It was said on Monday that it's normal for funds to seek safety due to macroeconomic effects, and price corrections are healthy. The support range for Ethereum is 4150-4050. The lowest point on Wednesday morning was 4060, and it is now maintained above 4300. It's normal to test the range back and forth. As long as you find the right rhythm, buying strong altcoins during Ethereum's support tests won't lead to losses. This wave includes an IP of 5.5, which currently seems to be the bottom of the range.
In this phase of the market, there's no need to look for a drop to 3000. Constantly scaring yourself with panic isn't necessary. Publicly listed companies haven't pulled out yet, so don't scare yourself away. It's important to have your own strategy during this cycle.
OKB has been quite standout recently. Interestingly, when OK chain was hot last weekend, Crab Boss prepared some OKB to aggressively target a few gold dogs, but unexpectedly, just a few days later, not many dirt dogs were bought, yet the prepared OKB at 100 has doubled in value. Usually, when rushing for dirt dogs, the token price isn't a major concern. The intention was to use some OKB to target a wave of dirt dogs on OK chain, but the OKB has surprisingly surged to double.
After OKX adjusted the total amount of OKB to 21 million, combined with its listing plans, the current value of OKB has been established. If you ask me where OKB will go, it's unnecessary. Most people initially used platform tokens to save on trading fees. Platform tokens will change with the development of the exchange, so both BNB and OKB are worth holding. It's expected that OKX will offer some benefits beyond holding OKB, which will also affect OKB's value.
The next point about OKB is that if OKX successfully lists in the U.S., OKB will have strong explosive potential.
Recently, the overall market has been in a state of gradual decline testing support levels, but the trend appears to be mainly fluctuating. Prices drop at night and rise again during the day, indicating that it won't easily end. It likely hasn't met the expectations of some major players. Bitcoin ETFs have seen outflows for four consecutive working days, and this outflow won't last long, possibly nearing a reversal point. Once the funds flow back in, the market will surely rise. Publicly listed companies and MicroStrategy are basically continuing to buy without being affected, and purchasing power is still there.
The bearish news about Ethereum staking is changing. The number of unstaked POS has started to decrease. The queue for unstaking exceeded 900,000 two days ago, but today it has dropped to 870,000. The number waiting to stake has also increased to 200,000. Once staking and unstaking reach a balance point, it will mean that the turnover between old and new holders is completed, and ETH may restart its market.
It is now clear that the market is not at the tail end of a bull run, so firmly hold onto your respective positions and don't think about making short-term trades. The fluctuating market won't last long. Once Powell finishes speaking this week, market sentiment will somewhat return to speculation about interest rate cuts, and we can't avoid this topic as we approach September.
If you haven't joined Crab Boss's chat room yet, you're welcome to join!
