Recently, the SEC officially approved the application for the Ethereum ETF, marking another important step in the field of cryptocurrency. It is reported that the ETF will start trading on July 23, 2024, which not only increases the adoption rate of Ethereum, but also triggers heated discussions in the market about the future trend of the altcoin and cryptocurrency industry.
In the short term, the purple area is an obvious support zone for Bitcoin. The price has received support and rebounded in this area many times, ranging from 58,000 to 62,000.
As long as the price can stay above this range, the bullish trend of the past month is expected to continue. We can see two clear double bottom patterns, which shows that buying power is increasing near this support area. Now the price is at 66453.9, which is significantly above the support area.
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$SOL
$SOL has been one of the standout performers in this cryptocurrency bull run so far. Starting from a low of $8 at the end of 2022, the $SOL price has since surged and hit a local high of $210 in mid-March this year.
As the Solana network continues to surpass Ethereum in terms of daily transactions and daily active users (not counting Layer 2), this trend looks likely to continue.
Overall, $SOL appears to be performing better than the vast majority of altcoins in its ecosystem. However, certain Solana-based altcoins could buck this trend, especially as the bull run begins to enter its late stages.
$MNT
Following the breakout of the descending channel, the MNT price started a strong rebound and gradually recovered from $0.625. Although the recent bullish rebound momentum remains strong, it surpassed the 200D and 50D EMA, weakening the bearish signal.
MNT is expected to break through the $1 mark in the next few months and enter a bull market driven by the Ethereum ETF. According to the Fibonacci level analysis, the upward trend of MNT may reach $2.75, and if the ETF performs well, its increase may even exceed ten times.
I also like ONDO and JUP, but I won’t go into details about them.
That’s all for today’s analysis. If you have any questions, please feel free to contact me.
Finally, Xiaoru wishes everyone to become rich soon!
If you buy at the bottom in this market, you might end up buying halfway up the mountain. If you don’t buy at the bottom, you might miss the chance to get on board!
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