Will the market see a turning point tonight?
CPI data will be announced at 9:30 PM tonight. The market is generally pessimistic, expecting CPI to rise to 2.7%.
If it meets expectations, it won't bring negative news, but if it falls short, it could boost the crypto market. Although Bitcoin has recently dropped significantly, Wall Street ETFs are still accumulating, clearly viewing this drop as a buying opportunity rather than a chance to exit. Don't misjudge the current market; this crash is just clearing leverage, and after consolidation, it will continue to rise. Plus, with the Federal Reserve expected to cut interest rates next Thursday, it is predicted to be a turning point.
Have inscriptions been abandoned by the market?
Binance officially released a message stating that the prices of ORDI and SATS have dropped significantly. Many misunderstood this as Binance delisting inscriptions, but in reality, it is the Binance wallet that has delisted inscriptions. There is an essential difference between the two: the former is negative for retail investors and positive for whales; the latter is where the 'sky falls.' Sometimes, negative news can be the biggest positive.
The Binance wallet itself isn't a successful product; not many people actually use it to mint inscriptions or trade meme coins. It was a wise choice for Binance to pull resources from maintaining a niche market. I don't think this represents Binance's denial of the Bitcoin ecosystem. The future will still see OE playing in the primary market while Binance focuses on the secondary market.
Pay attention to the data tonight! Let's take a look at the situation of new coins launched in the past two days:
First of all, I have to mention ME and MOVE, as if they had discussed it beforehand, while the major exchanges seem to not know each other at all, creating a 'kimchi premium'! Initially, MOVE had a premium of 150% on Upbit compared to others, and later in the evening, ME made a move again!
See the above for details: (The 'kimchi premium' reappears! ME skyrocketed to 11.3U on Upbit, while Binance stayed at 8U, triggering heated arbitrage discussions!)
Now let's take a look at today's $OKSOL launch on OE. To be honest, it's really frustrating. The opening price shot up directly, and despite being a 1:1 certificate of SOL, the price difference was so large and persisted for a while. What about those who traded during that time? Clearly, many people got cut, but fortunately, someone in the group asked me in advance if they could buy, and I told them this was a 1:1 certificate, which helped them avoid losses!
What about others who bought? Don't they suffer losses? What exactly caused this situation? The officials really need to provide a reasonable explanation. (Official explanation is here, do you accept it?)
It's really a daily occurrence, but it's different every time!
Short-term CPI data may cause fluctuations, but it won't change the overall trend. The major market trend has not ended; it's more about up-and-down turbulence and adjustments. There's no need to panic with spot trading!
So how should we position ourselves in altcoins?
Today's altcoins have overall rebounded, but the current level has not reached the wait-and-see position set for some friends yesterday. After the significant drop early yesterday, the Asian session rebounded and created a daily high, but the US session saw another decline. Although there was a rebound in today's Asian session, the rebound was not as high as yesterday's peak.
Before the second coin strengthens, it is expected to take about two days to build a bottom, during which there may be small bullish candles on the daily level, and a clear bottom and top may form on the 4-hour level. Wait for the bottom to be confirmed before acting; the risk control range will be clearer, and once a breakout occurs, the upward space will become more enticing. Be patient!
A pullback is an opportunity! Here are a few potential coins I recommend for reference:
XRP
After a recent surge, $XRP 's price is entering a downward channel and may be in a consolidation phase. The key support levels are $2.20 and $1.90.
Although MDIA's downturn indicates potential strong rebounds, if it breaks these support levels, it may trigger further declines. If XRP can stabilize above $2.50, it may challenge $2.80 again, but short-term volatility cannot be ignored.
DOGE
In comparison, $DOGE recently broke below the upward channel, showing bearish technical signals. However, the MDIA metric of the network indicates high volatility of the token, which may support long-term recovery. Around $0.38 is direct support, while $0.31 is a stronger pullback area. If it rebounds to $0.44 (resistance level), it may push DOGE to regain its bullish trend. Historical data shows that MDIA rises usually accompanies the end of a bull market, while MDIA declines tend to maintain a long-term bullish momentum in the market.
AVAX
Yesterday, it dropped about 7.28%, but while altcoins generally collapsed, its fundamentals and technical structure remain robust, making it a buy choice worth paying attention to. Avalanche addresses the challenges of decentralization and scalability in the blockchain space through three interoperable blockchains. It is recommended to buy in the range of $41 to $37, with a target price of $94 to $118.
Avalanche supports Ethereum-compatible dApps and decentralized finance (DeFi) projects, which is a key advantage for its widespread adoption. For investors optimistic about its long-term potential, $AVAX is a quality target worth investing in.
That's all for today's article. We are currently in a bull market, with trends shifting. We share passwords every day.