BTC Market Analysis
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Recently, the crypto market has presented a busy and confusing scene. According to Lookonchain monitoring data, the crypto market was quite active on the first day of November. A large amount of Bitcoin and Ethereum ETF funds flowed into the market, indicating that investors' enthusiasm for cryptocurrencies has not diminished.
The performance of the US non-farm payroll data in October has become one of the market focuses. When the data showed that the number of new jobs was far lower than expected, traders began to increase their expectations for the Federal Reserve to cut interest rates next week. This news had a positive impact on market sentiment, with the three major US stock indexes rising collectively, providing some support for the crypto market.
In technical analysis, the daily trend of BTC is showing a subtle balance. Although the price has shown its "volatility" around 70,000, with violent fluctuations between bulls and bears, the current MACD indicator's golden cross formation shows a certain adhesive tendency, indicating that the market may be accumulating new momentum. However, the death cross shown by the KDJ indicator suggests that the market may face downward pressure.
For the weekend market outlook, the market generally believes that it will be relatively calm. Therefore, investors should be cautious about the long-term trend and pay more attention to the short-term market dynamics. In terms of operation, low-level buy orders seem more appropriate.
In terms of the upward direction, the initial resistance level should focus on around 70,852 near the 5-day moving average. If the market can break through this level, the further resistance will be around the high of 71,625 yesterday. These levels will become important references for judging the market trend.
In terms of the downward direction, the initial support level should focus on around 69,279 near the 10-day moving average. If the market price falls below this level, it may further test the support around 68,500 near the middle Bollinger Band. These key price levels will become the focus of investors' close attention.
3 Altcoins Poised for 100x Gains!
1. Grass (GRASS)
Over the past week, the DePIN project Grass has consistently ranked among the top trending Altcoins. Its strong performance since its launch has made it one of the hottest Altcoins currently.
According to CoinGecko data, the price of GRASS has risen 9.30%, currently trading at $1.13. Although the Altcoin faces resistance around $1.13, the 4-hour chart shows that the $1.01 support level may help it rebound.
If this happens, the value of GRASS could jump to $1.25. However, if the bears continue to exert pressure around the current price, this may not occur. Instead, the value of the Altcoin could drop to $0.99.
2. Filecoin (FIL)
Filecoin is another Altcoin in the DePIN field worth watching in November 2024. As the native token of the decentralized storage system, FIL has been hovering around $3 and $4 over the past 30 days.
Additionally, the token appears to be severely undervalued, as it is well below its annual high. However, the daily chart shows that FIL's price has risen nearly 10% since October 26, indicating the bulls' determination to help the Altcoin rebound.
If this trend continues, Filecoin may break above the $3.85 resistance level and rebound to $4.29. On the other hand, if the bulls fail to push the price higher, the Altcoin may reverse these gains. In this case, the value of the Altcoin could drop to $3.41.
3. Pepe (PEPE)
In recent days, PEPE has been under downward pressure, with its price declining significantly. However, this trend may soon see a turnaround. Currently, PEPE is consolidating in a certain pattern, and once it breaks out, it may achieve a 300% surge in the coming months.
According to the data, this frog-themed MEME coin has already dropped more than 7% in the past week. In the last 24 hours, the price has also fallen by 2.90%. Our analysis tool IntoTheBlock shows that only 196,300 PEPE wallets are still in profit after the recent price correction, accounting for 62% of the total PEPE wallets.
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