In the cryptocurrency market:
1. The OM of RWA has risen, collaborating with the Mantra chain to conduct a $500 million real estate RWA in the UAE.
2. SOL ecosystem’s Billy has surged, setting a new high against the market trend. Billy, a dog meme on the SOL chain, continues to see a rise in holders. When the broader market is down, speculative funds move to chains with lower liquidity requirements.
3. AI’s IO has fallen, with market rumors suggesting the team has been secretly mining shares.
4. Symbiotic, a competitor to Eigenlayer, has increased the pool limit for re-staking, attracting DeFi miners to participate.
Bitcoin has once again fallen below $58,000, causing concern among many that the drop is related to sell-offs by the US government, the German government, and Mentougou. However, looking at the actual data transferred to exchanges for selling, the volume during this week’s three working days has been alarmingly low, marking the lowest point in the last six months. Therefore, selling pressure is not the main reason for BTC’s price drop; it’s primarily due to insufficient liquidity and buying power.
Upcoming are Friday’s non-farm payroll data and the CPI on the 11th. If the July data is favorable, there might be a rate cut in September, and we can expect a good local market trend in July-August. Otherwise, expectations for a good market trend will have to be postponed by another 2-3 months.
However, it seems that altcoins have not followed Bitcoin to its previous lows. Now, every time Bitcoin falls, the bottom of the altcoins’ fall is actually rising. For example, when Bitcoin last fell to $58,000, AVAX dropped to 23.5, but this time it only fell to 25.6 before rebounding first, showing a trend of not following Bitcoin’s decline as closely.
Don’t panic sell at the bottom, or the mentality during the rebound will be out of control, and chasing highs during the rebound could lead to being trapped. As long as you’re not holding highly inflationary projects, there’s no need to worry about holding spot positions; it will be fine. Previously, ZK fell to a low of around $0.15 and rebounded, CHR fell to $0.2 and also rebounded. A few weeks of decline could potentially be recovered in just a few days.
By not making moves now, you won’t incur losses, and you can also look for short-term opportunities to make some gains. Look for tokens that are bottoming out without breaking support, and use stop-loss orders to buy in. Tokens that have broken support are not advisable to buy, as it’s a gamble; those that have broken support could potentially drop by 100 times.
Ondo (ONDO) is currently trading between $1.07 and $1.31, with a roller-coaster-like drop in price. The token has seen a slight decrease of just over 3% in the past week and a 16% drop over the past month. But let’s not forget the massive 3818% increase over the past six months! With an RSI close to 40 and a stochastic indicator at 13, the token appears to be oversold and may rebound.
Pyth Network (PYTH) is showing strong signs, with the current trading price between $0.30 and $0.34. Bulls and bears are in a fierce tug-of-war, but the bulls seem to be gaining momentum. PYTH has risen slightly by 0.71% in a week, approaching the resistance level of $0.37. With an RSI around 50 and a positive MACD, a potential breakthrough seems imminent if the bulls continue.
Pepe (PEPE) is currently trading between $0.0000101 and $0.0000136, indicating a tug-of-war between bulls and bears. The recent resistance level is at $0.0000153, with support around $0.00000829, suggesting room for growth. If the bulls successfully push PEPE above the first resistance level, it could potentially move towards the second resistance level at $0.0000188, implying a 130% increase from the current level.