The market is still on hold big moves are expected in the coming days.

07.08.2023

Dear traders,

The market could swing in both directions in the coming days; consider holding your trades

Jake
TOP Trader

BTC is still holding support at $29,100, and the next significant support level is at $28,000. A big wick is still loading, and it is expected to happen in the coming days.

ETH is currently trading at a breaking point of $1,830, and a larger drop is still possible as the market experiences a slowdown in volume.

XRP is breaking down with a big bearish signal and is now trading at $0.61, with the next significant support at $0.54. Still a good spot to buy for the long term.

LINK is showing bearish momentum and is now trading at $7 support, which needs to hold. However, it remains a good long-term buying option.

SOL bounced up from the $22 support and needs to hold it. However, it is still at risk of a bigger drop before the next push-up.

EOS is nearing the $0.7 support level and requires a stronger buying push to break the resistance above $0.79. It remains an attractive spot for a long-term buying option.

LTC, after halving, dropped below the $88 support, which was a breakpoint, and new lows are possible. However, it is still a good long-term buying option.

DXY is still fighting with the 102.1 resistance and needs to break it on a daily basis.

Crypto/stock daily news:

MARKET MOVERS: 1 WINNER AND 1 LOSER

We’re back with another Market Movers segment. We track all the crazy price action, so you don’t have to.
This week, we have a balanced diet – 1 big winner and 1 big loser.
THE WINNER: OPTIMISM
What is it? Optimism is a popular Layer 2 solution that makes transactions on Ethereum cheaper and faster.
It has about 120,000 active users and $850M in total value locked (TVL). (Btw – DefiLlama is a good tool to check out stats on most chains and protocols)
Why it’s up: There are two reasons…
1. Coinbase just launched BASE, their L2 network on Optimism’s OP Stack. The OP Stack serves as the foundation for others to build chains and rollups on top of.
Basically, it makes it much easier to develop and share resources. And in return, a portion of all transaction fees accrued by the BASE network are distributed to Optimism’s treasury.
2. Worldcoin also launched on Optimism. While the release is more controversial than pineapples on pizza, it has helped the Optimism network pass Arbitrum in daily transactions for the first time
ever.

As a result, $OP is up 11% over the last week and up 35% over the last month. And with more and more projects committing to the OP stack, the future is looking bright for Optimism.
THE LOSER: HEX
What is it? It’s a high-interest blockchain certificate of deposit.
HEX lets investors earn interest on their investments by staking their tokens. It’s supposed to be crypto’s version of a “bank fixed deposit”.
Why it’s down: The SEC recently sued the founder and classified HEX as a security.
Meet the founder, Richard Heart:

Here are the allegations against Heart, according to the SEC:
He conducted an unregistered securities offering with the issuance of HEX in 2018 (he illegally raised $1B+ in crypto assets from investors)
He used investor funds to buy luxury items – including a $4.3M black diamond, a $1.4M Rolex watch, a Ferrari Roma, and more
All of Heart’s crypto projects have been named as fraudulent – including HEX, Plusechain, and PulseX
As a result, HEX crashed 40% over the last week. Some trading platforms, like Uniswap, even removed the token.
Who knows if Heart committed the crimes but everyone knows the rules…
JAKE Rule #8: Never take investment advice from a guy that matches their hat, bag, and shoes.
We’ll keep you updated if there are any big updates from the lawsuit.

FAST NEWS:

Synthetic Mind helps you make money using A.I. in less than 5 minutes a day.
Global X filed an application for a Bitcoin ETF. It also listed Coinbase as its “surveillance-sharing” partner.
Another one Revolut announced it’s shutting down its crypto services in the U.S. due to “ongoing regulatory uncertainty”. Regulation Stikes Again.
Daily transactions on the Avalanche blockchain more than doubled in Q2. Avalanche went from 200,000 —> 500,000 daily transactions.
Bitget announced a one-year partnership with comedian Adam Devine. Crypto Comedy