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: Yesterday, BTC broke the $30,210 support, continuing its consolidation with significant volatility, engaging in both long and short positions. This morning, it pulled back to the $30,200 neckline, with a major support at $29,495. Unless breached, the next targets are $32,235 and $33,085. The top targets are $36,500 and $41,550.
GT
Summary: GT is testing the $4.1882 level on the 4-hour chart, with a chance to break above the previous week’s high at $4.4890 and reach the upper neckline at $4.6420. The medium-term support is at $3.6040, while the major support is holding around the quarterly line. The long-term bullish targets are $28.56, $39.15, and $45.05.
ETH
Summary: ETH exhibits a bullish pattern with a daily timeframe head-and-shoulders bottom formation. It is holding steady at the critical support of $1,857. For conservative traders, it’s best to wait for a breakout above the key resistance at $2,036 to initiate long positions. The mid-term target is around $2,358, and a breach of $2,036 would signal a shift to a bullish stance.
BAT
Summary: BAT has been forming a large ascending triangle over the past four weeks, maintaining an upward trend. Traders can use a risk-reward strategy to enter at lower levels. The upward targets are at $0.2145, $0.2221, $0.2307, and $0.2435, with the ultimate target at $0.2597.
BNB
Summary: BNB has recently broken through on the 4-hour chart, indicating a short-term bullish trend. It is currently testing the neckline at $246.10. Traders should watch for a potential breakout or pullback from this level. The first target of $260.10 has been reached, and further upside targets are $267.5 and $285.3.
COMP
Summary: COMP has achieved a profit/loss of 26.52%. The short-term trend is retracing back to the 4-hour uptrend, and the Fibonacci retracement level of 0.618 has been met. If the support at $65.48 is held and the volume remains sufficient, the next target is at the top of $98.31.
BCH
Summary: BCH is showing a downward trend on the 4-hour chart, but there is an opportunity for a short-term rebound to $247.30 if it can hold the support at $239.00. The major support is at $210.83, and traders can use the risk-reward strategy effectively.
ADA
Summary: ADA has formed an ascending triangle pattern with a profitable 31.88% return on spot trading. It has completed a significant pullback and is testing the critical support at $0.3070. Traders can take profits from the consolidation phase and watch for rebound targets at $0.3070, $0.3259, and $0.3436.
XRP
Summary: XRP has continued its high-level consolidation after a significant bullish move. With a spot trading return of 102.20%, a continued short-term uptrend could target $1.0105, $1.3705, and $1.9755. Shrinking price and volume should be considered bearish signals.
ID
Summary: ID has broken the major downtrend on the 4-hour chart, indicating a potential shift to a long position. Traders should monitor if it can hold above the resistance at $0.3105. The key levels for the medium-term are $0.3618, $0.4404, and $0.5250.
LTC
Summary: LTC’s short-term focus is on holding above $93.39, with resistance at $104.02. If it breaks and stabilizes above this level, the next bullish target is $126.26, followed by $128.15.
TRX
Summary: TRX is currently forming a bearish descending triangle on the 4-hour chart, with the short-term upper target reached at $0.08016. There might be a retracement demand, with support at $0.07510 and $0.07192.
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