Market News | Daily Main Token Trends Overview

2023-07-11, 02:23

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 Commentary: The four-hour chart is challenging the convergence below, and it has tested the $30,215 support level this morning. We are still waiting for a pullback above the convergence. The upside target remains unchanged at $32,235 and $33,085. The top target is $36,500 and $41,550.

ETH

Condensed Commentary: The short-term trend stabilizes around the $1,857 level, and it retested the $1.9K level yesterday before falling back to $1,880 this morning. The short-term trend continues to show decreasing volume and convergence. The long-term strategy depends on a pullback to the $2,000 level before transitioning from bearish to bullish.

COMP

Condensed Commentary: The four-hour chart remains within a large triangle convergence, and a successful breakout above would indicate a more favorable structure, with a potential target of $98.30. The support level at $54.82 should hold on the downside.

XVG

Condensed Commentary: After breaking through the $0.002510 level and reaching the target price of $0.009450, XVG is likely to continue its decline on the four-hour chart. The support level is at $0.005817. The long-term strategy depends on a renewed breakthrough of the $0.01 level for a sustained bullish outlook.

GT

Condensed Commentary: GT is one of the top three exchanges in Asia. The daily chart shows a large triangle convergence, suggesting a positive long-term outlook. The short-term volume is trending upwards, with a chance to challenge the $4.45 level again. The support level is at $4.1882.

BCH

Condensed Commentary: The four-hour chart is approaching a high-level triangle convergence, with the key neckline at $269.08 being tested. This morning, it briefly touched the upper boundary of the convergence. The upside resistance levels are $345 and $385. The short-term strategy waits for convergence patterns to choose a direction for continued pursuit.

BNB

Condensed Commentary: The four-hour chart continued to test the convergence upper boundary yesterday due to favorable news. The short-term trend may see a significant move, waiting for increased volume to retest the key neckline at $267.1. The daily chart is also forming a triangle convergence, waiting for a breakout. The four-hour chart should pay attention to the upper boundary of the triangle convergence.

ADA

Condensed Commentary: The four-hour chart has tested the $0.2797 support level multiple times and continues to challenge the resistance at $0.3050. The price is in an ascending triangle pattern, and a breakout is awaited to target the neckline at $0.3269. The key support levels are $0.220 and $0.209.

XRP

Condensed Commentary: The market is still within a large triangle convergence this week, with a monthly chart forming a head and shoulders pattern. XRP is experiencing rapid rises and slow declines. Once a significant breakout occurs, there is a chance to challenge the all-time high of $3.3355. Watch for a potential break of the ascending trend. The resistance levels are $0.5840, and the support level is $0.4379.

ID

Condensed Commentary: The bottom support at $0.2505 has held, and it is expected to continue oscillating with a gradual rise. The long-term strategy strictly follows the support at $0.24922, and if it doesn’t break, there is a chance for a rebound to challenge $0.39364. The reversal to a bullish outlook requires breaking the long-term downtrend line.

LTC

Condensed Commentary: This week opened with a break of the upper boundary of a triangle convergence and a drop below the $96.38 level. Short-term attention should be on a potential pullback to the $104.02 level. If a pullback occurs, the bullish trend will continue to challenge the $126.26 level, with further resistance at $128.15.

TRX

Condensed Commentary: The four-hour chart broke down and declined, reaching the short-term target of $0.07747. The support levels on the downside are at $0.07510 and $0.07192.

For more details, please follow W-Strategy | post account:
https://www.gate.io/post/AxMRBAQDWVVVBl9QQgO0O0OO0O0O555

Author: W-Strategy

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

*The article’s content is original and the copyright belongs to the author. If reprinting is required, please indicate the author and source. In all cases, legal action will be taken due to copyright infringement.