According to the current liquidation map, the market is still dominated by longs. Based on the current Bitcoin price around $12,000, if the market fluctuates up and down by $2,000 and rises again to around $12,200, the total amount of shorts expected to be liquidated is about $1.7 billion. Conversely, if the market drops to around $11,800, the total amount of longs expected to be liquidated is about $1.2 billion; there was no inflow or outflow of funds for Bitcoin spot ETFs yesterday, while Ethereum spot ETF had an inflow of $108 million yesterday.
Market direction: the daily chart continues to oscillate horizontally. Currently, the overall 4H and daily levels of the market are still within the oscillation area, and Ethereum has also entered a phase of oscillation. Whether there will be another independent trend later needs further attention; therefore, it is still mainly short-term and swing trading.
Whether altcoins can continue to rebound depends on Ethereum's performance in the later stages. Personally, I believe that as the end of the month approaches, it's essential to pay more attention to when the market can break out of the high-level oscillation.
3 altcoins with a potential 10x increase!
1.Pepe
In just two years, Pepe has soared to become one of the top three meme coins, solidifying its position in the top three with its cultural resonance and strong market performance.
Inspired by Matt Furie's iconic frog character, $PEPE has brought substantial returns to early adopters, with its market cap now exceeding $5.8 billion.
Since its launch in April 2023, Pepe has sparked a wave of imitation, but none have been able to compare. When Elon Musk, the CEO of X and an avid user, briefly changed his profile picture to a Pepe-themed photo, Pepe's popularity surged even further.
Currently, the price of PEPE is approximately $0.00001387, having risen 38% in the past 7 days and 53% in the past month, although its trading price is still about 50.44% lower than its peak of $0.00002803 at the end of 2024. In the first quarter of this year, PEPE formed a descending wedge pattern, which typically signals an impending breakout.
Currently, its RSI is at 68, with bullish momentum still strong, even though it is close to the overbought area of 70, where assets often face selling pressure. With global politics becoming more stable, Pepe is sure to surge again before the end of summer.
2.XLM
Bitcoin has recently experienced a slight pullback and price consolidation, but XLM has sent out new bullish signals, which could pave the way for another explosive rebound.
XLM forms a bullish pennant, with traders heavily betting on a breakout rebound. On the daily chart, XLM has formed a bullish pennant pattern, which usually indicates that buyers are temporarily on the sidelines before potentially continuing the upward trend. Traders typically regard a breakout above the trendline of the pennant as a signal to establish long positions.
On-chain data confirms the possibility of XLM breaking through this pennant pattern in the short term. For example, the token's funding rate remains positive, indicating a demand for long positions. According to Coinglass statistics, as of the time of writing, this rate is 0.0152%.
The funding rate is the fee that longs and shorts regularly exchange in the perpetual contract market. It keeps the contract price aligned with the spot price. A positive funding rate means traders pay a premium for holding long positions, indicating bullish market sentiment.
For XLM, a positive financing rate indicates that its futures traders are largely inclined towards long positions. This reinforces the bullish pennant pattern, suggesting that the market is confident in a sustained price increase.
3.PENGU
Although most altcoin markets are cooling down, the price of PENGU has been breaking through. A deeper analysis of bullish strength, liquidation situations, and price charts reveals that this token may still have room to rise.
Although PENGU bulls still seem to dominate, the Bull-Bear Power index (BBP) measures market strength by comparing recent highs and lows and is currently green, around 0.0148. This level indicates that if there is a short-term decline, buyers still have the upper hand.
In simple terms, when the BBP is positive, bulls are stronger than bears. Since the end of June, even though the price has hovered below key resistance levels, the Penguin's BBP has remained above zero. This stable strength may suggest that any downturn is merely a cooling period before a new round of increases.
If PENGU's price successfully breaks through $0.05, it will first open a path to rise to $0.065. If this area is breached, the next key resistance level, or more precisely, the target level, will be $0.080.
