Market News | Daily Main Token Trends Overview
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 4-hour chart shows a clear cup and handle pattern, and the price has retraced to the major support level of $29,580. The quarterly and weekly cycles continue to challenge the previous uptrend, with target levels at $36,500 and $41,550. A conservative approach suggests a bullish stance if the price breaks and holds above the $30,750 level.
BCH
Summary: The 4-hour chart shows a clear bullish pattern and a successful retest of the $269.08 support level. The short-term retracement has completed, and the volume is gradually decreasing. The next resistance level at $345 was almost reached last week, resulting in a profitable gain of 285.5% according to the suggested trading strategy.
ETH
Summary: It is advised to adhere to the quarterly average strategy. Currently, ETH is attempting to break the key resistance level at $1,951.43, while maintaining the strategy of holding above the $1,857 support level. The long-term strategy should wait for a retest of the $2,000 level before considering a shift from bearish to bullish in the medium term.
GT
Summary: GT is one of the top three exchanges in Asia and its market value is relatively low. The daily chart shows a large symmetrical triangle pattern, with a long-term bullish target mentioned during a livestream. In the short term, a clear W pattern has emerged, indicating a potential retest of the neckline at $4.7575 and maintaining support at $4.1550.
BNB
Summary: The daily volume remains low, and in the short term, BNB is holding above the $242.60 support level on the 4-hour chart, staying below the short-term moving average. The daily chart is supported strongly at $220.20, waiting for an increase in volume to retest the key neckline at $267.1. A W pattern is forming on the daily chart.
ID
Summary: In the short term, ID shows a clear bullish W bottom pattern. Also, a converging triangle pattern has appeared on the hourly chart. It is important to maintain support at $0.26195, with the bottom support level at $0.24922. Expect continued oscillation and gradual recovery. The long-term strategy should strictly hold above $0.24922, with a potential target at $0.39364.
XRP
Summary: The 4-hour chart shows a stable upward trendline, and a large symmetrical triangle pattern has formed over the past 90 days. XRP tends to rise rapidly and correct slowly. Once it shows significant momentum, it has a chance to challenge the all-time high of $3.3355. Keep an eye on whether it breaks the long-term upward trendline, with support at $0.4379.
LTC
Summary: The halving event is approaching in 30 days. The bullish trend of LTC continues to challenge the $126.26 resistance level, and further gains could target the $128.15 level. Over the past year, LTC has already broken out of a large symmetrical triangle pattern, so it is important to maintain support at $105 in the short term.
TRX
Summary: The daily chart of TRX shows a consistent upward trend, but there is still room for short-term retracement. Key support levels are at $0.07162 and $0.06455, with weekly support at $0.06328. If the volume continues to increase along with the overall market, TRX could target resistance levels at $0.09450 and $0.10450.
ADA
Summary: The 4-hour chart of ADA shows a clear cup and handle pattern, as it continues to challenge the upper resistance level at $0.3050. Key support levels below are at $0.2200 and $0.2095, but it’s important to note that ADA has historical support as low as $0.0176.
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