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: Weekend trading volume continues to decrease, but there is still an attempt to pull back to the resistance level of $29,580 and form an ascending triangle. The bullish trend remains intact. The upside targets remain unchanged at $32,235 and $33,085. The top target is $36,500 and $41,550.
BCH
Summary: The 4-hour chart of Bitcoin Cash (BCH) shows a high-level symmetrical triangle pattern, with the key neckline at $269.08. Trading volume continues to decrease. The short-term rebound target of $345 was almost reached last week. Short-term strategy should wait for the convergence pattern to choose a direction for further pursuit.
ETH
Summary: After breaking out of a large head and shoulders bottom pattern, Ethereum reached the resistance level of $1,974 and subsequently experienced a continuous decline. Trading volume is relatively weak compared to other major cryptocurrencies. In the short term, it is important to hold the support level at $1,857. The long-term strategy depends on a retest of the $2,000 level for a shift from bearish to bullish.
GT
Summary: GT is a major cryptocurrency in Asian exchanges. The daily chart shows a large symmetrical triangle pattern, indicating a potential bullish trend in the long term. In the short term, there is an “M” head pattern, with support at $4.1550 to $4.1880. The short-term rebound target at $4.2964 was achieved last week.
BNB
Summary: The 4-hour chart of Binance Coin (BNB) is close to completing a convergence pattern. Strong support is at $220.20 on the daily chart, and an increase in trading volume is awaited to challenge the key neckline at $267.1. The daily chart may also form a large head and shoulders bottom pattern. The 4-hour chart continues to monitor the lower boundary of the symmetrical triangle.
ID
Summary: The 4-hour chart of ID Token (ID) shows a bearish descending triangle pattern. The support level at $0.2505 is being closely watched, with the bottom support at $0.24922. It is expected to continue oscillating and gradually rise. The long-term strategy strictly depends on holding above $0.24922, with a potential rebound to challenge $0.39364.
XRP
Summary: This week’s market trend for XRP is still a large symmetrical triangle pattern, with the monthly chart forming a head and shoulders bottom pattern. XRP has experienced rapid rises followed by gradual declines. Once there is a significant breakout, it has the potential to challenge the historical high at $3.3355. Pay attention to whether it falls below the ascending trendline. The resistance is at $0.5840, and support is at $0.4379.
LTC
Summary: This week, Litecoin (LTC) opened below the upper boundary of a symmetrical triangle pattern and also dropped below the $96.38 support level. In the short term, it is important to watch whether it can regain the $104.02 level. If it rebounds, the bullish trend will continue to challenge the $126.26 level, with a potential target at $128.15.
TRX
Summary: The 4-hour chart of TRON (TRX) shows a bearish breakout. The short-term target at $0.07747 has been achieved, with support at $0.07510 and $0.07192.
ADA
Summary: The 4-hour chart of Cardano (ADA) has tested the support level at $0.2797 multiple times and continues to challenge the resistance level at $0.3050. A breakout above $0.3269 is awaited for an upward move. Key support levels are $0.220 and $0.209.
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