The cryptocurrency market yesterday continued to be influenced by Bitcoin's performance. Bitcoin experienced a blood-sucking consolidation while maintaining high levels, with most mainstream trends weaker than Bitcoin. Bitcoin approached its previous high by about $1500, feeling like it could break new highs at any moment. Sure enough, it broke through this morning, but the expected short-term growth after the breakout may be limited, and a pullback will still be needed for consolidation. This article is merely a personal review and does not constitute any investment advice.
Bitcoin is predicted to consolidate around 105,000, with daily lines continuing to rise and break previous highs, although it won't deviate too far from previous highs, or there should be a significant pullback before the 27th. $BNB is expected to fluctuate in the range of 700 to 740, showing overall weakness yesterday. It will need to wait for Bitcoin's breakout followed by a consolidation period to explode, as the recent airdrops have not helped much, and there will be a slight drop when the airdrop ends. Ethereum $ETH's institutional accumulation can continue to be expected, suitable for buying on dips, especially as Bitcoin breaks new highs, there will be more room for growth.
Some important news summarized:
1. The informed one stated in an interview with CMBC that the United States will leverage cryptocurrency to do great things, with the goal of becoming a leader. The informed one also mentioned that the U.S. will strive to maintain its lead in the field of artificial intelligence. Regarding whether a strategic reserve of Bitcoin similar to the oil reserve will be established, the informed one stated, yes, I believe it will.
2. U.S. Arkansas Congressman French Hill (a crypto supporter) defeated three competitors to win the chairmanship of the Financial Services Committee.
3. The former Prime Minister of Thailand suggests studying the use of Bitcoin and government bond-backed stablecoins in tourist areas.
Returning to today's daily $BTC market analysis, from the K-line perspective, the 1-hour level is up, the 4-hour level is up, the 12-hour level is up, and the daily level is up, with an intraday resistance level of $107,500 and a support level of $103,000. Overall, if Bitcoin breaks new highs without volume, the increase after the breakout may not be substantial, and a significant pullback may occur, at which point it is advisable not to open contracts recklessly to avoid being liquidated.
Bitcoin has broken new highs again! Ambush 4 cryptocurrencies that have a 100-fold increase in this bull market!
ADA
Cardano (ADA) is a promising cryptocurrency that has risen by 258%, solidifying its position as a leader among altcoins. Its trading price ranges from $0.96 to $1.25, just below the $1.35 threshold. Analysts expect that breaking this threshold will trigger a rapid price rebound, making it an excellent alternative for portfolio growth. Technical indicators support this optimistic sentiment—ADA's 10-day moving average has surpassed the 100-day average, indicating strong upward momentum. The Russell Relative Strength Index (RSI) stands at 47, allowing the currency to rise without becoming overbought. Cardano's ability to overcome challenges and instill confidence in the market could change the landscape during the altcoin season. For investors seeking a million-dollar return from moderate assets before the bull market begins, ADA is an opportunity not to be missed.
KAS
Kaspa (KAS) is trading at $0.1553, making it a strong competitor for exponential growth in the bull market. The token peaked at $0.19 before retreating to $0.16, indicating increased demand and volatility, which are typical characteristics of cryptocurrencies preparing for a significant breakthrough. Kaspa's technical indicators are encouraging: a breakout of an expanded wedge pattern and a 64.84 RSI indicate bullish momentum. The journey for Kaspa to reach $1 (valued at approximately $25 billion) is ambitious, but with a market cap of $3.97 billion, it is achievable. Developers and investors are interested in its proof-of-work consensus process and fast transactions. Kaspa's ability to break through its historical high of $0.2075 and soar to $1 provides early adopters with a rare investment doubling opportunity, making it a crypto gem that could turn small positions into million-dollar portfolios before the bull market ends.
TRX
TRON (TRX) has become a cryptocurrency giant, attracting savvy investors with its astonishing surge. On December 3, 2024, TRON's price increased by 107.57% to $0.4407. TRON's trading price is $0.2838; despite price fluctuations, its blockchain ecosystem remains resilient. Beyond price action, TRON's strong network activity indicates that it is a game-changing investment. TRON possesses all the characteristics of a portfolio multiplier, being a cost-effective cryptocurrency with the potential to generate significant profits when the bull market ends.
XLM
Stellar (XLM) will disrupt the cryptocurrency industry through its various partnerships and strong technological framework, positioning it for significant growth in the next bull market. Stellar's groundbreaking collaboration with Fělix and Bitso has revolutionized remittances for Latino immigrants in the U.S. This partnership addresses fundamental financial needs by using blockchain technology and USDC stablecoin to transfer funds faster, cheaper, and more securely to Latin America. The recent rise in XLM is due to the practicality of the program and increased investor interest. Positive technical patterns such as symmetrical triangles and descending wedges suggest a price surge to $0.90. Following a recent decline, increased buying volume and the $0.41 support level enhance XLM's bullish prospects. Stellar's novel use cases and growing adoption offer investors an extremely attractive opportunity to turn small investments into million-dollar portfolios before the bull market ends.
