Powell goes dovish! Ethereum surges to new highs, is this cryptocurrency about to ignite a major rally?
Last night, Federal Reserve Chairman Powell's speech at the Jackson Hole meeting was like a shot of adrenaline for the market! Although he spoke about being "cautious," his dovish tendencies were evident, and the market immediately sensed the smell of interest rate cuts.
CME data shows that the probability of a rate cut in September has skyrocketed to 84.6%, with retail investors even starting to bet on a 50 basis point cut! Just last month, this probability was less than 50%. This wave of "front-running" has directly boosted the bond market, with the yield on the 10-year U.S. Treasury dropping sharply, and gold also showing signs of movement. It seems that global asset prices are in for a major reshuffling!
Even more exciting is that the cryptocurrency market is also on fire! Ethereum has broken through $4500, hitting an all-time high! The 4-hour candlestick chart shows a recent surge in trading volume, with both price and volume rising simultaneously, a typical "price-volume rally" pattern. In terms of technical indicators, the MACD histogram has turned positive, confirming a bullish market. Although the KDJ indicator has not formed a golden cross, the oversold value is only 17, indicating that upward momentum remains strong. It seems that Ethereum's major rally is far from over!
However, the focus today is not on Ethereum, but on a cryptocurrency that has been quietly adjusting within a channel for a month — PENGU! Yes, that's right, the native token issued by the well-known NFT project "Pudgy Penguins." Although PENGU is currently hovering around $0.01, let's not forget that it is born with multiple halos like "game token," "governance token," and "virtual world interaction token"!
From a technical perspective, PENGU has been oscillating in the range of $0.0077 to $0.0175 for a month, showing clear bottom characteristics. Once it breaks through the resistance level of $0.0175, it could very likely initiate a major rally, targeting $0.0326, or even higher! Moreover, PENGU's ecological applications are continuously being implemented, including Pudgy World game,
Abstract blockchain, physical toy bindings... all of these are solid positives!
Of course, investment carries risks, and one must be cautious when entering the market. Although PENGU has enormous potential, it is still in the early stages, and market volatility is inevitable.
