Market analysis and macroeconomic commentary:
The market has shown signs of a strong rebound recently, and the daily level of the market shows a standard head and shoulders bottom pattern.
This pattern usually indicates that the market is about to usher in a new upward cycle. It is very important to pay attention to the neckline pressure level near 67200. If it can break through and return to the support successfully, the market will be expected to start a new round of market.
The ETH/BTC exchange rate fell a few days ago, and today it rebounded in retaliation. ETH is currently undervalued, and with the hype of spot ETFs in the future, ETH is expected to lead the market up. The ETH daily level also shows a triple bottom pattern, and market sentiment is gradually improving.
As the market rises, funds gradually overflow from BTC to other altcoins such as ETH. Investors need to remain patient and choose potential currencies for investment. When market sentiment is extremely panic, it is often a good opportunity for ETH to rise.
The important pressure levels above the market are around 67200, 68000, 68700, etc., and the support levels below are 66800, 66400, 66000, etc. The pressure levels above ETH are 2123, 3152, 3172, etc., and the support levels below are 3100, 3092, 3073, etc. Pay attention to the breakthrough and retracement of these key positions.
I still hold a large amount of ETH. I don't need to double my investment to hold mainstream currencies for a long time, but I don't recommend taking out loans for investment. I suggest you use your spare money to invest and keep a positive attitude. Ethereum has the potential to outperform Bitcoin in the future, but it is very important to choose the right investment product.
The 4 most worthwhile cryptocurrencies to invest in during the 2024 bull market with a 100x increase!
1.GALA
GALA experienced a significant rise in late 2023, with the price climbing from a low of approximately 0.01250 USDT to a high of 0.08692 USDT in early 2024. This increase was mainly driven by market sentiment and external factors. Subsequently, the price of GALA fell back and fluctuated within the range of 0.040 to 0.050 USDT, forming a consolidation period.
During this period, the moving averages (MA50, MA60, MA177, MA200) crossed, showing the market's hesitation and unclear direction.
Moving Average (MA): The current price is between MA50 and MA60, slightly above MA200 and MA177. The downward trend of MA50 and MA60 shows that there is greater short-term pressure.
Bollinger Bands: Prices fluctuate above and below the middle line of the Bollinger Bands, and the bandwidth narrows slightly, indicating reduced market volatility.
MACD: DIF and DEA are close to the zero axis, indicating a balanced market. The MACD histogram also changes slowly, suggesting insufficient momentum.
Volume: Volume increases during price rallies and pullbacks, indicating active investor participation.
Short-term prediction: Market sentiment may be affected by the news that Jason Brink has left and joined the Gala ecosystem. Prices may fluctuate to a certain extent in the short term, especially as the market digests this information.
From a technical perspective, if the price can break through 0.050 USDT and stabilize above MA60, it may attract more buying power and is expected to test the resistance level of 0.060 USDT in the short term.
Long-term prediction: Gala's transition to a decentralized protocol is a long-term strategic adjustment. There may be more uncertainty and market fluctuations in this process. However, in the long run, this transformation will help improve Gala's transparency, openness, and user autonomy, and attract more developers and project parties to join its ecosystem.
2. BABY
Pepe is a deflationary meme coin that has become the biggest gainer in cryptocurrencies over the past 30 days and has quickly become one of the top 50 cryptocurrencies by market cap. It is also a strong candidate for the cryptocurrency most likely to rise 100x by Q3 2024. The token has surged 752.44% over the past six months, indicating high interest and increasing value. PEPE has surged 15.52% over the past week and 90.97% over the last month.
PEPE's future roadmap is ambitious, including plans for listing on centralized exchanges and "meme takeover." To potentially offset its huge supply, PEPE implements a burning mechanism that destroys a portion of tokens over time to increase scarcity and value.
Despite the anonymity of the founders, their active promotion on social media has fostered a strong community around the token. PEPE’s tax-exempt policy and transparent approach regarding its utility (or lack thereof) make it a straightforward investment in the memecoin space.
3.FTM
FTM Market Cap: $2.25 billion
Fantom (FTM), the native token of the Fantom blockchain, has become one of the best performing cryptocurrencies, with a sharp increase of 12% in value over the past week and 23% in value over the past month. The Fantom Foundation is actively implementing its latest upgrade, codenamed Sonic, which is expected to improve the functionality of the blockchain. As of now, 25 out of 60 nodes have successfully completed the upgrade.
Additionally, Fantom’s total locked value (TVL) has increased significantly to $128 million, up 18% from the previous month. This growth highlights the increasing adoption and usage of the Fantom ecosystem, supported by its technological advancements and advanced infrastructure. The FTM token has multiple use cases in the Fantom ecosystem, including executing transactions, securing governance rights, and participating in decentralized finance (DeFi) applications, which could lead to an increase in FTM prices.
4. Shib
SHIB Market Cap: $14.67 billion
Shiba Inu (SHIB) is a meme coin that has gained huge popularity in a short period of time. It is inspired by the Shiba Inu, a breed of dog known for dog memes. Currently priced below $1, SHIB is expected to see a 100x increase in value by the third quarter of 2024. Since its launch in 2021, SHIB has surged 1,864,516% in price, up 13% in the last month.
One of the reasons for SHIB’s rapid rise is its strong and vibrant community. The meme culture surrounding the token has attracted a large number of investors who are eager to support the project and participate in the growth of the community.
Recently, the Shiba Inu development team informed the SHIB community that it will soon launch an upgraded version of the ShibaSwap decentralized exchange on the second-layer solution Shibarium. ShibaSwap DEX will run on both the Ethereum and Shibarium blockchains, with a powerful bridge that enables seamless asset transfers between the two. This expansion increases opportunities for the SHIB community and improves the adoption and utility of SHIB tokens.
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