Market fear has reached its peak, and it is time to enter the atypical altcoin season!
In the context of Bitcoin and Ethereum's decline, PI surged against the trend, doubling to $3, then sharply falling to $2.1 to wash out leverage before rising again. Meanwhile, several altcoins like PNUT, ACT, SATS, TIA, and KAITO have stopped following the decline, waiting for an explosive market reversal. At the same time, the meme market is beginning to recover, sending positive signals. This Friday, there is $5 billion in BTC options expiring on Deribit, and market volatility is expected to intensify.
The current market fear index has dropped to 10, which only appears in extreme market conditions like 312 and 519, indicating that opportunities have arrived. Altcoins have not followed Bitcoin's decline, showing that the market is gradually becoming independent, and future segments will also display divergent trends.
From March to July, altcoins are expected to enter a mini bull market. Investors who are stuck or looking to enter can consider starting to position themselves next week, enhancing market sensitivity and seizing rotation opportunities.
Operation: Short-term operations still require caution, set stop losses properly. If you can accurately catch the bottom pin, consider a trend position. Do not blindly follow orders to avoid being left without 'bullets' when the market truly starts.
XRP
The XRP price has fallen to $2.16, down nearly 25% over five consecutive days, and struggles to regain upward momentum. The Bollinger Bands indicate increased volatility, with the current price close to the lower band, showing signs of being oversold, attracting bargain hunters. However, the trading volume is insufficient, indicating that bulls face resistance. The 50-day moving average is at $2.51, well above the current price, enhancing bearish sentiment.
The BBP indicator is -0.50, showing persistent selling pressure until the indicator turns positive, making upward attempts likely difficult. If the closing price falls below $2.16, it may trigger a deeper pullback, with support at $2.00. Conversely, if it recovers to $2.32, an early recovery may be expected.
Lacking bullish momentum and dominated by selling pressure, unless there is a strong catalyst, prices may continue to decline in the short term.
SOL
On March 1, FTX will unlock 11.2 million SOL, increasing the token supply, sparking discussions about SOL's price trajectory. Since its historical high of $295, SOL has dropped over 53%, with the current price below $140. Amberdata analyst Greg Magadini suggests that the unlock may have already been priced in by the market, and if market conditions improve, SOL may see a recovery.
Currently, market bearish sentiment is rising, and traders are focused on the $120 put options on Deribit. Despite the clear downward trend, Magadini believes that SOL may rebound, as market sentiment is overly pessimistic and prices are expected to recover.
BNB
After forming a base above $590, the BNB price initiated a new round of increases, breaking through the resistances of $600 and $610, and rebounding to a high of $612, surpassing Ethereum and Bitcoin.
Despite the 50% Fibonacci retracement providing support as it fell from $632 to $599, shorts emerged around $615 and $618, forming a bearish trend line, with prices constrained in the short term by $620 and the 100-hour moving average. If prices break through $618, the next resistance level is $622 (76.4% Fibonacci retracement). A break above $622 could push prices further up, targeting $632, and a breakout could test $650 and $665.
If it does not break through $622, BNB may pull back, with initial support at $602 and major support at $600.
That's all for today's article. Currently in a bull market with changes stirring, we share codes every day.
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