Dear coin friends, wasn't that plunge of Bitcoin yesterday afternoon quite thrilling? I mentioned in yesterday's analysis that we should consider taking action around 100,000, and it seems pretty accurate! What should we do in the next few days? Let me explain. Friendly reminder: This article is purely my personal review and does not constitute any investment advice; just enjoy it for fun, play smart with coins, and don't follow the crowd.
Bitcoin may still have to drop; we need to keep an eye on the levels of 92000, 88000, and 85000. If it drops, we will buy a bit of spot in small batches, aiming for steady success!
As for BNB, it is still hovering between 670 and 710. Participating in the launchpool is quite worthwhile; locking up can also earn airdrops, and the selling pressure is not great, with a loyal fanbase, it's quite stable. The launchpool essentially protects long-term holders in disguise.
ETH has also followed Bitcoin, fluctuating between 3100 and 3700. If it really gets close to 3000, that would be a good opportunity for us to get in.
Buying the dip on 4 altcoins with potential returns of up to 10 times!
1. SHIB
Shiba Inu's price is one of the hottest meme coins of 2021, and despite its lackluster performance in 2024, it still has tremendous upside potential. According to Santiment data, the net realized profit/loss (NPL) indicator has significantly dropped to -233 million SHIB, indicating capitulation.
Generally, capitulation events occur during severe downtrends, where holders panic sell. These points are excellent reversal points, and buying the dip can yield substantial profits. Also, note that the number of SHIB has decreased from 1.46 trillion to 1.41 trillion, a net outflow of 500 billion tokens. This 4.25% drop indicates that investors are confident in Shiba Inu's recent performance and do not intend to sell SHIB. This is a fundamental development for SHIB's price.
Therefore, SHIB's price seems ready for a quick rebound.
2. DOGE
Dogecoin is the original meme coin and has risen 350% in the past two months, with further upside expected. With the 30-day MVRV dropping to -22%, this presents an opportunity, indicating that short-term holders are capitulating. This is an area where the price previously formed a bottom, leading to a reversal. Additionally, long-term holders tend to accumulate Dogecoin from the capitulation of short-term holders, which increases the credibility of the bottom formation.
3. XRP
The 30-day MVRV indicator has dropped below zero, currently hovering around -4%. This means that investors who bought XRP a month ago are now averaging a loss of -4%. The MVRV indicator measures the average profit/loss of investors. A 30-day MVRV below zero provides a buying opportunity for long-term holders, as short-term holders have already capitulated.
As long-term holders accumulate XRP, the likelihood of a significant price surge for the remittance token increases. So far, Ripple has risen nearly 500%, with greater upward momentum still to come.
4. PENGU
The PENGU token has stirred waves in the cryptocurrency market, showcasing its potential to deepen the connection between the Pudgy Penguins brand and its global fanbase. The token was originally launched on Solana and plans to achieve compatibility with Ethereum and the Igloo Ethereum Layer 2 abstraction chain in future updates, enhancing its cross-chain functionality and expanding its utility.
In the past 24 hours, PENGU has risen by 3.5%, with a weekly increase of up to 30% and a monthly increase of 681.47%. This surge is attributed to significant developments, including listings on centralized exchanges and a large influx of whales.
After South Korea's second-largest cryptocurrency exchange, Bithumb, announced the listing of the PENGU/KRW trading pair, the token's price surged. Trading began on December 24, 2024, at 5:00 PM (KST), marking an important milestone for Pudgy Penguins. This listing has improved liquidity and attracted more traders, further driving the token's upward momentum.
Within 24 hours, PENGU has made significant breakthroughs, surpassing the previous resistance level of $0.03026 and rising to the current price of $0.03907. The token is currently within the resistance zone between $0.03026 and $0.03984. If it successfully breaks through, it may target the next resistance levels of $0.042 and $0.0472, which indicates a potential increase of 21% from the current price.
