Happy weekend, brothers!
With the election results settled and the Federal Reserve having completed a second interest rate cut, the cryptocurrency market has entered a golden period.
These two events bring long-term benefits to the cryptocurrency market, with Bitcoin breaking historical records, reaching $77,240, and Ethereum breaking $3,000 again after three months.
Investors are beginning to regain confidence, and bullish sentiment is clearly on the rise. Notably, derivatives trading volume has surged, with more traders eager to seize short-term opportunities from significant news. It's these trading behaviors that have led to an unexpectedly high level of market activity. Any form of capital inflow is a booster for the market; the more successful cases there are, the more new investors will be attracted to enter the market. As long as funds continue to flow in, the market will remain vibrant.
As the weekend approaches, liquidity in the market tends to decrease as usual. Friends who are paying attention to Ethereum should take note of the blockchain conference happening on the 12th in Bangkok! Vitalik Buterin will be attending. If Vitalik and the foundation behind Ethereum can deliver an outstanding performance, such as rallying for Ethereum like Elon Musk, it would undoubtedly be a great addition.
If this is the case, Ethereum is expected to shake off previous gloom before the end of November, making a remarkable comeback and reestablishing its brilliance in the market, allowing investors to regain confidence.
Market outlook: Can Ethereum reach $8,000?
Dan Tapiero, founder of 10T Holdings, holds an optimistic view of Ethereum's future, believing its price is too low, and on November 6, he predicted that Ethereum could break $8,000 within the next year.
His confidence in cryptocurrencies as a whole, particularly underpinned by expectations of Bitcoin reaching $100,000, has further strengthened market expectations for Ethereum.
With the influx of institutions and the surge in market sentiment, Ethereum may continue to gain market favor in the coming months. At the current price, more and more investors believe Ethereum has strong upside potential, especially if the ETH/BTC ratio continues to rise, its value as an alternative investment to Bitcoin may be further explored.
In the long term, whether Ethereum can truly reach the market expectations of $5,000 or even $8,000 will still be influenced by macro market factors, the growth in on-chain application demand, and market sentiment. For investors optimistic about Ethereum, the current moment may represent a rare entry opportunity.
Weekend layout of 3 types of altcoins could yield a 100-fold increase by the end of the year, turning you into a millionaire!
1. DOGE
Dogecoin is showing positive signs. Its increase has exceeded 70% in the past month. The relative strength index is neutral, indicating market balance. The price is approaching the resistance level of $0.21. If it breaks through this barrier, Dogecoin may aim for the next resistance level of $0.245, marking a significant rise.
The 10-day simple moving average is above the current price, indicating a potential upward trend. The MACD is positive, supporting a bullish outlook. With these indicators, Dogecoin seems ready for further growth in the upcoming altcoin season. Now might be the best time to closely monitor this coin.
2. AIOZ
AIOZ Network is known for revolutionizing content distribution, utilizing a blockchain-based platform to provide decentralized AI computing, Web3 storage, and streaming. Its recent surge in popularity reflects strong investor interest and aligns with impressive advancements.
AIOZ has increased by 8.24% in the past 24 hours. This increase is supported by a healthy trading volume to market capitalization ratio of 0.0625, indicating high liquidity, which is attractive to investors looking for reliable trades. AIOZ has the potential for stable trading. The token's performance over the past 30 days has been consistent with 11 green days, helping to boost market confidence. The volatility of AIOZ Network remains low, only 7% over the past month. In such a dynamic market, this stability is attractive to both short-term and long-term investors. In the long term, AIOZ's trading price is 1,117.39% higher than its 200-day simple moving average, which is an important indicator of its upward trajectory.
3. PENDLE
Pendle has made a significant splash in the DeFi space. The protocol has found a unique niche by allowing users to tokenize and trade future yields, and this innovative concept has drawn attention. By separating asset ownership from future yields, Pendle opens up new avenues for liquidity and yield optimization, which will change the game for the DeFi ecosystem.
In the short term, Pendle presents a neutral stance, with an RSI of 48.46, indicating that the token is neither overbought nor oversold. Therefore, it may consolidate in the coming days. However, it is noteworthy that Pendle has shown an upward trend on 17 out of the past 30 days, indicating strong momentum. The volatility is only 8%, and the token maintains a stable and consistent trend. In the long term, Pendle's performance is even more impressive. Its trading price is an astonishing 593.97% higher than its 200-day simple moving average of $0.78. In fact, the token has soared 471% over the past year, outperforming 88 of the top 100 crypto assets. This remarkable growth highlights Pendle's extraordinary potential and its status as a leading DeFi asset.
