Woke up to a massive drop?
Powell has made it clear that the Federal Reserve does not favor Bitcoin and does not wish to hold it as a strategic reserve. He emphasized that while Congress could modify the law to allow the Federal Reserve to hold Bitcoin, that is not the direction he hopes to see.
The Federal Reserve has halved its interest rate cut expectations for next year, causing spot gold to plunge below the $2590 mark, ultimately closing down 2.3%. All three major U.S. stock indices suffered significant declines, with the fear index surging by 78% at one point. The Dow Jones fell by 2.59%, marking its longest single-day losing streak since 1974; the S&P 500 fell by 2.95%, and the Nasdaq fell by 3.56%. Bitcoin briefly dropped below $100,000, dragging down altcoins.
Bitcoin rises, altcoins fall! Bitcoin falls, altcoins continue to fall! This is the real reflection of the market in recent days:
However, there's no need to panic; as long as Bitcoin doesn't fall back to 30,000 points, this round of the market is definitely not over. The current time point is just not the period for altcoin explosions, so I suggest that brothers holding altcoins be patient. As long as your altcoins are listed on major exchanges, the project team is still active, and the direction aligns with market demand, then there’s no problem. In fact, during a bull market, quality altcoins could even outperform Bitcoin's growth.
Plummeting! Which potential coins can be bottomed out next?
ADA
In the last 48 hours, large holders have accumulated 80 million ADA tokens, worth approximately $85.6 million. This surge in trading indicates significant interest from major investors in ADA, reflecting an optimistic outlook for its long-term performance. The Cardano network emphasizes peer-reviewed research to ensure robust technological development. Predictions indicate ADA's value may climb to $1.46, $1.76, or even $2.04. Its current trading price is $0.97, having increased by 2.12% over the past week and 38.41% over the past month.
RENDER
Render (RNDR) currently shows strong bullish momentum, with technical indicators pointing to potential price breakthroughs. The token has formed a bullish triangle flag pattern, which typically indicates a price increase. RNDR is trading at approximately $8.48, seemingly poised to rise to the $10 level.
Market activity over the past week has further confirmed this positive outlook. RNDR rose by 11.90%, while open contracts significantly increased, indicating a rise in trading volume and investor participation. Despite the upward trend, market sentiment remains neutral, with the fear and greed index at 81, reflecting 'extreme greed' in the market.
From a technical perspective, RNDR is performing exceptionally well. The token's current trading price is 25.78% higher than its 200-day simple moving average (SMA) of $6.72, indicating a strong upward trend. Additionally, RNDR experienced 15 up days over the past 30 days, accounting for 50% of that period.
As RNDR approaches the critical $10 mark, investors will closely monitor for confirmation of the breakout. While the market remains optimistic, monitoring liquidity, trading patterns, and external market conditions is crucial for assessing RNDR's short-term potential.
SUI
SU1 is the native cryptocurrency of the first layer Sui blockchain network, and after a recent rise, its price has seen significant increases. SUI has dropped by 4.9% in the last 24 hours, with a trading price of $4.11. Its total locked value (TVL) has just reached a record $1.835 billion, indicating wide usage of its decentralized finance (DeFi) protocols such as Suilend and NAVI.
The breakout of the double bottom pattern and strong technical indicators support a bullish outlook for SU1. Analysts predict that the currency will break through $5, and the Fibonacci retracement model suggests that it may rise further to $6.12, $6.75, or even $7.66. If the positive momentum continues, the currency could reach $10 within weeks. Sui's alliances (such as its recent integration with Backpack) have significantly strengthened its ecosystem.
