May 16 Market Highlights

Market Overview

Bitcoin prices have weakened, leading to a general decline in altcoins. FTX plans to initiate debt repayment on May 30, which may affect the flow of funds. Meanwhile, U.S. stocks have become more volatile, increasing market risk aversion.

Focus Areas

Blockchain Games: The chain transformation project Nxpc of "MapleStory" has garnered attention, with the official solo investment resulting in a relatively concentrated chip distribution. However, gold farming profits have not met expectations, and future potential remains to be observed.

Meme Coins: Startup has risen due to endorsements from KOLs, while Useless has benefited from the holdings of the Bonk ecosystem founder, showing a significant risk of speculation.

New Projects: The TGE project of BN Wallet, Alaya AI, has officially launched, focusing on AI data labeling, but its performance is still to be evaluated.

Risks: Moodeng and Launchcoin have experienced sharp declines, which may trigger smart money withdrawals, requiring caution regarding potential market reversals.

BTC/ETH Market

Bitcoin and Ethereum maintained a volatile consolidation yesterday, with the daily line showing overbought conditions, and are expected to consolidate sideways in the short term.

BTC Support Level: 102500 - 103000, Resistance Level: 105000 - 106000;

ETH Support Level: 2450 - 2500, Resistance Level: 2650 - 2700, suitable for light position entry.