Has the market reached its bottom now?
This question has made countless investors anxious. Although no one can give a definite answer, we can speculate based on some rules; as for the question of whether the market has reached the bottom, we can observe from the time dimension. When the market is sideways at one position for a long time, especially when it has been sideways for about 60 days, this position is likely to be the bottom. At this time, those who are short can consider building positions in batches.
If the market goes sideways for a short period of time, only 2-3 weeks, then you should be vigilant because this may just be a short break.
I personally think that the market may continue to fall to find the next support level. Therefore, we should not only pay attention to price changes, but also pay attention to the accumulation of time. Time is a very important indicator that can help us judge the trend and bottom of the market. In addition, we also need to pay attention to the influence of other technical indicators and market news. For example, indicators such as trading volume and MACD can provide us with valuable reference information.
At the same time, we should also pay attention to market news such as policy changes and economic data, as these factors may have an impact on the trend of the market.
In general, whether the market is bottoming out is a complex issue that requires comprehensive consideration of multiple factors. Stay patient and rational, and wait for the second bottom!
5 popular cryptocurrencies that will make you a millionaire in the 2024 bull market!
1.TON
Toncoin (TON) has emerged as a standout in the cryptocurrency market, defying bearish trends and surging 198% since the beginning of the year to reach new highs around $7.2.
Despite a bearish trend since April 11, TON’s price could indicate a trend reversal. The growth comes after a strategic alliance with HashKey, a well-known Hong Kong exchange, was formed to enhance the capacity and operational efficiency of the TON ecosystem. In addition, Toncoin is now available in the TON ecosystem.
As of this writing, TON is trading at $6.83 with a market cap of $23 billion. Additionally, Toncoin’s daily trading volume has surged by more than 41% in the past 24 hours, indicating a significant increase in trading activity.
Additionally, TON’s performance could be impacted by Bitcoin’s strength, and if Bitcoin shows resilience, TON has the potential to break through $9 this month.
2.ICP
The Internet Computer (ICP), which recently emerged as an innovative decentralized application (dApp), has made its name in the spotlight due to its storage upgrade and the price surge that accompanied the project, after a difficult period during the cryptocurrency bear market.
Internet Computer (ICP), as a DeFi platform, aims to simplify the process of storing information while allowing developers to build flexible software architectures that enable fast and efficient smart contract execution.
ICP, the native DeFi token of the Internet Computer Protocol, has seen a significant increase in asset value after announcing that it will be integrated with Bitcoin (BTC). This good news is a huge boost for the Internet Computer Protocol (ICP) community, which has experienced multiple price declines and was labeled an unregistered security by the U.S. Securities and Exchange Commission (SEC).
3.HIGH
HIGH tokens are the core of Highstreet’s metaverse, integrating decentralized commerce with VR technology to provide users with a unique money-making experience. In Highstreet, users can freely exchange currencies between the virtual world and the real world, and virtual items in the game have actual value and can be used to redeem real-world products.
Currently, the market capitalization of HIGH Token is about $230.3 million, ranking 258th in the world. Although the current trading price is $4.595, which is 88.65% lower than the historical high of $40.26, it has risen sharply by more than 100% in the past four weeks. As the market bullish sentiment increases, HIGH Token is expected to achieve a significant increase in May and bring rich returns to investors.
4. YUP
As of this writing, the price of the JUP token is $1.06, and bulls have been defending the $1.00 support level. Meanwhile, according to the signals from the Awesome Oscillator (AO), the token price may rise, but the AO is currently negative. In addition, the green histogram shows that the dominance of sellers may be weakening.
If this continues, the AO reading could turn into positive territory, signaling a possible rise in prices. In this case, the price of the JUP token could attempt to break above the overhead resistance at $1.19.
5.ETH
For Ethereum (ETH), the relative strength index (RSI) shows that the coin had previously been oversold. However, recently the RSI readings have started to rise again, which suggests that the bulls may be struggling to take control of the market.
But such efforts could be unsuccessful if selling pressure re-emerges, leading ETH prices to fall to $2,860.
The potential downtrend is also supported by the Chakin Money Flow (CMF) which is in the red zone.
However, on a positive note, ETH price is likely to rise if the bulls continue to drive upward momentum. In such a case, ETH could rise to $3,278 in the near term.
Create a high-quality circle
Spot mainly
I will share some content: as shown below:
Tentative 50 people
The article ends here. I will do a more detailed analysis in the circle. If you want to join, please go to Gongzhonghao (The Attack of Mr. Krabs)
