After a spike yesterday, Bitcoin rebounded and consolidated. Last night, the non-farm payroll data from the United States fell short of expectations, indicating economic troubles that necessitate interest rate cuts to stimulate recovery. Bitcoin responded by rising, returning above $100k in just one night. During the weekend, while Bitcoin consolidated, altcoins went crazy. Ethereum ($ETH) may break through $4200 in the next few days. Crazy time show, just long it.
After a surge, there is a sharp decline; after a sharp decline, there is a surge. This sharp drop specifically targets heavily leveraged long positions rather than signaling a trend reversal. Following a big spike, new investors will certainly be anxious, waking up to shout that the earlier they enter, the greater the profit, but many will still hesitate. When there is a sharp drop, new investors tend to look bearish continuously, resulting in their short positions getting trapped. Since these days are for correcting indicators, rushing to short will inevitably lead to losses at lower levels. So it is best to buy on dips. If you think there will be a second big spike, it indicates a complete lack of understanding of the market. Characteristics of a bull market: prone to flash crashes.
Returning to today's daily $BTC market analysis, from the K-line perspective, the 1-hour level is weak and about to consolidate or decline, the 4-hour level is temporarily bullish, the 12-hour level is strong, and the daily level is likely to consolidate in the coming days. The intraday resistance level is $102,000, and the support level is $98,000.
5 cryptocurrencies that could explode with 100x returns!!!
Cardano (ADA)
Cardano has recently achieved remarkable growth. Its price rose by 22.04% last week. The increase over the past month has been even more significant, reaching 278.83%. This upward trend indicates a growing interest and confidence in the token.
Currently, the price of ADA ranges from $0.96 to $1.25. The recent resistance level is $1.35, while the recent support level is $0.77. If the price rises above $1.35, it could target a second resistance level, approximately 21% higher. On the downside, a drop below $0.77 could find support at $0.48.
PEPE (PEPE)
PEPE has gained considerable profit. Its price increased by 10.82% last week. In the past month, it has risen by 175.16%, showing significant momentum. This token indicates ongoing growth and investor interest.
Currently, PEPE is approaching the recent resistance level of $0.00002698. Breaking through this could bring a potential upside of around 25%. If the second resistance level of $0.00003298 is breached, the price may rise more than 50% from its current level. On the downside, the recent support level is $0.00001496.
Technical indicators provide mixed signals. The 10-day simple moving average is slightly above the 100-day moving average, indicating short-term bullishness. The relative strength index is at 54.78, suggesting a neutral market condition. Considering these factors, if PEPE breaks through the resistance level, it may continue its upward trend.
Dogecoin (DOGE)
Dogecoin began in 2013 as a joke. Founders Billy Markus and Jackson Palmer aimed to provide a fun alternative to serious cryptocurrencies like Bitcoin. They chose a popular Shiba Inu meme as their logo. Unlike Bitcoin, Dogecoin has a plentiful supply. There is no maximum supply, with 10,000 new coins mined every minute. Initially, it was seen as a 'meme coin.' But by 2021, Dogecoin's value skyrocketed, becoming one of the top ten cryptocurrencies with a market cap exceeding $50 billion. The buzz on social media, particularly from Elon Musk, played a significant role in this rise. Dogecoin's popularity demonstrates the power of community and social media in financial markets.
Dogecoin's technology is simple and easy to use. It offers fast transaction times and low fees, making it suitable for microtransactions and online tipping systems. The potential of this coin lies in its strong community and widespread recognition. Although it may lack advanced features like smart contracts, the simplicity of Dogecoin could be an advantage. As the cryptocurrency market continues to change, Dogecoin may still have room for growth. The future depends on ongoing community support and market trends.
Cardano (ADA)
Cardano's ADA has garnered widespread attention in the cryptocurrency world. The design of this blockchain platform centers around flexibility and sustainability. Unlike many competitors, Cardano uses a proof-of-stake mechanism called Ouroboros, which consumes significantly less energy than traditional proof-of-work systems. This makes it more environmentally friendly. Through smart contracts, Cardano enables developers to build decentralized financial applications, create new cryptocurrency tokens, and even develop games.
What sets Cardano apart is its innovative two-layer system. The settlement layer handles transactions, while the computation layer manages smart contracts. This separation increases the speed of transaction processing, potentially reaching up to one million transactions per second. Since the launch of its native token in March 2021, Cardano has offered secure and low-cost interactions with smart contracts. In a market that values efficiency and sustainability, ADA stands out. As environmental issues become more pressing and scalability becomes crucial, Cardano's technology positions it as an attractive choice in the current cryptocurrency cycle. Comparisons with Ethereum are inevitable, but ADA's focus on green technology gives it a unique advantage.
Solana (SOL)
Solana is a blockchain platform committed to providing higher speed and scalability than its competitors. Like Ethereum and Cardano, it supports decentralized applications or dapps. What sets Solana apart is its speed design. It can quickly process transactions without needing additional components like sharding. Developers can build on Solana using different programming languages, making it flexible and accessible. At the core of this ecosystem is SOL, Solana's own cryptocurrency. SOL is used for transactions, running programs, and rewarding those who support the network.
The potential of SOL is closely tied to Solana's high-speed network. This is appealing to developers who need a platform capable of handling a large volume of activity. In the current market phase, SOL may be interesting for investors. While other cryptocurrencies face slow transactions and high fees, Solana offers a faster alternative. This could lead to more projects choosing Solana. As the cryptocurrency market continues to evolve, SOL stands out as a potential coin worth watching.
The cryptocurrency space has always been a process of survival of the fittest, where only the best survive! To avoid being eliminated, you must make changes!
Every penny you earn is a monetization of your understanding of this world; every penny you lose is due to your cognitive shortcomings. The greatest fairness in this world lies in the fact that when a person's wealth exceeds their understanding, there will be 100 ways for society to harvest you!
Until your understanding and wealth align. Waiting for a bull market is the most exhausting!
But if you wait until it arrives, you'll know what it means to endure hardship before enjoying the rewards. Everyone must stay in the market; the tough days are about to end, and a raging bull market is coming!
