BTC trend analysis: After bouncing back to a certain level, where is it stuck now?
BTC started to rebound after falling near 10800, and during this period, trading volume gradually increased, with market capitalization and market share also rising a bit. In simple terms, it has bounced back after dropping to a critical support level, but there is a strong resistance level at 106800 above. Regardless of whether looking at the 4-hour or daily chart, it needs to break through this level to continue rising significantly.
Current market situation: The market is primarily driven by contract trading, and those buying spot haven't spent much money, so I feel the upward trend is not very reliable.
In the short term, it may fluctuate between 104000 and 105000, then try to see if it can break through 106800. If it can't break through, it is likely to drop, first breaking the support level of 100800, possibly falling to 98000, and then looking for opportunities to rise again.
Even if it really breaks through, it probably won't rise much, at most to around 110,000 before it has to drop. After all, most of those trapped above are retail investors; many would rather miss the opportunity than buy in at 110,000, and this price level is already considered high. Some say it can rise to 120,000, but before any interest rate cut news is confirmed, I think it's uncertain.
ETH's trend is as I previously thought; it first rose to cut off short sellers, reaching a peak of 2548 before starting to drop. Currently, market liquidity is very poor, and price movements can be understood by looking at liquidation data. For example, early in the morning, those who shorted at 2535 were liquidated, then it was pushed up to around 2550 before it pulled back, and now the price is 2493. This kind of market is very suitable for making swings.
Since the 6th, the number of people liquidated in the market has been decreasing, and there is almost no liquidity. ETH is currently in a state of fluctuation, but I remain bearish, expecting it to drop to at least 2400. The short-term support level is at 2478, and there may be back-and-forth fluctuations before ultimately dropping to the target price.
Why has Base been teasing good news these past two days?
Not sure if the Coinbase wallet is going to integrate mini-programs from Base? It was emphasized a few days ago to pay attention to Base; today I'm recommending a Base password. No more nonsense.
ByteAI
Byte's official Twitter hinted today that there will be an important announcement next week, which is considered good news. In simple terms, this project belongs to the ACP track, meaning using AI to assist humans in work. What exactly does Byte do? It is equivalent to an on-chain Meituan, where you can use cryptocurrency to order takeout, representing the practical application of RWA on the Base chain.
Why is it worth paying attention to?
Backed by Coinbase
Base is the chain developed by Coinbase, and now the Coinbase wallet plans to integrate mini-programs on Base, which is like a father taking his son to play, with resource support being abundant. Previously, when the Base founder used AI to order takeout, it involved Byte's related functions, and at that time, Byte's price directly rose by 100%;
Low market cap potential: Currently, the leading projects in the ACP track have high prices, while Byte still belongs to a low market cap. If held for the medium to long term, it is expected to rise 3-5 times;
Application landing expectations: The public version of Byte has not yet been launched and is still in the early stage. If in the future, we can use cryptocurrency to order takeout like Meituan, there might be another wave of significant increases.
Summary: Base chain focuses on application landing. If Byte can leverage Coinbase's resources to develop scenarios, the opportunity is not small. It all depends on what the announcement next week will contain; those interested can pay attention in advance.
Currently, the market cap is around 4M.
Can the Base ecosystem also look at these projects? Simply list a few:
$KTA: It is a payment layer similar to Visa, making on-chain transactions faster; $GIZA: Uses zkML technology to create intelligent agents, making interactions potentially smarter in the future;
$TIG: Optimizes algorithm competitions, helping developers and enterprises connect; $MAMO: Issues encrypted bonds, considered a new play in DeFi;
$REI: Combines AI and blockchain to solve the issue of data trustworthiness; $NOICE: Tokenizes social interactions, which might change the logic of social platforms.
Base ecosystem tokens are fewer and focus more on the actual use of the project. Recently, good projects have emerged on Base, BSC, and Avalanche, while Solana is temporarily a bit cold, possibly related to previous market fluctuations. The development of multi-chain together is a good thing, and projects that focus on fundamentals can withstand the test.
There's another coin on the BSC chain #EGL1
This morning, I noticed that many users were discussing a meme coin EGL1 on the BSC chain that suddenly emerged with a market cap of 70 million.
I found out that this project is entirely operated by a foreign team. The official uses the symbol of the bald eagle for EGLL_american, and the token name EGL1 is derived from 'Eagle 1st', emphasizing a narrative that prioritizes the United States. It is a relatively rare non-Chinese style meme coin on the BNB chain.
From the data, the 24-hour trading volume is 30 million, clearly indicating that there are market makers controlling it. The project's ambition is not small; it seems to be aiming for a trading competition on the BNB chain. If the price pulls back later, I might consider buying some, especially cautioning users to be careful with volatility risks for such strongly controlled coins.
