Last night, the United States announced the number of unemployment claims for the week, which exceeded expectations, indicating that the economy is weakening, which is positive for the cryptocurrency market, but BTC and ETH still fluctuated and fell. BTC fell below $65,000, and ETH fell below $3,500. After a brief rebound, the altcoins returned to the starting point. The core reason is still the lack of market funds. The risks of Mt. Gox compensation, regional conflicts, and the increasing accumulation of risks in U.S. stocks are all potential unfavorable factors.

The lack of market liquidity has led to a sharp drop in the price of altcoins, especially those with leveraged positions, which are prone to heavy losses without setting stop losses. The continuous emergence of new products has diluted the market's money-making effect. Old altcoins such as LTC, ADA, and XRP have performed poorly in the recent market, showing that the entire market's sentiment towards altcoins is weak. Although the newly launched projects have a money-making effect, the decline is also very rapid, indicating that risks and opportunities coexist.

Although the market is currently in a downward trend, everything will turn around, and the market will not keep falling. It is reminded that you should maintain a cautious and optimistic attitude and patiently wait for the signal of market reversal. Risk management is particularly important during market fluctuations. Avoid using leverage and set a reasonable stop loss point to protect the principal. The current challenges in the market require patience and caution, while constantly learning and summarizing experience to adapt to market changes.


5 altcoins with 100x growth potential!


1. DONE

FET found support above $1 on Tuesday and is beginning to show signs of strength. It reiterated the action today following yesterday’s bullish engulfing close and is seeing the biggest gains among the top AI and data tokens today.

In fact, over the past 48 hours, the asset has seen its most volatile buying session since it dropped again last month. While the asset is currently trading around $1.56, if demand levels continue to rise on a daily basis, we can expect more of a rally in the coming days.

However, it is worth noting that the asset remains on the radar of bears looking at the daily chart. It is too early to say that bulls are back as a small bounce is not enough to confirm a shift in trend. A break below the recent lows should confirm a continuation of the sell-off.

If the bulls break out of the daily high at $1.75, a retest of the important $2 resistance is likely before resuming the decline. A breakout above this resistance could prompt more buying towards $2.2 or even $2.5.


2.FTM

The daily RSI line shows a rounding reversal from oversold borders, reinforcing the possibility of an up cycle. However, the indicator barely shows any bullish divergence, suggesting that Fantom’s uptrend is stronger.

The previous corrective bounce had a huge bearish impact on the chart, causing the 50D EMA to fall. Hence, this triggered panic and there is a possibility of a death cross.

According to the Fibonacci levels, a bullish reversal in Fantom from the 78.60% level might soon challenge the 61.80% barrier at $0.63. Considering that buyers have overcome the $0.63 supply zone, a bullish rebound in the FTM price will put pressure near the resistance trendline at $0.73 or the 50% Fibonacci level.

Optimistically, the rally from the breakout pattern can extend to the psychological level of $1 if a long-term uptrend is in place.


3.AVAX

As a result of last night’s price increase, AVAX price failed to maintain the high of $28.87. As a result, Avalanche Token fell to close the day at $27.56, with a gain of 2.34%. Moreover, it was the second consecutive day of gains and formed a Morning Star pattern near the bottom of $26.

AVAX price action is forming a falling wedge on the daily chart, and the altcoin is finding support from the bottom trendline. Therefore, bulls are in command at the confluence of the trendline and the $26 bottom.

Avalanche Token is up 3.84% and trading at $27.73 with minimal intraday gains and lack of momentum for a continued trend. However, trading volume is up 25% over the past 24 hours, reflecting an ongoing battle for control of the trend.


4.SUN

As the most volatile altcoin in the cryptocurrency market, SOL price continues to be affected by bearishness, falling 2.32% in the past day with a trading volume change of +6.10%. In addition, it has corrected 10.29% in the past seven days and 27.29% in the past month.

Furthermore, the Solana cryptocurrency has formed a domed pattern on the 1D timeframe, indicating rising bearish forces for altcoins in the crypto space.

The technical indicator SMA has been acting as resistance for the SOL token since the beginning of the month, highlighting the strong bearish sentiment towards the altcoin.

The relative strength index (RSI) has failed to move beyond its neutral point and its average continues to decline. This has caused the trendline to continue to move towards the oversold territory, further indicating an increase in selling pressure in the cryptocurrency market.

If the market sustains the Solana token price above its critical support at $127, this could result in the altcoin regaining momentum and testing its resistance at $155.

Moreover, if the bullish sentiment in the market increases, it could push the SOL cryptocurrency price to its overhead resistance at $181.50.


5.BNB

BNB Directional Movement Index (DMI) readings confirm the current bearish bias for the altcoin. At press time, its negative directional index (red) is 26.99, above its positive directional index (green) of 16.30. An asset’s DMI measures the strength and direction of its price trend. When the positive index is below the negative index, the market’s downtrend is stronger than its uptrend.

This setup suggests that sellers have more control over the market than buyers during the period considered.

The indicator value is 85.71%.  The Aroon indicator identifies the trend strength of an asset and tracks its potential price reversal points.

When its downside line is at or returns close to the 100% value, it indicates that the market is trending strongly to the downside and that the most recent low was reached relatively recently.

Moreover, BNB’s key momentum indicators suggest that traders are inclined to sell their holdings. For instance, BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) are at 45.75 and 26.58, respectively. However, if the bulls regain control of the market, they could drive a rally and cause the altcoin to change hands at $609.