CoinWorld reported:
Market Highlights:
1. The price of rwa on the om platform has risen due to its collaboration with the mantra chain, which has made a $500 million real estate rwa in the United Arab Emirates.
2. The sol ecosystem’s billy token has surged, reaching a new high against the market trend. Billy is a dog meme token on the sol chain, and the number of holders continues to grow. When the overall market is not performing well, speculative funds tend to flow into low liquidity chains.
3. The price of io token in the ai ecosystem has fallen, with rumors circulating that the team has been secretly mining tokens.
4. The symbiotic pool for collateralized lending has expanded its upper limit. Symbiotix is a competitor of Eigenlayer, and many DeFi miners have started mining it.
Bitcoin has suddenly dropped below $58,000, causing concerns among many investors. They worry that the drop is related to sell-offs by the US government, German government, and Mentougou. However, data on transfers to exchanges on three working days this week shows that the transfer volumes were surprisingly low. The selling pressure is at its lowest point in the past six months, indicating that the sell-off is not the main reason for the drop in BTC price. The main reasons are still the lack of liquidity and purchasing power.
Next, we have the non-farm payroll data on Friday and the CPI on the 11th. If the July data is positive, there may be a rate cut in September, and we can expect a short-term positive market situation in July and August. On the other hand, if the market situation remains unfavorable, the expectation for a positive market will be pushed back by 2-3 months.
However, it seems that altcoins have not followed the previous low point. Whenever Bitcoin drops, the bottoms of altcoins tend to rise. For example, when Bitcoin fell to $58,000, AVAX dropped to $23.5, but this time it only dropped to $25.6 and rebounded first. It seems to be less affected by the drop!
Don’t panic and sell at the bottom, as it may lead to loss of control when the rebound occurs. Chasing the rebound may result in getting trapped. As long as you are not investing in high inflation projects, holding spot positions should be fine. Previously, ZK dropped to around $0.15 and rebounded, and CHR dropped to $0.2 and rebounded as well. Although it may take a few weeks to recover, it may only take a few days.
If you don’t make any moves now, you won’t incur losses. You can also look for short-term trading opportunities and make some profits. Look for projects that are stabilizing and not breaking through resistance levels, and use stop-loss orders to buy at the bottom. Avoid buying projects that break through resistance levels, as it would be speculative and could result in a 100-fold drop.
ONDO
Ondo (ONDO) is currently trading between $1.07 and $1.31, experiencing significant volatility. The token has slightly dropped by over 3% in the past week and decreased by 16% in the past month. However, let’s not forget that it has surged by 3,818% in the past six months! The RSI is close to 40, and the stochastic indicator is at 13, indicating that the token may be oversold and could rebound.
PYTH
Pyth Network (PYTH) is showing signs of strength, with the current trading price between $0.30 and $0.34. Bulls and bears are engaged in a fierce tug of war, but the bulls seem to be gaining momentum. After a slight 0.71% increase in the past week, PYTH is nearing the resistance level of $0.37. With an RSI of around 50 and a positive MACD, a potential breakthrough seems imminent if the bulls continue to dominate.
PEPE
Pepe (PEPE) is currently trading between $0.0000101 and $0.0000136, indicating a battle between bulls and bears. The recent resistance level is at $0.0000153, with support around $0.00000829. The token still has room for growth. If the bulls successfully push PEPE above the first resistance level, it may move towards the second resistance level at $0.0000188, which implies a potential 130% increase from the current level.
