Fundamentals:
Just half a month after the collapse of tokens such as ACT, TST, and DEXE, the blockchain project OM, which focuses on DeFi and RWA (Real World Assets), collapsed at 2 AM, with a maximum drop of over 90%. This was indeed caused by CEX forcibly closing accounts of token holders in the OM market. OM was an important DeFi project in the Cosmos ecosystem, and this collapse may trigger concerns about trust in other projects on the Cosmos chain; it could also attract regulatory scrutiny for similar projects in the RWA sector (ONDO, TokenFi); for the DeFi market, it may lead to market conservatism towards small and mid-cap DeFi tokens. If the locked funds in OM are withdrawn, it could affect the liquidity of the entire DeFi market. For investors, this is another failed DeFi case that may exacerbate doubts about the sustainability of DeFi projects, especially those with high APY (annualized yield) projects.
Technical Analysis:
BTC: The weekly line rebounded after probing down to 75, closing with a large bullish candle. This is the first time this year that the weekly line has stood above the seven-day moving average. The market still has room for further rebound this week, with the initial target around the 14-day moving average at 90,000, and then up to the significant selling pressure at the 95 level. Last week, the daily line had multiple downward spikes but did not break the yearly moving average, beginning to enter a rebound phase. The daily trend in recent days has shown a small upward trend, with the K-line breaking through the upper boundary of the downward channel. In the short term, the daily trend still has room for further rebound, with the rebound divided into three phases: 88-92-95. From a 4-hour perspective, after probing 75 again on the morning of April 9, the market began to show a small upward trend. In recent days, significant pressure has been observed at the 855 level, with multiple attempts to reach the high but retreating around 83. For intraday operations, key support to watch below is at 833-823, and key resistance above is at 855-865.
ETH: Ethereum's weekly line closed with a doji star after a downward spike, and last week's trading volume reached a new high since November 2022, indicating that Ethereum has shown signs of bottoming out. According to market tendencies, a healthy bottoming process should take about three months. During this bottoming process, there will be obvious peaks and lows; in this range, there will be multiple attempts to reach the top before retracing to the bottom, similar to the periods from August to November 2024, August to October 2023, and November 2022 to January 2023. On the daily chart, the overall trend is slightly upward but very weak, currently still in a downward channel. A technical breakout requires a weak upward consolidation to disrupt the downward channel, with effective pressure on the daily chart at the 1780 level. From a 4-hour perspective, there is a small upward trend of fluctuations. In recent days, after forming a relative high around the 1670 level, there have been multiple attempts to reach the high but retreated. For intraday operations, key support to watch below is at 1600-1570, and key resistance above is at 1660-1690.
Altcoins: The strong get stronger concept. Last week, most altcoins' rebounds did not outperform the market, with only about a few points of rebound space. Some strong altcoins saw rebounds of over 20%. The strong public chain coin S saw its closing price concentrate around the 0.4 level during this round of decline, rebounding 35% over three days last week, showing very strong performance. It can be a key focus when buying opportunities arise in the subsequent market. Secondly, there are the strong meme coins that survived the last meme collapse; WIF and Floki showed strong performance, with Floki touching the 6 range again and rebounding 25%. WIF had five consecutive small bullish candles, with a rise of 40%. In the subsequent market, they can be key focuses!
