The market is confusing. Will it plummet or soar next week?
After the release of several economic data the day before yesterday, coupled with the fact that all the positive news for ETH’s ETF had been exhausted and short-term negative news had emerged, many currencies fell. The economic data released last night were mixed, but objectively reduced the possibility of a rate cut in September.
When we can’t see the direction of the market clearly, we will turn to on-chain data. After all, data will not lie.
On-chain data display
1. The stablecoins flowing into the exchange have rebounded to a certain extent, which is good news.
2. $BTC flowing into exchanges decreases, which is good news
Therefore, we can conclude that the market has recovered and there is no need to panic at the moment.
In particular, if you hold ETH, don’t panic. If it falls to around 3,600, add to your position boldly.
It is expected to rise to more than 4,000 before ETF trading starts at the end of June.
5 Best 100x Cryptocurrencies to Hold in the Second Half of the Bull Market!
1.HBAR
Hedera is an open-source, proof-of-stake public network with a governance system designed for creating and deploying decentralized applications (DApps). It provides developers with three core services: Solidity-based smart contracts, consensus mechanisms, and token services. Hedera's strong infrastructure and focus on scalability and security make it a promising candidate to achieve the $1 goal.
2.GRT
The Graph is a decentralized, open-source protocol for indexing blockchain data. It facilitates data queries on the Ethereum network. In addition, The Graph allows developers to create various application programming interfaces (APIs), called subgraphs, which are designed for different queries. The Graph’s utility and growing popularity in the DeFi space strengthen its prospects of reaching the $1 mark!
3.FTM
Fantom is a smart contract platform that solves the scalability issues faced by other blockchains through its unique Lachesis consensus mechanism. FTM is the native token of the Fantom network and is used for staking, governance voting, payments, and transaction fee payments in the Fantom ecosystem. Fantom's innovative approach to blockchain technology makes it a strong contender to reach $1.
4. AIOZ
AIOZ is an Ethereum token and the driving force behind the AIOZ Network, a layer 1 blockchain designed for interoperability between Ethereum and Cosmos. The AIOZ Network focuses on providing instant finality and low transaction costs for a variety of applications, including file storage, live streaming, and content delivery. AIOZ's real-world applications and focus on interoperability make it a potential candidate to reach the $1 milestone.
5.SUN
Solana price failed to break above $190 as the sellers strongly defended the momentum above this level, causing the price to drop sharply below the immediate Fib channel. SOL price also fell below its EMA trendline; however, buyers prevented the price from falling further below $160. As of this writing, SOL price is trading at $166, down more than 4% in the past 24 hours.
The SOL price is struggling to move beyond the EMA20 trendline, which suggests that bearish pressure persists at higher levels. The falling EMA trendline and the RSI levels moving towards the oversold territory suggest that the dominance of bearish positions is increasing.
If the buyers break above the downtrend resistance line, the SOL/USDT pair is likely to retest the important resistance at $192.
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