Yesterday, LTC and other established cryptocurrencies saw a slight increase, with the rebound logic similar to the flow of funds from traditional high-value assets to other similar tokens. This trend is expected to continue as Bitcoin's growth slows.
LTC, however, is different; the official announcement of its transformation into a memecoin led to a brief 10% increase. Nevertheless, its former market position is hard to regain, and it may experience intermittent significant volatility in the future.
The current market shows that established cryptocurrencies, including Ethereum, are losing their innovative edge, with this round of the bull market being led by "meme" coins. If established coins cannot break through, their market space will be significantly reduced.
A new department led by Elon Musk's U.S. government has launched, with its social media accounts also activated. The market is optimistic about the long-term prospects of $DOGE, expecting this round of the bull market to break the $1 mark.
In terms of economic data, the number of initial jobless claims in the U.S. was lower than expected, and the PPI year-on-year increased, both briefly negatively impacting the market, indicating a robust U.S. economy but persistent inflationary pressures.
Additionally, the market capitalization of the cryptocurrency Pepe has surpassed $10 billion. If "meme" coins occupy more than 30% of the crypto market, the risks after the bull market ends will be significant.
Overall, the trend continues to lean towards Bitcoin needing adjustment. If the technical aspects can establish a market trend, the liquidity chips that are reduced will be pushed back at a very suitable position.
BTC
Yesterday, the price was precisely suppressed at the 91500 level, resulting in a profit of 4500 points! The price found temporary support and rebounded in the 87000-86100 range given yesterday! Today, pay attention to the pressure zone of 89100-89600, refusing to continue downward! The target is still to look for the liquidity hunt at the previous low of 85000! Below, watch for buying opportunities in the 84400-83800 range!
ETH
Ethereum first completed the liquidity hunt at the previous point of 3069! Yesterday, it reached the expected range of 3040-2990, and currently, profits should be protected. The rebound at 3120-3170 is rejected, continuing downward! If it breaks below 2990, wait for 2900 and 2800-2770! At that time, pay attention to buying opportunities!
SOL
As mentioned in yesterday's report, the oscillation situation at 220-225 provided another opportunity, with the price peaking at 222, refusing to go down, resulting in at least a 15-point profit! Today, pay attention to the effectiveness of support in the 200-206 range!
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