Bitcoin is replaying history - strong breakouts, surging momentum, institutional holdings... But this time, the market's technical aspects and potential risks cannot be ignored. Will it break through the sky or fall back again? In the short term, there is a trapped position around 95000 that has been under pressure for over two months. The recent rise is mainly due to institutions stockpiling, while retail investors have been selling and shorting. The Google search trend for the keyword BTC is still low, so the risk isn't high now. The peak will come when many retail investors take loans to buy BTC, much like buying gold.
Due to the massive amount of trapped positions around 95000, it will take at least two weeks, if not longer, to break through this resistance level. There will be several important data releases this week; if they show a cooling of inflation, BTC will accelerate its breakout. Wednesday 20:15 - US April ADP employment numbers, Wednesday 20:30 - US GDP data, Wednesday 22:00 - US PCE data, Friday 20:30 - US non-farm payrolls, April unemployment rate.
1.ADA
Cardano uses a Proof of Stake (PoS) system to validate transactions and secure its network. It aims to provide a scalable, secure, and sustainable environment for decentralized applications, thereby supporting innovators and developers.
The platform includes features such as a native token, smart contract functionality, and a governance system that allows users to participate in future development decisions. Recently, Cardano's token ADA has shown signs of recovery in the market. Its price has broken above $0.70 and is currently trading slightly above its 200-day simple moving average.
Currently, Sonic is priced at $0.52566, with a market cap of $1.51 billion. Its trading volume is relatively high compared to its market size. The ratio of its 24-hour trading volume to market cap is 0.1350, indicating good liquidity. The price of the token has decreased by 6.50% in the past 24 hours and is still 49% below its all-time high.
Despite recent declines, market sentiment remains neutral. Meanwhile, the Fear and Greed Index shows a reading of 61, indicating that market sentiment leans towards optimism. Whether Sonic can maintain market appeal largely depends on its ability to effectively deliver on its promises regarding speed, security, and developer incentives. If its innovative transaction fee sharing model proves effective in the long term, it could influence future blockchain designs.
2.WIF
dogwifhat (WIF) is currently priced at $0.638427, with a market cap of approximately $637.69 million. Its daily trading volume remains at $552.39 million, indicating strong liquidity relative to its market cap. The token has seen 15 days of price increases in the past month, suggesting recent market stability. However, the token has decreased by 5.86% in the past 24 hours.
Nevertheless, market sentiment remains bullish, with the tool used to gauge market sentiment, the Fear and Greed Index, showing a reading of 61, indicating that investors tend to be greedy. WIF's 24-hour trading volume to market cap ratio is 0.8692, reflecting active trading.
Over the past 30 days, volatility has remained at a moderate level of 17%, indicating that while price fluctuations are noticeable, they are not drastic. However, the long-term performance of the token shows a more cautious outlook. Additionally, WIF has decreased by 76% in the past 30 days and is currently down 87% from its all-time high.
WIF's annual inflation rate is slightly negative at 0.01%, meaning the circulating supply is slightly decreasing. Despite previous declines, current forecasts suggest that the price of Dogwifhat may soon rise by approximately 228.59%, reaching $2.11.
3.ENS
Ethereum Name Service (ENS) continues to lead in the cryptocurrency space, currently ranking 94th in digital assets. Its price has risen to $18.77, having increased by 1.52% in the past 24 hours and 32.23% over the past week. ENS remains a significant name with a market cap of $674.21 million and a 24-hour trading volume of $153.03 million.
From a long-term performance perspective, ENS has performed relatively well over the past year, increasing by 25.42%. It has outperformed approximately 71% of the top 100 cryptocurrencies and even surpassed Ethereum. Although ENS's trading price is still below its 200-day simple moving average (SMA), its momentum appears positive, with 17 days of price increases in the past month, indicating that 57% of trading days have been up.
The team behind ENS, namely ENS Labs, has been working hard to expand the project's coverage and scalability. One of their main plans is to launch Namechain, a Layer 2 Rollup network, by the end of 2025. This upgrade aims to reduce costs and integrate ENS more deeply into the Layer 2 ecosystem, allowing users to more easily link readable names to crypto addresses.
Despite ENS breaking through some key resistance levels, it remains an exciting project due to its forward-looking upgrades. If the overall market remains strong, ENS is expected to achieve further growth, making it worth a close watch for long-term investors.