The market has just experienced a rapid decline, clearing out a wave of long positions. Based on the current liquidation map, with Bitcoin's price around $103,000, if the market fluctuates up and down by $2,000 and rises again to around $105,000, it is expected that the total liquidated short positions could reach about $700 million. Conversely, if the market drops to around $102,000, the total liquidated long positions could be about $266 million. Yesterday, the net outflow of Bitcoin ETF spot funds was $4.9 million, while there was no inflow or outflow for Ethereum ETF spot funds.
Market direction: continue to be bearish in the short term, as the market is beginning to rapidly decline. The main focus in the short term is where the market will pull back to, when it will stop falling, and when a rebound signal will appear, while Ethereum and most other major coins are also rapidly declining.
I personally believe we should watch whether the market can stabilize around $100,000 this week. If it breaks below $100,000, there may be a continued decline or even accelerated drop, which we refer to as a waterfall. Therefore, it is advisable to wait cautiously for the right moment while also keeping an eye on news from Israel and updates regarding Trump.
Focus on 3 altcoins that could increase 10 times in the next bull market!
1. LTC
Litecoin's price has fallen below the 20-day moving average of the Bollinger Bands (middle line), interpreted as a strong signal of negative market sentiment. This trend indicates that the overall market sentiment favors sellers.
If the current trend continues without changes, Litecoin's price is expected to decline further. According to the Bollinger Bands indicator, this bearish trend may push Litecoin down to $83.19. However, Litecoin buyers need to form strong resistance to avoid this situation.
The price tested the support level of $88 and gained temporary support at this level, partially recovering to the current level; however, the overall technical outlook remains bearish. The decline in trading volume also indicates that the strength of this downward movement is limited.
Litecoin's current negative outlook is in stark contrast to the 12% single-day increase recorded in May, when the SEC delayed the approval of the spot Litecoin ETF application, yet LTC's price successfully rose above $90.
Despite the recent drop in Litecoin's price, some investors expect a recovery based on historical trends. Data shows that Litecoin has averaged an 8.86% increase in June over the past few years. If history repeats itself, this average growth rate could push Litecoin's price to around $97.17.
2. shib
The Shiba Inu (SHIB) project was anonymously launched in 2020 by a creator using the pseudonym 'Ryoshi.' However, many believe that 'Ryoshi' refers to a group of people rather than a single individual.
SHIB was created in response to DOGE, with its creators criticizing the inflationary model of Dogecoin (DOGE). Like DOGE, SHIB's mascot is also a dog.
One of the main drawbacks of SHIB is its price volatility. This stems from it being a meme coin with limited utility and acceptance. Therefore, most online stores do not allow users to purchase goods with SHIB, unlike Bitcoin (BTC).
Although its low price makes its prospects quite appealing, it is worth noting that its price could be even lower. Therefore, a better option is Mutuum Finance (MUTM), whose protocol is designed for utility and long-term gains.
3. LINK
Chainlink (LINK) plays an important role in the DeFi industry through its price oracle service. This crucial service allows smart contracts to access data outside of its ecosystem.
In short, without this service, smart contracts cannot act based on real-world market events. Chainlink oracles can provide reliable real-world data. The project achieves price consensus by aggregating data from multiple sources. When these sources provide reliable data, payments will be made in LINK.
Chainlink has broad global application prospects. For example, Mutuum Finance (MUTM) plans to integrate Chainlink data oracles upon launch. The Mutuum Finance (MUTM) project is expected to become one of the largest DeFi protocols globally, which will enhance Chainlink's utility tenfold.
Chainlink also plans to expand into other industries, such as insurance, which requires reliable data to pay claims. One potential use case is flight insurance, where customers can receive compensation if their flight is canceled. Chainlink can provide reliable sources of flight cancellation data and pay customers immediately.
However, despite the potential significant increase in Chainlink's utility, it will still take years. The world has not yet accepted Chainlink oracles, and its scale has not reached the level necessary for large-scale growth in the short term. Therefore, investors seeking large-scale growth are better suited to Mutuum Finance (MUTM), which has already achieved considerable success in its ongoing presale.
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