Hi everyone! welcome back to this week's cryptocurrency analysis.
Today I'll share my thoughts on several coin trends.
These types of articles are expected to be updated weekly, usually Sunday.
Let's get started!
View of the entire market
Let me talk about my views on the entire market first.
With BTC surging 11% on 2/4, many cryptocurrencies followed. If there is no decline in a few days, one might think the bear market is about to end. Stay tuned and have your funds ready.
BNB Analysis
2/4 ended the long downtrend under the influence of BTC, but as mentioned before, the correlation between the two cryptocurrencies is too high.
At 1/31, BNB price is even the same as the BTC first few digits.
This screenshot was taken on Binance on 1/31.
Due to the extremely high correlation between BNB and BTC, I personally think that the holdings of the two coins can be regarded as the same part, that is to say, you can mainly hold one, and the other can be held in small amounts as risk diversification.
LUNA Analysis
LUNA did very well in the early days of the bear market. Although it only lasted a few weeks, the recent transaction heat is still high, second only to BTC and ETH. It can be said that a large number of investors are still optimistic and continue to pay attention.
The current price is around $55, which is not high for historical prices. Consider increasing your holdings. December madness could repeat if the broader market rises.
HIVE Analysis
It's HIVE's turn again. As I said last week, HIVE will likely stay at $1, but the pressure will be high. You can see that at 2/2 it briefly rose to $1 but then fell, and at 2/3 it finally settled on the pull of the broader market and is now moving towards $1.3.
I believe some people who bought at $0.8 are now very much looking forward to a continuation of this rally, but I don't think the rally will last if the bear market doesn't end. Those who are impatient can consider selling at around $1.3, and those who are patient can continue to hold.
The above is for sharing, not investment advice, please be cautious when investing
Thanks for reading, see you next time.