The price of the pie has fallen back from a high of around 64,500 and is once again approaching the key psychological point of 60,000. After touching the high pressure of 2520, Ethereum fell back to the support area of 2350. Although it was close to 2470 twice yesterday, creating an atmosphere that it may enter a new downward trend, it is worth noting that despite yesterday's significant decline, the trading volume However, no simultaneous surge has been seen. This phenomenon may be regarded as a positive signal. Similar to the previous shrinking increase that was followed by short counterattacks, the current shrinking decline may indicate a potential opportunity for bulls to counterattack. Taken together, although market sentiment is cautious, there is no need to panic excessively.
Ethereum is also facing such a background. Before the release of the US core CPI data, Bitcoin and the Nasdaq index showed opposite trends, which is more likely to be seen as a deep wash-out rather than the beginning of a new decline.
Bulls have indeed encountered quite a challenge. Since hitting a high of 73,700 on March 14, although the pie has not fallen significantly, many altcoins have experienced significant corrections. The overall profit opportunities this year are for holding altcoins. For retail investors, this undoubtedly adds a bit of difficulty.
However, we should firmly believe in the natural law that good times will come after bad times. The market will not sink forever. After the baptism of wind and rain, there will be a new dawn of a bull market. Looking around the world, many countries have launched loose policies, which may be gradually becoming more attractive to young investors, especially in our cryptocurrency field, which is full of challenges and opportunities. Its high-risk, short-cycle characteristics, coupled with the year-round trading market, make it unique. The capital market is an arena for human nature, and the cryptocurrency market shows this vividly. Therefore, for the future development prospects, we have reason to believe that the incremental potential of the market has not been fully tapped, and the bull market is still worth our expectation and longing.
Buy these cryptocurrencies in 2024 and get 100 times the return!
1. SHIB
After an unexpected price drop in the past 24 hours, Shiba Inu Coin (SHIB) has shown strong recovery momentum. The high-profile meme coin is showing positive signs of improvement, especially a sharp rise in key growth indicators such as its destruction rate, highlighting the positive adjustment of the project status.
Specifically, SHIB’s destruction rate surged by more than 455%, a significant increase that marked an important reset of the project’s internal mechanisms. After this adjustment, SHIB is working hard to make up for the previous decline. At the time of writing, the coin has recorded a 1.68% gain as the price climbed to $0.00001765 and managed to cross the previous resistance level at $0.0000174, which has now transformed into a new support point. This series of changes may indicate that SHIB prices are about to rebound.
In terms of the destruction rate, the results are also impressive. About 2,903,600 SHIB tokens have been permanently locked in dead wallets that can no longer be circulated, bringing the total destruction volume to over 410 trillion. Despite this, there are still about 583 trillion SHIBs in circulation on the market.
For investors, this internal reset is undoubtedly an important development that deserves close attention. It may not only reflect the current health of the Shiba Inu ecosystem, but if these positive indicators can continue to be consolidated, it is likely to attract more capital to flow into SHIB, thereby driving its value to rise rapidly.
2.BNB
Recently, Binance launched the Scroll (SCR) project on its Launchpool and Pre-Market platforms, providing users with an opportunity to obtain SCR airdrops within two days by locking BNB and FDUSD. Scroll was born as a second-layer solution for Ethereum zkEVM and is the first project to debut on Binance Pre-Market.
The total amount of SCR has reached 1 billion, of which 5.5% will be used as new coin mining rewards. At the beginning of the launch, its initial circulation was 190 million SCR, accounting for 19% of the total circulation.
Meanwhile, Binance Coin (BNB) is trading at a steady $580.36, up 0.71% in the past 24 hours. In the past year, BNB has gained 180%, outperforming 76% of the top 100 cryptocurrencies, including Bitcoin and Ethereum. Its trading price is 9.09% above its 200-day simple moving average (SMA) of $532.14, showing strong upward momentum.
BNB has been relatively stable, with 19 days of gains in the past 30 days, accounting for 63%. BNB's liquidity is also relatively high relative to its market value. According to forecasts, BNB's price is expected to rise further by 21.22%, and may reach $696.57 by November 7, 2024. The current market sentiment remains bullish, with the Fear and Greed Index score of 49, which is at a neutral level.
3.DOGE
Dogecoin has been dynamic recently, with the current price at $0.109319 and a 1.73% increase in value within 24 hours. Looking back on the past year, Dogecoin far outperformed its peers with a gain of 85%, outperforming 57% of the members of the top 100 cryptocurrencies, demonstrating its relatively solid market position.
In the past month, Dogecoin's daily trading activities have been frequent, with 16 days of closing prices higher than opening prices, accounting for 53%, showing the activeness of its price fluctuations. At the same time, Dogecoin's high liquidity matches its market value, providing investors with a smoother trading experience.
However, the short-term forecast is slightly pessimistic, and Dogecoin is expected to experience a correction next week. By October 21, 2024, its price range is expected to fluctuate between $0.107916 and $0.096179. If the upper limit of the forecast is reached, Dogecoin will still face a potential decline of 10.88%.
4.AR
Arweave, as a decentralized network focused on permanent data storage, plays a core role in driving the network's operation with its native cryptocurrency AR. AR not only incentivizes users to host and protect data, but also recognizes their contributions by issuing tokens.
Recently, Arweave has attracted much attention, with its price jumping 4.60% to a new high of $19.55. This increase reflects that decentralized storage solutions are increasingly favored by individuals and enterprises for data storage needs.
From the performance perspective, AR tokens have achieved an astonishing 379% growth in the past year, far exceeding their peers, and their performance is better than 87% of the members in the top 100 cryptocurrencies. Currently, AR's trading price is firmly above the 200-day simple moving average, indicating a good development trend. In the past month, AR tokens have shown an upward trend for 16 days.
The 14-day relative strength index (RSI) is 41.65, which means that Arweave is currently in a neutral zone and may experience a period of consolidation in the future. However, the high liquidity shown by its market capitalization provides strong support for a stable trading environment.
It is worth mentioning that Arweave’s inflation rate remains at a low level of 0.30%, which helps to maintain the long-term value of AR tokens. According to the latest forecast by Coincodex, the price of Arweave is expected to rise by 39.14%, reaching a new price of $26.21 by November.
5.SUN
2024 has been a challenging year for Solana (SOL), with the value of its token having shrunk by 40% since March. However, if the key support level of $120 can be effectively maintained, it may become an important cornerstone for SOL to regain its upward momentum.
SOL has demonstrated strong competitiveness in the first-layer blockchain field with its excellent scalability, fast transaction speed and low cost. This feature has attracted many developers committed to developing decentralized applications and non-fungible tokens, making SOL an indispensable member of the Web3 ecosystem.
Looking ahead, SOL's path to recovery will be deeply influenced by the overall market environment and whether it can continue to be the preferred platform for blockchain developers. If SOL can successfully break through the $160 support level, it is expected to rebound to $190, bringing considerable upside potential for investors who can withstand short-term market volatility.
