At present, Coinbase has begun to file a dismissal against the lawsuit filed by the SEC. With reference to the victory of the Ripple case, this confrontation between the two parties will be the focus in the near future, and may directly lead to whether the application process of the future ETF will be smooth. CB still has a strong capital and political background, and the SEC, as a strict crypto regulator, will certainly not easily relax its tone. The confrontation between the two parties determines the emotional orientation of the US crypto market. If CB wins, the SEC's previous lawsuits against many crypto companies will be overturned, but it may also arouse the SEC's stricter review of future ETFs. At the same time, if the SEC wins, the result will be self-evident, and the regulatory policy may be stricter. It may also make the ETF application process full of uncertainty. The most noteworthy thing this month is this incident and the review results of 21 stocks and Ark ETF. Other economic news is not enough to affect the market trend.

The recent increase in market uncertainties has made it difficult for traders to trade based on market conditions, and institutions and whales have also turned their attention to many altcoins. The recent positive news and price increases of altcoins are all deliberately released. In fact, the overall liquidity of the market is relatively low. It is abnormal that the positive price increases of individual coins are so dazzling under such low liquidity. Under the influence of human factors, we have changed from a situation where market sentiment is freely traded to a PVP struggle, that is, retail investors are directly fighting against market makers. The market continues to collect funds from retail investors. As retail investors suffer losses, fewer and fewer come to trade, and liquidity is even lower. In the end, we ushered in a bear market, that is, a bear bottom.

Trend Direction

At present, the bearish trend remains unchanged. The volatile market close to 29,000 indicates that the market may break below 29,000. The market lacks a signal now. A small negative signal may cause the market to fall below 29,000. Of course, a small rebound is normal. Don't panic or blindly buy the rebound. At present, the rebound does not seem to be strong.

Do you know these cryptocurrencies that are about to explode?

QNT

The long-term view is that the Quant cryptocurrency can surge to $150.34 in 2023 and $233.54 in 2024. Moreover, the total circulating supply of Quant crypto is 12,072,738 and the market cap of QNT altcoin is $1,573,114,952.

Therefore, those seeking a competitive edge might consider Quant for its solid long-term outlook, but it is not the only altcoin with this view.

XMR

XMR long-term sentiment remains extremely positive. The Monero cryptocurrency is expected to soar to $241.88 by the end of 2023 and to $314.78 by 2024.

Furthermore, this makes it another altcoin that can provide a competitive advantage to investors and traders. Not only that, the current total circulation of Monero is 18,312,687 with a market cap of $2,878,378,826.

LINK

Chainlink now appears to have broken market structure and entered a bear market. Chainlink’s price has fallen 15% over the past two weeks. Additionally, the number of whale transactions on Chainlink is currently 78% lower than it was two weeks ago.

Chainlink’s price is currently at $7.3, but data from Global In/Out of Money around price (GIOM) remains bearish. The firm says Chainlink’s price could continue to fall in the coming weeks and drop to the $6.5 support level.

HIM

Uniswap also experienced a massive surge from June to July, growing by 60%. After peaking at $6.7, Uniswap’s price has fallen to $6.22. Despite the growing bearish pressure, the Uniswap price outlook remains quite bullish.

Buyers are outnumbering sellers at the $6.0 support level. If buyers succeed in holding the price above the 200-day moving average, Uniswap could see price gains in the coming days.

Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.