The article is reprinted from the daily market overview of W-Strategy who is a guest streamer of Gate, a senior strategy analyst of cryptocurrency, and the founder of Wcollege. The article will analyze daily main token trends, short-term strategies, and long-term strategies for you in 3 minutes.
*The article is the original content of W-Strategy. Gate is only for reprint and distribution, and the copyright belongs to the author himself.
BTC
Summary: Last week, BTC broke through the highest point in the past year, reaching the $31,450 mark. There is still a chance for a final upward wave in the quarterly cycle, with two target levels at $36,500 and $41,550. Conservative long positions are still recommended if BTC remains above the $30,750 level.
BCH
Summary: BCH is a leading coin in the mainstream market due to positive factors such as EDX, the Wall Street institution exchange, supporting trading of four major cryptocurrencies, including BCH. The key resistance level for the rebound is $267.17, and it needs to hold above the $210.83 support level.
ETH
Summary: It is important to stick to the quarterly average strategy. In the short term, ETH faces strong resistance at $1,936.4, and there is still a demand for a pullback. If it holds above $1,804, further upward movement is possible. The long-term strategy should wait for a pullback to the $2,000 level before considering a shift from bearish to bullish.
GT
Summary: GT has shown great potential as a centralized exchange this year, leading the gains among mainstream cryptocurrencies and platform concepts. It is one of the top three exchanges in Asia, and its market value is still relatively low. The daily chart shows a large symmetrical triangle pattern, with a bullish long-term target mentioned in the live stream. The future outlook is promising. In the short term, it is important to closely monitor the $3.9220 support level.
BNB
Summary: The four-hour chart of BNB indicates an expected upward trend, with the first target at $255.15. The rebound volume is still relatively weak, so it is important to hold above the strong support level of $220.20. If the price falls below, the next target could be $206.10.
EOS
Summary: EOS reached its all-time high of $24.12 since 2018, but the weekly chart has fallen to a five-year low at $0.6226. The downside targets are given as $0.6045, $0.5530, $0.5156, $0.4900, $0.4623, $0.4314, and a bottom price of $0.3770. It is advisable to continue uting short strategies with risk-reward ratios.
ID
Summary: The short-term rebound for ID is over, and it is experiencing a continuous decline. It needs to hold above the $0.29012 support level, with the bottom support at $0.24922. The expectation is for continued oscillation and gradual decline. For the long-term strategy, it is important to strictly hold above $0.24922.
XRP
Summary: It is important to continue monitoring the major uptrend line for XRP, with support at $0.4650. If it doesn’t break below this level, the next target is $0.4960, with a top target at $0.5840.
LTC
Summary: The bullish trend for LTC, driven by the halving event, has diminished. It is crucial to closely monitor the $81.05 support level. If it continues to hold, the price could reach the resistance level at $120.15. In the past week, it retraced to the $90 level, forming a head and shoulders bottom pattern. It is important to strictly hold above the $83.71 level in the short term.
TRX
Summary: The daily chart for TRX shows a gradual increase in the bottoming process. In the short term, there is still room for a pullback, with support at $0.07162 and $0.06455. The weekly support is at $0.06328. If the trading volume continues to rise with the broader market, the price could reach the resistance levels at $0.09450 and $0.10450.
ADA
Summary: ADA reached a new low of $0.22 on a weekly basis, the lowest since December 28, 2020. The short-term rebound momentum is weak, and the resistance level at $0.3050 has been reached. The key support levels below are $0.1621 and $0.0893. Remember that ADA has a historical low of $0.0176.
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