tl;dr
CryptoQuant CEO Ki Young Ju believes that altcoins could still perform well despite challenging macroeconomic conditions. He previously predicted an altseason starting in late 2024 or early 2025 and reiterated that this prediction was not based on the macro environment, emphasizing the importance of...
CryptoQuant CEO, Ki Young Ju, anticipates the potential for altcoins to outperform despite challenging macroeconomic conditions. He cites strong buy walls from whales as a key indicator for this prediction.
The altseason prediction is not solely reliant on global macro liquidity. Young Ju emphasizes whale accumulation and stable price support bases for select altcoins amid economic uncertainty. He believes that altcoins could still perform well, reiterating his prediction of an altseason starting in late 2024 or early 2025. This prediction is not based on the macro environment but emphasizes the importance of observing strong buy walls from whales in secondary markets. Young Ju also notes that if the economy enters a recession, only a few altcoins with strong buy walls and stable price support bases may stand out, indicating potential upside after the crisis. He plans to continue monitoring altcoins with whale and smart money accumulation regardless of the macro situation.
Last week, Young Ju predicted that altseason would begin in late 2024 or early 2025. In the wake of plunging crypto and stock prices over the weekend and on Monday, the analytics firm CEO reiterated this week that his prediction for altcoins wasn’t based on the macro environment. He stated, “It’s still uncertain whether Bitcoin is in a long-term bear market. If BTC stays above the $45,000 level, I believe the market could recover at any time. Everyone is aware of the unfavorable macro environment, and I am no exception. However, my altseason prediction wasn’t based on global macro liquidity but rather on observing strong buy walls from whales in secondary markets. Whether they’re defending against price drops or anticipating an altseason, whale accumulation remains valid.” Young Ju also notes that “only a few altcoins might stand out” if the economy dips into a recession. “While asset prices may drop due to macroeconomic crises, those with strong buy walls that establish a stable price support base could see significant upside potential after the crisis. I’ll continue to monitor altcoins with whale and smart money accumulation, regardless of the macro situation.”
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Technical Analysis: Unraveling Market Trends
In the current market landscape, we observe a strong bullish trend as indicated by the significant breakout above the key resistance level of 3500 for the S&P 500 index. The Relative Strength Index (RSI) further corroborates this bullish sentiment, hovering comfortably in the overbought territory at 70. This suggests a robust buying momentum supporting the upward price movement.
Additionally, the moving average convergence divergence (MACD) indicator exhibits a clear bullish crossover, underscoring the strengthening uptrend momentum. However, it's crucial to remain mindful of potential profit-taking or market corrections as the RSI approaches the 80 level, indicating an extremely overbought condition.
On the contrary, the technology sector faces a notable resistance near the 150 level for the NASDAQ index, potentially forming a double top pattern. This warrants vigilance for a potential trend reversal if the index fails to breach this resistance level. The MACD indicator also signals a weakening bullish momentum, emphasizing the need for cautious monitoring in this sector.
In summary, while the broader market displays a robust bullish posture, the technology sector demands a more circumspect approach. Traders and investors should remain attentive to key support and resistance levels, combined with the insights from technical indicators, to navigate the current market dynamics effectively.
More about Coinbase Global Inc
Company: Coinbase Global Inc
Description: Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.
Sector: FINANCE, FINANCE SERVICES
Market Cap: $47,079,125,000
Current Price: $33.65
Dividend Yield: None
Price/Earnings Ratio: 5.63
EPS: 18.61
Beta: 0.33
Volume: 4,495,277,000
50-Day Moving Average: $263.94
200-Day Moving Average: $3.27
Relative Strength Index (RSI): 1.083