Market News | Daily Main Token Trends Overview

2023-07-24, 02:52

The article is reprinted from the daily market overview of W-Strategy who is a guest streamer of Gate.io, 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.io is only for reprint and distribution, and the copyright belongs to the author himself.

BTC

Summary: The market is currently oscillating in a consolidation phase with no clear direction. It has been unable to break above $30,480 USD and remains supported above $29,500 USD. Utilize the high-selling and low-buying strategy for opportunistic entries. If a breakout occurs, potential targets are $36,000 USD and a top around $40,500 USD. If it falls below $26,500 USD, the possibility of ending this year’s rebound increases.

RDNT

Summary: Positive short-term news has been released, and the daily chart shows a large ascending triangle pattern, with a stable support at $0.3020 USD. Recently, it tested the resistance at $0.3360 USD. There is a chance of forming a large inverse head and shoulders pattern. Key support levels are $0.3080 USD, while upside targets are $0.3619 USD, $0.3949 USD, $0.4898 USD, $0.6434 USD, and $0.7971 USD.

ARKM

Summary: In the short term, ARKM shows a converging triangle pattern. Key supports are at $0.5778 USD and $0.5000 USD. Investors with a bullish view on ARKM’s fundamentals may consider entering at these support levels. Potential upside targets are $0.6245 USD, $0.65 USD, and $0.6906 USD.

UNIBOT

Summary: In the previous week’s live broadcast, it was suggested to enter the short-term position between $78.87 USD and $81.05 USD. UNIBOT has since experienced a significant increase, reaching the initial target of $137.18 USD. Short-term retracement is possible, but if the uptrend continues, potential targets are $213.18 USD, $289.19 USD, and $336.16 USD.

MC

Summary: Last week’s high profits have led to a continuous retracement in the short term, and the medium-term rebound seems to have ended. A more extended period of decline may be expected. Short-term support is at $0.1832 USD.

FIL

Summary: After a consolidation pattern, FIL has pulled back, but it could continue upward if it stabilizes above $4.45 USD. Potential targets are $4.8285 USD and $5 USD. A favorable risk-reward strategy may be applied for low-entry positions, with a stop-loss level below the consolidation pattern.

OPIUM

Summary: OPIUM has reached its all-time high at $28.58 USD, representing a decline of 99.70% from its highest point. Investing $1,000 USD at this moment would be worth approximately $1.30 USD. For high-risk investors, it presents the possibility of a substantial return of nearly 36,945%.

BAT

Summary: This month, BAT has been returning to its uptrend, with the current pattern likely to extend until the end of July or the beginning of next month. A favorable risk-reward strategy can be applied for low-entry positions. Upside targets include $0.2145 USD, $0.2221 USD, $0.2307 USD, $0.2435 USD, and a top at $0.2597 USD.

ETH

Summary: The short-term trend has fallen below the first key support in the ascending structure. A conservative approach is to wait for a breakout above $2,036 USD as a bullish signal. The medium-term target is set at $2,358 USD, and breaking above $2,036 USD would signal a turn to a bullish stance.

BNB

Summary: The overall structure has consolidated and is now attempting another upward move. The resistance at $246.10 USD has been tested multiple times, indicating short-term weakness. Watch for a potential breakout below the consolidation pattern. The first target of the bounce has been reached at $260.10 USD, and further upside targets include $267.5 USD and $285.3 USD.

COMP

Summary: The downside target has been reached, and COMP has repeatedly tested the critical support at $69.18 USD. If it breaks below, consider short positions with a continuation target of $64.97 USD. The short-term trend remains bearish, and it is advised to take profits in spot positions.

BCH

Summary: Although there is a short-term bullish signal with a W-shaped bottom formation, the overall trading volume remains weak. Continue to approach BCH with a bearish perspective. Short-term resistance is at $256.20 USD, and a favorable risk-reward strategy may involve shorting with a maximum stop loss at $210.83 USD.

XRP

Summary: The short-term trend encountered resistance at $0.8639 USD, leading to a retracement. If it falls below $0.7219 USD, consider exiting positions, and further downside targets may be around $0.6459 USD.

ID

Summary: ute the risk-reward strategy while anticipating a mid-term rebound at key levels of $0.3618 USD, $0.4404 USD, and $0.5250 USD. Pay attention to the short-term price decrease, which may signal a bearish trend. A break below $0.2459 USD would continue downward to $0.2176 USD, $0.1840 USD, and $0.1287 USD.

LTC

Summary: Monitor whether LTC can stabilize above $93.39 USD for a potential short-term position. The short-term outlook is a mix of bullish and bearish sentiments.

For more details, please follow W-Strategy | post account:
https://www.gate.io/post/AxMRBAQDWVVVBl9QQgO0O0OO0O0O555

Author: W-Strategy

*This article represents only the views of the author and does not constitute any investment suggestions.

*The article’s content is original and the copyright belongs to the author. If reprinting is required, please indicate the author and source. In all cases, legal action will be taken due to copyright infringement.