At this stage of the current market development, many people may still doubt that this rebound is a short-term "scam". However, it is worth noting that no matter from which angle, this rebound is undoubtedly the strongest one this year. After Bitcoin hit $68,000 last night, it slightly pulled back. Market sentiment began to become hesitant, and the market was sideways near the fifth trend line, waiting for a clear direction.
Most technical indicators point to a possible retracement, but there is also the possibility of sideways trading instead of falling. In the current market, many retail investors are waiting for a retracement to find an entry opportunity, but the market often does not easily give opportunities, and the retracement may not happen as expected. The key position is $68,000. The false breakout just now may indicate that the market will have a real downward breakout. If this happens, it may trigger a larger correction.
This wave of rising prices is related to the rise in the approval rating of former US President Trump. Similar to the situation after the Trump shooting in July and Trump's support for Bitcoin at the Bitcoin Conference in late July, the recent rise may also be driven by short-term speculative funds. As a big figure who influences US politics, Trump's movements have a potential driving effect on the market.
Overall, this is just the beginning of the fourth quarter, and the real surge may occur between the end of November and December. The effect of the halving cycle is gradually emerging, and the Federal Reserve has begun to increase monetary easing. Coupled with the Halloween effect and the upcoming US election, the liquidity of the global market has further increased. The market at the beginning of the year was sideways for half a year, mainly due to the lack of liquidity. In the current environment, the strong market at the beginning of the year is likely to repeat itself.
Potential altcoins worth watching
1. YGG
Let us first understand the concept of blockchain games. In traditional centralized games, the props, equipment and other items purchased by players are controlled by the game company, and there is a risk of additional issuance. Players can only passively accept it and it is difficult to really benefit from the game.
Blockchain games are different. Their core features are that data cannot be tampered with, rules are transparent, and they have the dual attributes of consumption and investment. Through the confirmation of ownership of virtual assets, game players can truly own their own game assets, no longer be subject to the control of game companies, and realize independent control of in-game resources and potential benefits.
In the last wave of Mavericks market, some projects in the blockchain gaming sector have experienced significant gains, especially compared to other tokens in the same sector. This phenomenon usually indicates an inflow of funds into a specific project, causing it to outperform other similar assets for a short period of time. However, it should be noted that the rotation effect within the sector may occur at any time, and projects that have not increased may make up for the increase in the subsequent market. Therefore, reasonable diversification is still one of the strategies to deal with this market characteristic.
2.DOGE
Dogecoin (DOGE) has once again attracted a lot of attention as a high-profile memecoin in this bull run. Due to the support of Elon Musk, the popularity of Dogecoin continues to soar. Some analysts even boldly predict that DOGE is expected to hit a new all-time high in the future. One analyst has put forward a long-term goal that the price of Dogecoin may reach $10, although this may take several years to achieve.
Currently, DOGE is trading at $0.1252, up 8.21% in the past 24 hours. At the same time, its trading volume has surged by 97.71%, indicating an increase in investor interest. In the future, the approaching US election may further boost this market activity.
From a fundamental perspective, Dogecoin has been performing steadily, with high trading volumes and consistent gains. Over the past week, DOGE has gained 14.66% and has broken through key technical resistance levels, as indicated by the rising relative strength index (RSI). Additionally, DOGE recently broke out of a double bottom pattern and found support at $0.112. A close above $0.118 suggests that the price could rise further by 20% to $0.135. The RSI shows that DOGE is currently in oversold territory, which may indicate an upcoming recovery.
3.SCR
Yesterday, Scroll’s SCR token price rose 10% after the company announced a new partnership with Cysic Network. The partnership aims to leverage Cysic’s advanced zero-knowledge (ZK) computing technology to improve transaction efficiency and security on the Ethereum blockchain.
By integrating Cysic’s GPU server, ZK proof computation time is reduced from hours to minutes. This technology upgrade is expected to significantly improve the speed and security of transactions on the Scroll network.
Currently, Scroll (SCR) is trading at $1.36, up 9.39%. Its market cap has grown to $257.67 million, with a trading volume of $10.05 million, up 19.51%. Of the 1 billion SCR tokens, 190 million are already in circulation.
Although Scroll has faced some controversy after distributing its SCR governance tokens through Binance Launchpool, with some users criticizing it for favoring centralized exchanges over community development, Scroll co-founder Zhang Ye explained that the partnership with Binance is part of the project’s long-term growth strategy, and while acknowledging the criticism, he stressed that it is crucial to the project’s future.
