Market News | Daily Main Token Trends Overview

2023-09-01, 02:57

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 overall market closed at $25,987 USD in August, noticeably below the $27,000 USD mark from May’s closing. The moving averages have once again shown a death cross, indicating an upcoming corrective phase in the medium term.

Yesterday, after briefly stabilizing at $26,510 USD, there was a retracement to $25,606 USD. In the short term, it’s expected to continue fluctuating within the range of $26,510 USD to $25,606 USD. A conservative strategy might involve positioning short trades around $25,606 USD with a target towards the support at $24.2K USD.

RSS3

Condensed Commentary: Over the past two years, the long-term support has held firm at $0.0899 USD, precisely aligning with the first round private placement price of $0.0885 USD. Market participants seem intent on preserving this private placement support level.

In the short term, a surge in the price is evident, breaking through $0.1281 USD and reaching $0.1417 USD. If the upward momentum continues, the subsequent levels to watch are $0.1684 USD and $0.2031 USD. Establishing long-term positions around the previously mentioned support levels is seen as an opportunity to initiate holdings. Maintaining the support levels is crucial; any breach could trigger an exit.

ＭＣ

Condensed Commentary: Since breaking out of a consolidation pattern on the daily chart, the market has continued to achieve new highs, reaching the target of $0.4006 USD with a peak gain of 122.12%. Despite the breakthrough, there have been three retracements to consolidate the uptrend.

In the medium term, it’s anticipated that the market will oscillate between the $0.4006 USD level and the support at $0.2600 USD. Existing positions established previously at $0.2600 USD can be maintained, with target values estimated using sequence analysis as potential exit points.

CYBER

Condensed Commentary: The 15-minute short-term chart has shown signs of an upward momentum, followed by a break above $8.886 USD and a retracement to $8.185 USD. Notably, there have been instances of clear hidden bullish divergence, but there’s been significant volatility, including a sharp movement to $9.7 USD, followed by a swift reversal.

In the short term, it’s evident that there’s a game of supply and demand with no substantial inflow of funds. Monitoring the contract market funding rate remains essential as a basis for entering long positions or maintaining a wait-and-see approach. Upside targets include $10.479 USD, $12.27 USD, $14.50 USD, and $17.79 USD, while maintaining support at $8.145 USD is crucial.

ARB

Condensed Commentary: The overall structure has completed a five-month downtrend, with the support level tested three times at $0.9099 USD. The short-term trading volume continues to decline, and positioning short trades below the critical support of $0.9099 USD is a viable option. Sequentially, downside targets are $0.8676 USD, $0.8414 USD, $0.8203 USD, $0.7992 USD, and the ultimate target at $0.7310 USD.

ETH

Condensed Commentary: The monthly closing for this month settled at the $1,650 USD mark. The overall trend remains bearish, and a retracement to $1,631 USD was met without bias. In the short term, attention remains on the $1,631 USD level as a defense line and the upper boundary of the descending channel. Maintaining stability above the trendline is crucial for a potential rebound.

WLD

Condensed Commentary: This week began with a short-term support at $1.109 USD, followed by a substantial rebound wave. The upside target of $1.383 USD has been reached and tested, leading to a likely continuation of retracement in the short term. Downside targets include $1.090 USD and $0.925 USD.

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.

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