Market News | Daily Main Token Trends Overview

2023-07-06, 03:09

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: The four-hour chart has completed a cup and handle pattern, and as expected, it broke above the white neckline at $30,220. The major support level has shifted to $28,666, and if it holds, the next targets to watch are $32,235 and $33,085. The upside target is set at $36,500 and $41,550.

XVG

Summary: XVG is experiencing high trading volume, suggesting a challenge to the resistance level at $0.01744. It’s important to note that it needs to break the previous high at $0.009686, otherwise, it may weaken.

ETH

Summary: After breaking out of a large head and shoulders pattern, ETH experienced a dip and found support at $1,918.82. The key resistance level has moved to $1,890, and a long-term strategy should wait for a retest of the $2,000 level before considering a bullish trend.

GT

Summary: GT is one of the top three Cex platforms in Asia. The daily chart shows a large symmetrical triangle pattern, indicating a potential long-term bullish trend. It has formed a clear W pattern on the daily chart, with a chance to break the neckline at $4.7575. In the short term, watch for the M pattern and maintain support at $4.1550.

BCH

Summary: The expected hawkish pattern in BCH is nearing completion. It has dipped below $269.08 but is experiencing a gradual recovery with decreasing trading volume. The key resistance level to watch is $345, which was almost reached last week. Pay attention to whether it can regain an upward trend.

BNB

Summary: The daily trading volume for BNB continues to weaken. The strong support level is at $220.20, and it’s waiting for an increase in trading volume to retest the key neckline at $267.1. The daily chart may also form a large head and shoulders pattern.

ID

Summary: The four-hourchart for ID indicates a bearish descending triangle pattern. It is crucial to maintain support at $0.26195, with a bottom support level at $0.24922. The expectation is for continued consolidation and gradual recovery. For the long-term strategy, it is important to closely monitor the support level at $0.24922, as a successful hold could potentially challenge the resistance at $0.39364.

XRP

Summary: XRP has been forming a large symmetrical triangle for the past 90 days. The monthly chart shows a head and shoulders pattern. Once it exhibits significant price action, there is a chance to test the historical high at $3.3355. Keep an eye on whether it breaks the major upward trend and the resistance levels at $0.5840. The key support level is $0.4379.

LTC

Summary: The four-hour chart for LTC has broken below the orange support line at $104.02. As the halving event approaches in 30 days, the bullish trend continues to challenge the key resistance level at $126.26. Holding a long position could target the resistance level at $128.15, while a short-term scenario without a pullback could lead to a further decline towards $96.

TRX

Summary: The four-hour chart for TRX continues to show upward momentum, but a short-term pullback is still possible. The support levels to watch are $0.07162 and $0.06455, with weekly support at $0.06328. If the trading volume continues to rise in line with the overall market, the resistance levels to watch are $0.09450 and $0.10450.

ADA

Summary: The four-hour chart shows a pullback to support at $0.2797 for ADA. It’s currently challenging the resistance level at $0.3050 and may target the neckline at $0.3269 upon a successful breakout. The key support levels below are $0.220 and $0.209.

Note: The provided information is based on the given analysis and strategies for each cryptocurrency. It’s important to conduct thorough research and consider multiple factors before making any investment decisions.

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.