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, there was a retest of the major support level at $29,500 for Bitcoin (BTC), with continued choppy trading and volatility. This morning, there was an attempt to push back above the $30,000 level, while still holding the major support at $29,495. If there is no breakdown, the next target levels to watch are $32,235 and $33,085. The top targets are $36,500 and $41,550.

ARKM

Summary: Yesterday, we discussed how to estimate the bottom price and initiate positions based on Fibonacci sequences during the livestream for ARKM. By using the 0 axis as the starting point and 1 as the short-term target, we can calculate the three bottom prices as follows: $0.6245, $0.5960, and $0.5608. It is important to set tight stop-loss levels for short-term trades, and the target prices offer different potential gains.

GT

Summary: On the daily chart, GT is testing the support level at $4.1882, forming a bearish head and shoulders pattern in the short term. The medium-term support is at $3.6040, while the major support is still holding around the quarterly trendline. The long-term bullish targets for GT are $28.56, $39.15, and $45.05.

ETH

Summary: Ethereum (ETH) is still in an overall upward trend on the 4-hour chart, holding steady above the key support level at $1,857. If the price falls below this level, a larger pullback may occur. Conservative traders are waiting for a breakout above the key resistance at $2,036 before entering new positions. The mid-term target is set at $2,358, and a breakout above $2,036 would signal a bullish shift.

BAT

Summary: BAT has been forming a large ascending triangle pattern over the past four weeks, and it is expected to reach its breakout point at the end of July or the beginning of next month. Traders can use a risk-reward strategy to accumulate at lower levels. The target levels to watch are $0.2145, $0.2221, $0.2307, $0.2435, and the top target is $0.2597.

BNB

Summary: BNB broke through multiple resistance levels this morning and is challenging the neckline at $246.10. The short-term trend has become more neutral, and it is important to watch for a breakout or a consolidation below the neckline. The first target of the rebound has been achieved at $260.10, and further upward targets are $267.5 and $285.3.

COMP

Summary: COMP faces resistance at $73.44, and it is recommended to have a bearish bias. Using a risk-reward strategy, traders can consider short positions from the neckline at $73.44 to the target of $64.97, with a potential reward-to-risk ratio of approximately 1:4. This trade setup should be monitored closely.

BCH

Summary: BCH continues to trade within a descending trendline on the 4-hour chart. Yesterday’s rebound was as expected, and the short-term resistance is at $256.20. If the price fails to break above this level, it can be considered a bearish signal. Traders can utilize a risk-reward strategy to enter short positions with the major support at $210.83.

ADA

Summary: ADA broke below the strong support level at $0.3070 this morning but quickly experienced a rebound. The short-term target of the bounce at $0.3188 has been reached, and the price is still holding above $0.3070. To consider a bullish scenario, ADA needs to regain the $0.3436 level.

XRP

Summary: XRP is forming a converging pattern in the short term and is currently facing resistance at $0.7900, which is the neckline. A continued breakout above the previous high at $0.9380 would open up three target levels: $1.0105, $1.3705, and $1.9755. However, if the price rises with decreasing volume, it may indicate a bearish signal.

ID

Summary: The 4-hour chart for ID has returned to a downward trend, and it is important to watch whether it can reclaim the resistance at $0.3105. Traders can use a risk-reward strategy in conjunction with a stop-loss below the floor at $0.2460. The medium-term levels to watch are $0.3618, $0.4404, and $0.5250.

LTC

Summary: LTC needs to be observed for a potential recovery and stabilization above $93.39. The short-term trend is still bearish in terms of trading volume. The target resistance level is $104.02, and if it is held, the bullish momentum can challenge the $126.26 level. For long-term positions, the resistance at $128.15 should be considered.

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