According to the current liquidation map, the market is relatively balanced between long and short positions. Based on the current Bitcoin price near $108,700, if the market fluctuates up and down by $2,000, rising again to around $110,700, it is estimated that a cumulative $1.54 billion in short positions could be liquidated. Conversely, if the market drops to around $106,700, it is estimated that a cumulative $826 million in long positions could be liquidated.
Market direction: Short-term continues to oscillate upward; the current trend is still decent, mainly oscillating upwards. Overall, it hasn't fully risen yet and can still rise further. If family members are paying attention to altcoin trends, most altcoins have been rising towards the end of Saturday. Personally, I believe the market won't correct; currently, the overall rebound of altcoins is uneven, but there is still potential for further upward movement. Additionally, short-term fluctuations remain the main focus, and we need to guard against the risk of a rapid market downturn later on. This week, the focus is on non-farm payroll data.
Buy the dip on 3 altcoins that could increase tenfold in the future!
1. IMX
Immutable (IMX) is surging, up 21.08% in the past week and 4.34% in the past 24 hours. A key factor driving this growth is the newly launched staking rewards system linked to NFT trading fees, which started on June 19. This system provides IMX rewards to stakers every two weeks, encouraging deeper user engagement while stimulating demand for the token.
The updated staking model reflects a strategic shift, linking user rewards directly to platform activity. This strategy has excited users, especially with the upcoming announcement of the 'Genesis' rewards, which has drawn close attention from the community.
Immutable is also leading in NFT activity, with weekly NFT trading volume reaching $34 million, an increase of 21%. The growth in NFT usage adds more value to IMX and highlights its position as a key token in the digital collectibles space. The recent merger of Ethereum's scaling tools further enhances the ecosystem, with IMX collecting a 2% fee from the platform.
More interestingly, co-founder Robbie Ferguson recently revealed a 'billion-dollar' deal that has been in the works for two years. Even without full details, the market has reacted positively, anticipating that more news could drive IMX's stock price further up.
IMX's current upward trend is in line with the general rise of blockchain game tokens like Gala, Sandbox, and Axie Infinity. These gains are partly driven by Bitcoin soaring to $94,000, pushing the overall cryptocurrency market cap back above $3 trillion. Immutable seems to be riding this wave and standing out with its own advantages.
2. ZEC
Zcash (ZEC) has become a top privacy coin in the market. Its unique technology allows for fully shielded transactions, ensuring the privacy of the sender, receiver, and transaction amount. ZEC uses zero-knowledge proof technology (specifically zk-SNARK), making it the preferred choice for those who value financial privacy.
This year, Zcash has taken an important step by transitioning from the previous PoW model to a hybrid proof-of-stake (PoS) system. This transition is expected to improve energy efficiency and alleviate selling pressure on miners. Project founder Zooko Wilcox has joined Shielded Labs as product manager to help lead this transformation.
ZEC's short-term gains are steady, up 4.63% last week and 4.5% in the past 24 hours. Looking at its long-term performance, over the past decade, the token has averaged an annual increase of over 110%. Just last year, ZEC rose by 92.25%, outperforming most of the top 100 cryptocurrencies.
Recent performance indicates that Zcash is strengthening from a range of technical indicators and a growing demand for privacy solutions. Investors are focusing on the resistance level of $40.21 and closely monitoring shielded transaction metrics to gauge its long-term trend.
3. TURBO
Turbo (TURBO) is the first meme coin created by artificial intelligence. The project was initially designed as an experiment from scratch using GPT-4, attracting widespread attention from the cryptocurrency and AI communities. Its combination of humor and cutting-edge technology has garnered a loyal fanbase.
In the past 24 hours, TURBO has risen by 6.83%, with a weekly increase of 19.88%. As prices soared, trading volume also surged by 85.54%, reaching $30.5 million in just one day. This surge reflects a renewed interest from investors in TURBO after a monthly price decline of 19%, which led to the token being oversold. Now, with a resurgence in meme coin momentum, traders are re-entering the market.
A key factor to watch is whale activity. Currently, large holders control 57.28% of TURBO's supply. If these wallets increase their holdings or do not sell off, it can alleviate supply pressure and support price stability. From a technical perspective, the $0.00395 level is a key resistance point; if this level is broken, the price could reach the June high of $0.00420. However, if momentum weakens, the price may drop to $0.00350.
With increasing attention, a strong community, and the novelty of AI generation, Turbo is becoming the next explosive growth cryptocurrency, especially if the technical momentum continues and the interest in meme coins remains high.
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