In the cryptocurrency market yesterday, mainstream and altcoins showed little volatility. The past 24 hours were actually part of a consolidation process, with various coins undergoing repairs. The recent surges have caused the daily moving averages of most coins to continue rising. A consolidation and repair phase after a fast bull run is essential, as it solidifies the potential for further upward movement. Those without a trading strategy should refrain from making random moves; holding USDT for interest or participating in airdrops is also a good choice.
Bitcoin $BTC is predicted to consolidate around 98,000 to 102,000. The price is currently rising, and breaking previous highs is low probability. The space for decline before December 20 is much greater than for rise, and there may be another opportunity before January 20. Ethereum $ETH is very strong, continually striving to break 4,000 and take off. In the short term, it has great potential for take-off, but don't expect it to double in the short term given its massive market cap. Dogecoin $DOGE, being a news coin, still relies on Musk, especially since it has risen too much in the past month. It's good to hold some mainstream coins; after all, if the East is dim, the West shines. Remember not to play contracts at this position, and be reminded not to play contracts with altcoins during the process of volatility.
Returning to today's daily BTC market analysis, from the candlestick chart, the 1-hour level is bullish, the 4-hour level is bullish, the 12-hour level is slightly bullish, and the daily level is consolidating upwards. The intraday resistance level is 104,500 and the support level is 99,800 USD. Over the weekend, pay attention to altcoins, it's crazy altcoin time.
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POL
Polygon is recognized as a Layer 2 scalability solution for Ethereum. The POL token rose 18% last week to $0.64, becoming a key player in Ethereum dApp scalability.
Despite recent setbacks, Polygon's long-term forecast remains positive. The platform perfectly utilizes Ethereum's capabilities, making it an essential part of the Ethereum ecosystem. As the altcoin season approaches, Polygon's price is expected to rise, benefiting from the anticipated clear regulatory environment after Gary Gensler's recent resignation. Experts predict it could soar to $5 in the coming months.
TRX
Tron surged from $19 billion to $36.7 billion in market capitalization within 24 hours, marking one of the largest market cap increases in this cycle. The price of TRX is $0.29, up 1.35% in 24 hours, and up 140% in 30 days.
Tron founder Justin Sun continues to promote the project on social media. Sun's investments in high-profile decentralized finance (DeFi) enterprises like World Liberty Financial (WLFI) have enhanced the reputation of the Tron ecosystem and attracted institutional investors. As more people join the network, TRX's complete DeFi applications are helping it grow.
WIF
Like most meme coins, Solana-based DogWifHat (WIF) has also been impacted by recent price adjustments. On December 10, WIF plummeted 17.28% to $2.79 in just one day, and other meme coins experienced similar declines. However, the mid-term outlook for this token remains strong.
The recent bull market has largely witnessed meme coins underperforming compared to utility tokens. This is primarily because memecoins experienced a bull market in March. The surge of Solana-based tokens on Pump.fun further boosted market sentiment. At that time, WIF reached a historic high of $4.85.
Nevertheless, once traders take profits from utility tokens, memecoins may still experience a bull market. At this point, tokens like WIF are likely to shine again. CoinCodex sets a target price of $9.81 for WIF three months from now.
From a recent outlook, WIF's overall technical indicators remain strong. Although WIF's short-term moving average is turning bearish, other moving averages are still below WIF's current price.
BGB
Finally, let’s take a look at BitGet ($BGB), which is currently performing very strongly with bullish investor confidence estimated at 85%. This is not surprising – just last week, it achieved an overall growth of 34%, with each token valued at a very affordable $3.2.
In the past year, Bitaet's growth rate has exceeded 550%. Investors speculate that by the end of December, the price for each token may reach $5 to $10. Given the high investor confidence, the future outlook for Bitget appears very bright.
