Big market swing loading!

11.07.2023

Dear traders,

Tomorrow, CPI data is coming, and the next big swing is loading.

Jake
TOP Trader

BTC is slowing in momentum but still within the trading channel of $29,500 to $31,200, and the next big move is expected tomorrow. Significant liquidity can be found around $27,000 to $26,000, which is the market’s main target.

ETH is trading in the mid-channel line at $1870 without any bigger moves. There is still a lack of volume for a bigger push. It is still in danger before the next leg down.

XRP is still trading above support at $0.46, and the downtrend line is still strong. To break above and continue the upward momentum, a substantial increase in volume is required.

LINK hit strong support at $6 and needs to hold above it for a bigger push up and bullish continuation. Nevertheless, it presents a good opportunity for spot buying and holding.

SOL strongly pushed above resistance at $22 and is showing momentum if it manages to hold above $20 for the next push up. However, it still remains a favorable option for long-term investment.

EOS has encountered strong resistance as predicted and continues to decline towards $0.7, a major support level. Despite this, it remains a viable option for long-term spot buying.

LTC bouncing slowly from 95$ and preparing for next leg. The next support target is $90, and it needs to hold it. Additionally, in 30 days, LTC will undergo a halving event, which is expected to result in a notable price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

DXY is dropping hard under the $102 support and needs a bigger push up or $100 is close.

Crypto/stock daily news:

MARKET MOVERS: 2 WINNERS. 1 LOSER

We’re back with another Market Movers edition.

This time, we’re bringing you the best/worst performers of the month so far.

There are 2 winners and 1 big loser…

THE WINNERS

1/ Verge ($XVG) is +220% since July 1

What is it? Verge is a privacy-focused cryptocurrency that launched back in 2014. #OGstatus

It provides anonymous transactions by obfuscating the IP addresses in each transaction.

Why it’s up: Verge has benefitted from two recent trends…

Privacy tokens are getting relisted on crypto exchanges. Privacy tokens have been under regulatory scrutiny in Europe, so exchanges (like Binance) delisted them. But Binance recently played the Uno Reverse Card and relisted the tokens again.

“Dinosaur tokens” are getting volume. Verge has been around for almost 10 years now. It’s battle-tested and is less risky to investors than newer meme coins.

Privacy-focused token + OG status = bullish.

2/ Ocean Protocol ($OCEAN) is +25% since July 1

What is it? Ocean Protocol is a decentralized marketplace for data.

It lets individuals and companies securely share, sell, and monetize their data assets.

They share data on the platform and in return, they get OCEAN tokens.

Why it’s up: Ocean Protocol’s data marketplace opens up access to high-quality data, which has attracted a lot of AI developers and researchers.

AI devs can use the data to train their own models and/or share their own data as an additional source of revenue. It’s a win-win.

Privacy-focused. Artificial Intelligence.

These are two buzzwords that’ll get any crypto investor’s hairs standing up. Which is exactly why Verge and Ocean Protocol have been seeing a pump this month…

And now, onto…

THE LOSER

Multichain ($MULTI) is -25% since July 1

What is it? Multichain is a cross-chain router protocol. (That’s fancy talk for a token “bridge.”)

It lets users easily swap tokens across different blockchains.

Why it’s down: Multichain has had a wild couple of weeks…

It has suffered tons of software malfunctions

The CEO went missing (rumors he got arrested)

Then, on Friday it got hacked for about $120M. **facepalm**

As a result, the Multichain bridge has been halted and transactions are stuck.

It’s unclear when Multichain will resume operations, but one thing is clear…

Multichain is the (unanimous) Loser of the Week.

FAST NEWS:

Flow Blockchain is launching a huge virtual Hackathon. With $500K, a PS5 and a lot more up for grabs for participants.*

SEGA is suspending its plans to jump into Web3 gaming. Sega went from all-in on blockchain games → the COO calling play-to-earn “boring” and halting plans.

Andy Murray is teaming up with digital artist Refik Anadol to launch a new NFT collection. Tennis GOAT ? NFTs.

Tom Brady lost $30M on his FTX investment. Ouch. (But still probably doesn’t hurt as bad as that ‘08 Super Bowl loss though.)

OpenSea and Zora are partnering up to support each other’s services & tools. NFTs minted on Zora’s network can now be bought/sold on OpenSea, and OpenSea’s suite of NFT-related tools will be available on Zora.