Market price at support will break down soon.

25.07.2023

Dear traders,

The market is still trading in the red and is now at a significant support level. Will it hold above this level, or is a major decline imminent?

Jake
TOP Trader

BTC is still holding above the 50MA and the $29,100 support. The next significant support lies at $28,000, and a failure to hold above this level could lead to an even bigger drop.

ETH is currently trading at the critical breakpoint of $1830. A break below this level may push the price lower, with bearish momentum potentially driving it further down.

The short signal for XRP is in effect, and it is now approaching the support line at $0.67. If the price holds at this level, it could present a great long entry point, potentially leading to a substantial push upward.

The bearish signal for LINK is playing out, and this could drive the price to the $7 support level. This presents a great entry point for long positions and offers an attractive long-term buying opportunity.

SOL is showing bearish momentum and is heading towards a major support level at $22. It needs to hold above this level; otherwise, significant bearish momentum could come into play, pushing the price back into the range below $20.

EOS is still trading below $0.79 and needs to stay above the 50MA on a daily basis to sustain a bullish continuation in price. It remains a good option for long-term buying, but a significant push is required to break resistance.

LTC is still fighting to hold the support level at $88, which provides an attractive entry point for long-term buying. Additionally, in 10 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!

The DXY is showing signs of life and is now trading above 101.5. It needs to hold above this level before the next push upward.

Crypto/stock daily news:

WEEKEND WATCHERS: 2 WINNERS

What a weekend.

Barbie and Oppenheimer finally dropped.

Messi made his MLS debut and scored the game-winner. (GOATs doing GOAT sh*t).

The one thing you probably missed: the crypto action.

Lucky for you, the Trader JAKE kept track of it all, so you wouldn’t have to. Here are the 2 winners that caught his eye…

1/ REDDIT’S TOKEN ($MOON)

What is it? $MOON is the native token for the r/cryptocurrency forum on Reddit.

Think of them as tokenized community points. Users that contribute to the subreddit page (i.e. posts and comments) get rewarded with $MOON tokens.

Why it’s up: Two big things recently happened…

Reddit changed its terms of service to allow users to trade virtual assets like community points and avatars.
Big crypto exchanges (like Crypto.com) listed the $MOON token on their platforms.

As a result, $MOON is up +80% over the last 7 days.

This is something we call the Exchange Listing Effect. An exchange announces it will list a token → that token (usually) pumps in price.

NOTE: The Exchange Listing Effect won’t always lead to a price increase.

Token listings are a lot like real estate – it’s all about location, location, location.

If a token gets listed on a small exchange with little to no users, the token probably won’t pump.

If a token gets listed on a big exchange with millions of users, the token has a better chance of pumping.

2/ HAMSTER.GG ($HAMS)

What is it? Hamster.GG is a platform for live-stream hamster races and $HAMS is the native token used to place bets.

Yup. You read that right. Hamster racing.

Why it’s up: Hamster.gg was all the hype in crypto this weekend.

As a result, $HAMS jumped from $0.60 → $3.26 over the weekend. It’s now crashed back down to under $1.

While most people were out spending time with their families and enjoying the weather…

Crypto investors were trying to figure out who the Usain Bolt of Hamsters is.

(Btw, our local Trader Degen tells me it’s a hamster named Rocky.)

From meme tokens —> A.I. tokens —> animal racing tokens. It’s never a dull moment in crypto.

FAST NEWS:

Coinbase is shutting down its Borrow program for retail customers. Loan holders have until Nov. 20 to pay any outstanding balances or the crypto exchange will sell the Bitcoin collateral to close the loans. (R.I.P.)

Americana launches a “Phygital” vault service to securely store and showcase assets. Items are secured in a physical vault and authenticated via the blockchain. (Btw, anyone else struggling to say the word “phygital”?)

The U.S. Department of Justice announced it’s doubling the size of its crypto crime team. The DoJ is merging two of its internal teams to focus more resources on criminal crypto matters.

The couple accused of laundering billions of dollars stolen from the Bitfinex hack has entered a plea agreement. Heather “Razzlekhan” Morgan and her husband are set to appear for a plea hearing on Aug. 3.

According to the FTX lawsuits, Gabe Bankman-Fried (SBF’s lil’ bro) tried to buy the island of Nauru to create an “apocalypse bunker”. You can’t make this sh*t up…