Summary:
Bitcoin bounced back above $63,000 due to a risk-on sentiment.
Ethereum Name Service (ENS) performed exceptionally well ahead of its ENSv2 upgrade.
LayerZero's airdrop propelled its price 40% higher.
Mog Coin reached an all-time high, while Bonk also experienced significant gains.
The rally was accompanied by a 45% increase in daily trading volume.
The market's upward movement could be a dead cat bounce, with prices potentially resuming their decline.
Bitcoin's recent price patterns suggest a bearish market.
If Bitcoin falls below $60,000, altcoins like Mog Coin, Bonk, and LayerZero may follow suit.
The risk-on sentiment might be fueled by the French election results.
The cryptocurrency market experienced a green wave on Monday, with Bitcoin soaring back above $63,000, fueled by a risk-on sentiment. Ethereum Name Service (ENS), LayerZero, Mog Coin, and Bonk were among the top performers. LayerZero's airdrop spurred a 40% surge, while Mog Coin reached an all-time high, and Bonk also saw significant gains. This rally coincided with a 45% jump in daily trading volume, reaching its highest point since June 28th. However, despite the positive market movement, there's a strong possibility of a dead cat bounce, where prices briefly rebound before continuing their downward trend. Bitcoin's recent price patterns, including a double-top formation at $72,000 and failure to surpass that level since March 27th, indicate a bearish market. Additionally, Bitcoin's position below the 50-day and 100-day EMA suggests bearish dominance. The formation of a bearish pennant chart pattern further reinforces this outlook. If Bitcoin drops below $60,000, altcoins like Mog Coin, Bonk, and LayerZero are likely to follow suit and resume their downtrend.
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