction processing. This second-layer enhancement allows Stacks to operate more independently from Bitcoin's block production, resulting in faster transaction speeds. With this upgrade, transactions on the Stacks network can be processed in seconds, reflecting improved efficiency.
An important aspect of the upgrade is the introduction of 'sBTC', a new token designed to create a seamless bridge between the Bitcoin and Stacks ecosystems. This feature can enhance its appeal by increasing the utility of STX and its integration with the broader Bitcoin network.
As of today, the trading price of STX is $1.52, with a price increase of 6.29% over the past 24 hours. Notably, this token remains well above its 200-day simple moving average (SMA) of $0.97, trading 58.38% higher than this long-term indicator. This trend, combined with the token's high liquidity, indicates a relatively strong market position.
Additionally, Coincodex's forecast indicates that the price of STX could rise by 9.84%, expected to be around $1.68 by December. If STX maintains its current momentum and breaks through key resistance levels, the Nakamoto upgrade may support its continued growth in the coming weeks.
2. EGLD
MultiversX is a blockchain protocol designed to achieve horizontal scalability through comprehensive sharding of its network, transactions, and state. The project positions itself as a technology ecosystem supporting the 'new internet', with applications in decentralized finance (DeFi), real-world assets, and the metaverse. Reportedly, its smart contract platform can process up to 100,000 transactions per second, with an average transaction cost of $0.002 and a latency of about 6 seconds. Currently, the trading price of the MultiversX token is $23.41, with an intraday increase of 5.27%. The token's market cap is $644.41 million, increasing by 5.28%.
Meanwhile, the 24-hour trading volume is $18.71 million, up 6.11%. The token has shown positive performance relative to its initial price, trading close to its cycle high, highlighting its high liquidity and demand based on its market cap. From a technical perspective, the token's 14-day Relative Strength Index (RSI) is 60.87, indicating a neutral outlook in the short term and potential sideways consolidation.
Additionally, MultiversX's current price is 0.51% lower than its recent peak and 8.43% higher than its cycle low, indicating stability within this range. MultiversX demonstrates good attributes in both functionality and market performance, although its RSI suggests it may be in a consolidation phase.
3. Sei
Sei's recent partnership with CARV marks its strategic move in advancing Web3 gaming. CARV supports over 40 studios on the Sei platform, and this collaboration aims to enhance user engagement and enable seamless integration between different games. Sei is known for its high-speed parallel blockchain capabilities, combining Ethereum's familiar development framework with Solana's performance efficiency. The launch of Sei V2, featuring a parallelized EVM, represents a significant step forward, providing developers with a scalable, Ethereum-compatible, and faster environment than Solana.
As a first-layer blockchain, Sei combines Ethereum's development standards with Solana's high throughput, creating an attractive option for developers looking to leverage both ecosystems. This V2 update positions Sei as a brand new scaling solution within the Ethereum network, facilitating rapid transaction processing for Web3 games.
In terms of market performance, the Sei token shows resilience. The current price is $0.3601, with an intraday increase of 4.89%. Its 24-hour trading volume to market cap ratio is 0.1803, indicating strong liquidity relative to its market cap. The 14-day Relative Strength Index (RSI) is 48.79, suggesting a neutral position and potential for sideways trading. According to Coincodex, Sei's price is expected to rise by 228.79%, potentially reaching $1.152554 next month.
