BTC and ETH are currently experiencing a brief pullback, but altcoins have not followed the market panic sell-off and have continued to rise. This round of altcoin market is unfolding. If the altcoins in your hands have not seen a significant rise, it is time to seriously consider whether it’s just that the sector has not rotated or if there is an issue with the assets themselves.
The narrative in this round is mainly driven by micro-strategy narratives, so coins that have off-site company financing purchases can be focused on, as the funds are in these coins. Currently known or announced include: BTC, ETH, XRP, BNB, ENA, SOL, DOGE, HYPE, LTC, etc. There may be omissions, but most are included, so it is important to focus on the ecosystem related to these coins.
ENA
ENA announced a $360 million PIPE deal for 'StablecoinX', while its foundation has initiated a $260 million open market repurchase plan. Next, $ENA has at least $620 million in institutional buying, plus a large amount of follow-up buying, meaning the potential buying for $ENA should exceed $1 billion.
Currently, the circulating market value of $ENA is $3.3 billion, and the huge buying pressure is expected to push the price of $ENA near previous highs, or even to new highs.
YGG
A very standard descending triangle, with multiple tests of effective support at the base. Moreover, the short-term drop has met the AB=CD conditions, this position is quite good, you can enter at market price, and stop-loss at the red dotted line (0.1686), which is historically the largest volume. If it hasn't moved, consider it a pressure plate. If it forms a descending triangle, the target price after breaking out is around 1.65. If it stops and pulls back around the previous high of 0.82, it may form a complex head and shoulders bottom pattern.
PUMP
Currently, the fundamentals, trading volume data, and K-line do not look too promising for growth. Buying now in hopes of a rebound is like picking up coins in front of a steamroller. A friend who aimed for a 10% gain is now down -10%. There are still two expectations, with a rebound gaming point providing opportunities to run.
1. Pump on Binance spot, there are rumors and on-chain data signs, but it’s uncertain when it will launch. According to the current K-line, if announced, it would provide an opportunity to run.
2. This is considered the second time it has broken its offering price, and this time it has broken the previous low, with a weaker trend and gradually diminishing attention. The possibility of rebounding back to 40 is still significant, but the number of people who will buy back at the public offering price during the third and fourth breaks will decrease.
MERL
The market has been bullish for half a year (everyone is waiting for the altcoin season). With capital rotation, attention must be paid to BTCFi and the second-layer track. Merlin is at the Binance Alpha hotspot, contracts are already up, and there are not many issues with spot trading. BTC's market value is at a new high + ETH continues to break records and strengthen, Merlin is primarily targeting BTCFi and chain abstraction Merlin 2.0.
MERL has a very low market value, with a light circulating supply after deep washing. The potential space in the BTCFi track is large, and Merlin's valuation advantage is highlighted. The short-term target for upward movement is $0.2 (spot must be worry-free).
