Yesterday I mentioned that Bitcoin might have a false breakthrough, but it didn’t really hold above 100,000. There was a sharp retracement in the middle of the night, and it plunged below 91,000, with a drop of more than 10,000 points. Yesterday’s funding rate was indeed too high, and Bitcoin breaking through 100,000 did create FOMO among many investors. Judging from the liquidation data, Bitcoin’s liquidation exceeded 500 million, accounting for half of the liquidation ratio. Therefore, this wave of plunges was obviously aimed at Bitcoin.
From the perspective of time, it is also a coincidence. The last time Bitcoin hit bottom was on August 5th, when it fell below 50,000. This wave of breaking through 100,000 was also on the 5th, with a time span of 4 months. Another coincidence is that Bitcoin hit bottom on March 12, 2020, and it also peaked around March 12 at the beginning of this year. There are some time nodes that we still have to guard against.
Familiar recipe, familiar taste. This is a typical "deleveraging market", which is very common in a bull market. Because of overheated short-term sentiment and excessive leverage, there is a targeted liquidation market.
Looking at BTC's market share, it has fallen below multiple upward trend lines in succession. The trend of continuous divergence and increase in market share since June 2023 has ended. Combined with the recent market conditions, it can be basically determined that the rising market has begun to spill over to the entire currency circle. BTC's market share has peaked, and what follows will be a rare general rise in the entire bull market.
This long-short indicator is relatively accurate, that is, the ratio of the number of long and short BTC positions on OKX. Being at a low level means risk, but now it has entered a safe area, so the risk is temporarily lifted.
It is highly likely that Ethereum will take over the charge for Bitcoin in the next few days. After the compensatory rise, we should pay attention to the altcoin market, which may be in the second half of the month. We should know that April 18 and May 19 in 2021, that is, the second half of the month, are relatively altcoin risk months. There are still a few days left in the first half of the month, so make the best use of them!
The non-farm data will be released at 9:30 tonight. It is expected that there will be relatively large fluctuations, especially for bitcoin. The range below 90,000 should be the bottom for some time to come.
The next few days may be a good opportunity to catch the cottage rebound
Among them, the MEME sector is in the accumulation stage, and after the adjustment, it will be the main upward trend, so everyone should pay close attention. Everyone should remember that you are the driving force. This round is undoubtedly driven by the identity compliance currency of American politicians and meme. Others are driven by these two driving forces.
So what other coins are worthy of our attention?
BABY
This is a cryptocurrency based on meme culture. Pepe has performed very well in November, doubling in price. The rise of this coin is supported by the optimistic sentiment in the meme coin market as well as technical patterns, especially after its 24-hour trading volume exceeded $5 billion, making PEPE the second most traded meme coin after Dogecoin.
Currently, the price of PEPE is $0.0000215, which is nearly 98% higher than the 200-day average price. Market sentiment is also very optimistic, and the Fear and Greed Index shows an extreme greed state. Although its 14-day RSI is 64.89, indicating that the coin may be in a sideways range, the overall bullish sentiment still exists, indicating that PEPE has a strong market demand.
LDO
Lido DAO (LDO) has been performing well in recent trading activity. Its current price is $2.24, up 7.67% in the past 24 hours. The token has a market cap of $2.01 billion, up 7.78%, while its fully diluted valuation (FDV) is estimated at $2.24 billion.
The token is highly liquid relative to its market cap, with a 24-hour trading volume of $426.53 million. This volume represents 21.22% of the market cap, indicating high participation and turnover.
The current market sentiment for LDO is bullish, further supported by the Fear and Greed Index of 84, indicating extreme greed in the market. The token’s price is above its 200-day simple moving average, a technical indicator often used to assess long-term trends. Additionally, the token has experienced 19 positive trading days in the past month, which equates to a 63% success rate in daily price increases.
ABOUT
has appeared on the list of today’s trending altcoins several times. Each time it did so, it was for a different reason. Today, the token of the first layer blockchain has become part of the hot crypto as its price has increased by 15% and has been able to break the $4 mark.
An evaluation of the daily chart shows that the coin reached $4.18 due to a bull flag formation. The flag formation indicates a continuation of the uptrend after consolidation, suggesting that the price of SUI may continue to rise.
If this trend continues, the SUI price could climb to $4.80.
