BTC is currently consolidating around 57450. The sideways trend that started last night is actually a good thing, indicating that the long and short forces are temporarily in balance. It is worth noting that with Bitcoin's short break, many altcoins took the opportunity to pull up a few percentage points! If BTC continues to maintain a sideways state, it will be beneficial to the subsequent performance of altcoins. The next focus is to observe the trend of BTC. Although it does not need to rise sharply, as long as it stabilizes around 54380, it is an ideal state.
Bitcoin is currently in a high-level consolidation phase and may face a callback risk in the short term, but the overall trend is still bullish. In terms of operation, it is recommended to chase the rise cautiously and reasonably control positions and risks. You can wait for the price to pull back to the support level before placing a long order. If the price is weak, consider shorting at a high level.
Since the high point in March, Bitcoin has experienced a correction of nearly six months, and the market value of most altcoins has fallen to a low point. Today, the proportion of large and retail investors in the market who can cut losses in the further decline has dropped significantly. With the emergence of this phenomenon, some altcoins have begun to quietly rise, indicating that the market may have entered the end of the adjustment.
This wave of adjustments that started in March may gradually slow down, which means that new opportunities may emerge in the market in the future.
The altcoin market is unique! Several coins with the potential to increase tenfold are worth paying attention to!
RATS
From the daily chart, the price of RATS is fluctuating in a low triangle range. The upper edge of the triangle is the pressure line, and the lower edge is the support line. As the price fluctuations in the triangle gradually approach the inner angle of the triangle, the possibility of price changes is also increasing.
There are two possible trends: one is that the price breaks through the pressure line and then falls back, and then rises strongly; the other is that the price falls back to the support line and then rebounds. In either case, RATS shows the potential for a big rise, which is worth your close attention!
GHOST
Aave is not only benefiting from the overall market recovery, but also supported by its solid fundamentals. Aave DAO recently proposed to incorporate cbBTC, a new Bitcoin wrapper launched by Coinbase, into its v3 protocol, which will greatly enhance the liquidity and user participation of the DeFi ecosystem. In addition, Aave also announced that the deployment of the Ether.fi market has been completed and plans to launch the v3 market of Ethena soon. These developments will further enhance Aave's influence in the DeFi field and drive its price up.
Currently, Aave's price is fluctuating around $140, down 3% today. If the market continues to recover, especially if Bitcoin continues to rebound, Aave is expected to gain further upside.
SUN
Solana is an open source blockchain project dedicated to providing DeFi solutions to achieve its goals through decentralized applications. It uses a unique Proof of History (PoH) consensus mechanism combined with the more widely used Proof of Stake (PoS) model to solve the efficiency problem of blockchain. The PoH system can efficiently sort transactions and increase network throughput without reducing security.
According to data, Solana recently reached a major milestone with 5.4 million daily active addresses. This metric is very important because it reflects how many unique users are interacting with the blockchain every day.
As of today, Solana is trading at $134.20, down 1.30% today. Over the past week, the price has increased by 3.14%. While these numbers show positive short-term performance, the price growth has not fully kept up with the surge in network activity. Nonetheless, SOL’s high liquidity and large market cap indicate strong interest.
PEOPLE
Currently, PEOPLE shows multiple bottom patterns, indicating that there is strong buying support at the current price. As a potential dark horse in this round of bull market, especially before the election, it is full of opportunities and worth investors' grasp, with expected returns.
However, the volatility of MEME concept currencies is relatively high, so investors need to pay more attention when participating. Despite the significant gains and losses, PEOPLE remains a favorite among many investors. Judging from its past performance, People is definitely a strong stock!
