How will the market develop next?
There is only one day left until the end of this week, let's take a look at the market trends of yesterday and today. Yesterday, the daily closing line of BTC appeared at 65,000 points, and it rebounded to 64,000 points in the early morning of this morning. The market has been fluctuating around 62,000. Bitcoin also rebounded after the support of the pin near 3060, and the Altcoin system did not fall too much.
However, when BTC started to rebound at 60,000 points, the rebound of Altcoin was relatively weak, and the market was similar to a slump. The current trend is in a state of shock, with small fluctuations back and forth, and we need to wait for more signals.
The current daily level is testing the support level of 62000, while the weekly level needs to wait until tomorrow night to make a judgment. Overall, the market needs to wait and need more tempering. We can only wait for the market to stabilize and break through step by step, and hope that the market can give us some surprises.
Today's BTC trend is worth paying attention to! On the four-hour level, the second high point of BTC was established at 65,000 points after the high point. It has now fallen back to the support position of 62,000 points. Pay attention to the rebound of the market if the support is not broken. First look at the previous high point of 65,000, and then observe the 67,000-68,000 range.
If 62,000 points fall again, it may be difficult to defend the key point of 60,000, so everyone should pay attention to timely adjustments. ETH's decline in private search level is relatively small, and the rebound in this round is not strong, and the decline is not obvious.
The support point of 3060 remains unchanged. The upper intraday resistance point is 3200 points. The second resistance point is 3300 points. If it breaks and stabilizes at 3300 points, we will look at the 3500-3600 range.
Let’s talk about ETH:
1. The United States will hype Ethereum spot ETF on May 23. Franklin Ethereum spot ETF code EZET has appeared on the DTCC website, and the situation is exactly the same as Bitcoin;
2. Ethereum's performance is stronger than BTC, and its exchange rate has also begun to rise gradually. The current price of ETH has broken through the support range of 3165, and the trading volume continues to rise;
3. In the rebound market, you should not blindly expect an overall rise, but choose those targets with strong performance. Otherwise, it is better to play ETH.
4 Cryptocurrencies Worth Ambush with 100x Potential!
1:AVAX
Avalanche stands out as a layer 1 blockchain that is expected to rival mature networks such as Ethereum, providing a seamless experience for smart contracts and decentralized applications (DApps). With its three interoperable blockchains (X-Chain, C-Chain, and P-Chain), Avalanche provides a powerful infrastructure for a variety of blockchain-based solutions.
AVAX, the native token that serves as the governance token on the Avalanche network, has surged more than 127% year-to-date. In addition, bullish market indicators suggest that a bull run is imminent, making AVAX a top contender among DeFi tokens to watch closely.
2:LINK
Chainlink has become an essential component of the blockchain ecosystem, facilitating the interaction between blockchains and external data sources through its decentralized oracle network. This essential service enables the execution of digital contracts through off-chain data inputs.
With the recent gains above the $21 mark, Chainlink’s native token has reignited investor interest and further upward momentum is expected. The expected price target is $30 followed by a surge to $45-50, making LINK a compelling investment option by 2024.
3:INJ
Injective has become a leader in the DeFi space, powering the next generation of decentralized financial applications on layer-1 blockchains. Its versatile infrastructure facilitates a variety of DeFi functions, including decentralized exchanges, lending protocols, and prediction markets.
Despite a sharp retracement from its all-time high of $52, the INJ token remains a crypto favorite, with bullish predictions suggesting gains of more than $40 in the coming weeks.
4:STX
The Stacks protocol revolutionizes smart contracts by leveraging Bitcoin as a settlement layer, enabling seamless transactions on the Bitcoin blockchain. By accessing the full Bitcoin state, Stacks frees up a massive amount of capital, facilitating $500 billion worth of transactions using Bitcoin as a settlement asset.
Despite market volatility, Stacks’ price surged to an all-time high of $3.84 in April, highlighting its growth potential in a market rebound. With the Bitcoin halving event now a thing of the past, Stacks is poised for a long bull run in Q2 and beyond.
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