Market News | Daily Main Token Trends Overview

2023-07-07, 03:10

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

Condensed Comments: Yesterday, there was a false breakthrough of the key neckline at $31,450, followed by a rapid decline. The four-hour chart shows a pierced ascending triangle, with the major bullish defense line still holding at $29,580. The upward target remains unchanged at $32,235 and $33,085. The peak target is $36,500 and $41,550.

ETH

Condensed Comments: After breaking out of a large-scale inverse head and shoulders pattern, Ethereum reached the resistance level at $1,974 but quickly declined. The trading volume is noticeably weaker compared to other major cryptocurrencies, and short-term attention is on whether it will pull back to the $1,857 level. The long-term strategy awaits a retest of the $2,000 level before considering a shift from bearish to bullish.

XVG

Condensed Comments: The past week witnessed a significant surge in trading volume (the highest in the past five years), and sustained buying pressure is challenging the upper target of $0.01744. It is crucial to surpass the previous high of $0.009686 to avoid potential weakness if the breakout fails. The hourly chart shows a converging pattern worth monitoring.

BCH

Condensed Comments: Bitcoin Cash may be forming a larger bullish wing pattern, but it must strictly maintain the key position at $269.08, with dwindling trading volume. The resistance at $345 was nearly reached last week during the rebound. Attention should be given to whether it returns to an upward trajectory above the green trendline on the four-hour chart.

GT

Condensed Comments: As one of the top three Asian Cex exchanges, GT continues to form a super-sized converging triangle on the daily chart, indicating long-term bullish potential. In the short term, it exhibits an “M” pattern, with support holding at $4.1550-$4.1880 and a short-term rebound target at $4.2964.

BNB

Condensed Comments: The daily trading volume of BNB continues to weaken, with strong support at $220.20. Waiting for a volume increase and retesting of the key neckline at $267.1. The daily chart may also form a large-scale inverse head and shoulders pattern, while the four-hour chart indicates an upcoming converging triangle.

ID

Condensed Comments: The four-hour chart shows a large descending triangle, with strict support at $0.26195 and lower support at $0.24922. Expectations include a continued range-bound consolidation and slow recovery. The long-term strategy emphasizes the importance of holding at $0.24922, as a breach may lead to a challenge at $0.39364.

XRP

Condensed Comments: XRP is forming a large-scale converging triangle on the quarterly chart, with the monthly chart showing an inverse head and shoulders pattern. Currently, XRP is experiencing a rapid rise and gradual decline. Once significant price action occurs, it has the potential to challenge the historical high at $3.3355. Key resistance levels are at $0.5840, with support at $0.4379.

LTC

Condensed Comments: The four-hour chart completed a breakout and subsequent pullback, which can be considered a successful breakout. Short-term attention should be on whether it retraces to the $104.02 level. If it rebounds, the bullish momentum may continue to challenge the $126.26 level, with further resistance at $128.15.

TRX

Condensed Comments: The four-hour chart continues to rise, with the crossing point at $0.07747. Short-term possibilities include a retracement with support at $0.07162 and $0.06455. If the overall market maintains upward momentum, TRX may test the resistance levels at $0.09450 and $0.10450.

ADA

Condensed Comments: The four-hour chart saw a pullback to support at $0.2797, with ongoing attempts to challenge the resistance at $0.3050. Further upside potential depends on a breakthrough of the neckline at $0.3269. Key support levels are at $0.220 and $0.209.

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Author: W-Strategy

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

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