After this decline, most currencies returned to the 200-day moving average, and some callbacks to the 60-day and 120-day moving averages. The market was cleaned up thoroughly, and the dealers did not give the bulls a chance to breathe. After such an adjustment, the rebound will be stronger. After the cleanup, all the stocks that should be cut have been cut, and the subsequent rise can be as you wish.
In the bull market, it is inevitable that there will be declines and washouts, and sometimes there will be deep adjustments, but the final result is positive. In the bull market, there will be a moment every day when people clear their positions, just like the saying "pessimists are always right, optimists always move forward", only by staying optimistic can we seize the final bull market opportunity. Frequent operations will frustrate the mentality, especially in such extreme market conditions, it is difficult to make a profit. Everyone is holding the leading stocks in the sector, and you can win if you hold them.
This decline is actually not that complicated. It is mainly because the market rose too much and it is just a normal correction. However, the correction is a bit fierce. The reasons are as follows:
The Federal Reserve does not have the authority to purchase Bitcoin. It is a monetary management agency. The law does not support the purchase of Bitcoin, and Bitcoin is not a legal currency.
Many people are not interested in Bitcoin, and when everyone starts buying Bitcoin, the market will not be that interesting.
One reason for this wave of decline is the reduction in expectations for interest rate cuts in 2025, from four to two. In addition, Bitcoin and the Nasdaq have risen too much before, and a correction is only a matter of time.
The bull market will not end so soon. The Trump family is also trapped, but they are still buying coins. Spot users do not need to worry. After a month of adjustment, Bitcoin's long-term cycle is still bullish, and the market next year is very optimistic.
Let's take a look at the specific performance of the altcoins! Currently, the altcoins can no longer fall, so you can buy the bottom in batches!
SUN
Solana continues to show weakness with a 3% drop in the past 24 hours. Despite this, it remains bullish and is looking for new buying opportunities. Since the drop in late November, the $200 level has suppressed selling, and $240 has become a new resistance level. The current price retracement, but volatility is low, and if the supply increases, it may lead to a sharp drop.
Solana could retrace to the $190 and $180 areas with buyers patiently waiting to enter the market. A rebound could occur if the price tests the uptrend line (support) from September. If it breaks below this line, the bullish trend could end.
FLOCKS
Dog-themed meme coins have suffered the most in the recent cryptocurrency crash, with Floki leading the decline, down 15% in the past 24 hours. Floki has been weak recently, failing to break through the key resistance level of $0.0003 and forming a double top pattern. As a result, the price has fallen sharply this week, falling below $0.0002 yesterday and falling to a three-month low of $0.000177 today, before rebounding and currently trading at $0.000188.
If the current lows hold support, a rebound is likely. However, if the $0.000177 support is broken, the price may fall to $0.0001483. If the $0.00021 resistance is broken, the next target is $0.000283, and further breakout above $0.00035 is possible.
WIF
$WIF After four months of trading, it broke through the rising trend line yesterday. Although it found support near $2 and rebounded briefly, it has fallen by 30% in the past 7 days and performed weakly. As the crypto market slumped, many meme coins suffered heavy losses, and shorts dominated.
Although WIF remains bullish on the daily chart, the trend has turned down after breaking support. The price tested $2.15 earlier today and rebounded slightly, currently trading at $2.27. If the current lows hold support, a re-up to the November lows could resume the bullish trend.
Since falling below $4.8 in early November, WIF has fallen more than 50%, and other meme coins such as Bonk Inu have also suffered heavy losses. If it rebounds, WIF may retest the support of $2.54, and after breaking through, it may rise to $3.2 and $4.
Today's article ends here. We are currently in a bull market, and the situation is turbulent. We share passwords every day. If you don't know what to do in a bull market, welcome to follow us. Bull market spot passwords and layout strategies can be shared free of charge.
