What will the short-term market trend be?
The MACD has shown a top divergence, indicating a demand for a market correction, which is also the reason not to chase high prices; don’t stand guard at high points again.
As long as the position of 74000 is not broken, the selling pressure will gradually decrease, combined with the stimulus of interest rate cuts; although there is divergence, it is likely to happen a few days later.
Ethereum also surged today.
At first, Ethereum was ridiculed when it was called a value coin, but now it can finally shout out loud.
However, Ethereum has fallen to a new low compared to Bitcoin, directly breaking 0.35, indicating that Ethereum remains very weak.
Whether it can regain its status in the industry depends on Vitalik.
This coin doesn't need to increase positions; just hold the existing ones.
In the short term, there is a vacuum between 2700 to 2890 above Ethereum, with almost no resistance; it needs to break above 3000 to be considered a preliminary breakthrough.
To kick off the Ethereum bull market, the target of 3500 must be achieved.
Four types of altcoins that will explode 100 times at the bottom!
1.ray
On Thursday, November 7, Raydium (RAY) broke through the $5 mark after rising 27% in 24 hours. With the opening of the cryptocurrency market, several other altcoins, including Starknet and EigenLayer, also saw significant increases. Raydium's price has risen 51% in the past week, climbing from $3.213 to $5.05.
Several factors contributed to the rise in RAY's value. One major factor is that Kraken Pro added RAY futures trading on October 25, expanding its trading options. The platform upgraded on October 23, enhancing liquidity and exchange speed, thereby increasing trading volume.
Raydium is now the third-largest decentralized exchange (DEX) by daily trading volume. This price surge has also placed Raydium among the top five DeFi protocols on Solana. According to DeFiLlama data, Raydium currently ranks fifth in total locked value (TVL), having increased by over 30% in the past month, exceeding $1.5 billion.
The price chart of Raydium shows a good candlestick pattern, indicating strong buying activity with only minor pullbacks. This aligns very well with traders' current overall bullish sentiment for RAY. Unlike many assets that merely survive market downturns, Raydium stands out with high trading volume and rapid price fluctuations, highlighting its leading position in the fast-evolving cryptocurrency space.
Additionally, institutional interest in Solana is growing, which may positively impact Raydium. As more institutions participate, Raydium's market share could increase, potentially raising its token value. Technical indicators also remain supportive. The alignment of short-term and long-term moving averages indicates ongoing buying pressure, with current momentum showing almost no signs of slowing down.
2.strk
Starknet (STRK) has steadily grown over the past month, up 4.06% to $0.4095 as of this writing. The weekly increase is 7.14%, with a 24-hour increase of 7.98%, reflecting a strong upward trend. Additionally, the RSI and stochastic indicators are at 44.57 and 46.16, respectively, indicating that Starknet is neither overbought nor oversold, suggesting stable trading activity.
Starknet is a zero-knowledge rollup network that has set a new benchmark for transaction speed and efficiency on Ethereum's second layer network. A week ago, it broke the record for transactions per second (TPS), reaching 127.5 TPS in one day, surpassing Coinbase's Base, which previously held a record of 79.92 TPS. This milestone was achieved during a gaming simulation that tested Starknet's capacity to handle high transaction volumes, highlighting its scalability potential in high-demand scenarios.
If STRK gains bullish momentum but faces resistance at the 20-day EMA on the daily chart, sellers may break below support levels, potentially pushing prices down. However, if demand remains strong, it might rebound from this level.
The price prediction sentiment for STRK is bullish, with a fear and greed index of 69 indicating a 'greedy' level. This reflects an increase in trading volume and suggests growing optimism about the upward trend. If the broader cryptocurrency market maintains a bullish trend, the average price of the STRK token could reach $1.19 by 2024.
3.TON
Toncoin has gained significant attention due to recent developments that have enhanced its visibility and value. The platform's total locked value (TVL) remains stable, and recent growth indicates increased confidence among users and investors. Analysts believe that the increase in TVL reflects strong interest in Toncoin's applications and services, reflecting investor confidence and market participation in its ecosystem.
Moreover, strategic funding and incentive programs have also supported the development of Toncoin. A recent initiative is the $5 million support program from the TON Accelerator team, aimed at helping selected projects develop on the TON blockchain. This program is supported by TON Ventures and Mantle EcoFund, providing resources and funding support for projects built on the platform.
With support from Telegram, Toncoin has also seen growth in activities in areas such as crypto gaming, promoting the growth of its ecosystem. The token is performing well in the market, currently trading at $4.85, with a recent intraday increase of 2.3%. Over the past year, Toncoin's price has risen by 80%, outperforming 57% of the top 100 crypto assets.
It is still trading above the 200-day simple moving average, indicating good long-term momentum, and has been in an upward trend for 15 out of the last 30 days. Its annual inflation rate is currently negative 26.12%, which means the token supply is decreasing, helping to stabilize the price. Toncoin's 14-day relative strength index (RSI) is at 47.69, indicating a neutral position, suggesting potential sideways movement in the short term.
4.LDO
The Lido protocol has recently integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP) to streamline ETH staking across multiple Layer 2 (L2) networks. This integration aims to simplify staking, allowing users to stake ETH directly from supported L2 networks without complex bridging steps. Through this connection, users can directly receive wrapped stETH (wstETH), representing their ETH holdings staked on the Lido network.
By leveraging Chainlink's CCIP, Lido effectively eliminates extra steps in the staking process, making multi-chain accessibility more practical and user-friendly. As a result, wstETH becomes more accessible and liquid across various networks, potentially attracting more participants interested in staking.
As of the latest data, the LDO token trading price is $1.37, with a significant intraday increase of 20.41%. This spike reflects an increase in trading activity and potential greater interest in the protocol. A close look at market indicators reveals that the sentiment for this token is currently bullish, with a fear and greed index of 69, reflecting a greedy sentiment in the market.
Additionally, LDO's 24-hour trading volume to market cap ratio is 0.5254, indicating high liquidity relative to its market cap. LDO's inflation rate is relatively low at 0.24%, suggesting minimal dilution of the token's value from new issuance, which is favorable for long-term holders.
