Price jump ensures growth in the crypto market

The key cryptocurrency Bitcoin (BTC) may rise back over USD 30,000 at the beginning of the week and thus also pulls the recently hit altcoin sector hard, to the north. Although the vast majority of the top 10 and top 100 altcoins show a price drop in a weekly comparison, many cryptocurrencies have jumped significantly north in the last 24 hours and are currently able to break away from their historical lows. Should Bitcoin be able to sustainably break out of the side-by-side range between $ 28,000 and $ 31,400 in the coming trading days, the altcoin market should also continue to recover.

You can find the levels of support and resistance relevant to Bitcoin’s price development in the Bitcoin analysis on May 25th. This article has already referred to a timely directional decision. Whether the previous week’s lows also mark the lows for the coming period, and whether the current recovery in the technology sector in the US will continue to be transferred to the crypto market, must be closely monitored in the coming trading days.

Price development on top 10 altcoins:

  • The list is led this week by Polkadot (DOT), which has recovered significantly in recent trading days after selling to the strong support area for USD 7.20. If the bulls manage to rise above USD 10.38, investors will focus on targets of USD 11.79 and USD 13.28 in particular. You can find possible course objectives for Polkadot in the last course analysis from 23.05.
  • Dogecoin has benefited from new tweets from Tesla founder Elon Musk in the last few trading days. Musk’s space company will accept Dogecoin as payment for merchandising items in the future.
  • The DOGE price may also confirm a reversal in the short term if the DOGE price stabilizes again above USD 0.09 in the near future. How the price development will continue can be read in the last price analysis from 26 April. In the medium term, a possible integration of Dogecoin on the Twitter platform should provide further price impulses if Elon Musk can truly complete its takeover plans.

Possible price scenarios for the coming trading weeks

  • Cardano (ADA) also seems to be reaching the bottom. Cardano was able to avert a crash back to the annual low level of USD 0.40 and has formed a reversal formation in the last three days. If USD 0.58 is recovered, a continuation of the trend towards USD 0.75 can also be planned for Cardano. What price levels will be relevant when considering Cardano can be read in the current Cardano analysis from 17 May.
  • Meanwhile, this week’s sub-performer, Solana (SOL), continues to struggle. The buyer side at least managed to avert a crash back to the year’s low of $ 37.37. Solana is currently able to stabilize again above the key support of USD 44.37. You can find out how the SOL price can develop in the coming trading weeks in the last Solana price analysis from 19 May.
  • The second-largest cryptocurrency, Ethereum (ETH), can only partially compensate for its price weakness in the previous week, but the clear exchange rate returns from the strong support of USD 1,713 to currently USD 1,917 indicating that Ethereum is also starting to bottom out. . If the bulls succeed in regaining the strong resistance of USD 2,164 in the coming trading days, the chart picture will also brighten for the second largest cryptocurrency in a short time. You can find out how the Ether price can develop in the next trading weeks in the Ethereum chart analysis from May 27th.

Stability of the top 10

  • Bitcoin price rise in the last 24 trading hours back over USD 30,000 also pulls all top 10 altcoins north.
  • In particular, Polkadot (DOT), which now shows a small price increase of 0.2 percent in a weekly comparison, was able to fully compensate for its losses in the previous week. Cardano (ADA) and Dogecoin (DOGE) were also able to almost compensate for their weekly losses with the price increase in the last 24 hours of trading. Week-to-week, all three top 10 altcoins fall by less than two percentage points.
  • Only Solana (SOL) with 13 percent and Ethereum (ETH) with almost eight percent show larger price declines in a weekly comparison despite the recent bullish counter-movement.
  • It must be said that all top 10 altcoins have started strong support levels and that investors are initially using these for new items.
  • After eight consecutive red weeks of trading, it is now important to monitor closely whether the current bullish price reaction is just a temporary glimpse into the pot, or whether the entire crypto market can recover from its lows in the coming trading weeks.
  • If you look at the ranking of the 10 best altcoins, you see several ranking changes. In particular, it is noteworthy that one of the cryptocurrencies, Tron (TRX), is back among the top 10 altcoins after a long period of abstinence. Tron is benefiting from the collapse of the Terra ecosystem and has gained many followers. Total Value Locked (TVL) on Tron blockchain has increased significantly in the last few weeks of trading, which has also greatly benefited Tron’s price development. You can find out which price levels are likely to be relevant for Tron in the coming weeks in the current price analysis.

Winners and losers of the week

  • The entire crypto market may be in a bottom phase after weeks of price correction.
  • While the vast majority of the top 100 altcoins fall weekly, the strong start to the week gives cause for hope. Many top 100 altcoins can report double-digit price increases at the beginning of the week and include their losses from the previous week.
  • The short list of weekly winners is the headline of a newcomer among the 100 best cryptocurrencies. Evmos (EVMOS), a protocol to promote interoperability between the Atoms Cosmos blockchain and the Ethereum blockchain, jumps 132 percent between nodes. Chain (XCN) with a 76 percent price gain and Ethereum Classic (ETC) with 14 percent were also able to counter the correction trend from the most recent trading week.
  • The metaverse project Everdome (DOME) is also bullish. The DOME Award currently benefits from today’s start on Metaverse land sales and is able to win 13 percent week-on-week.
  • The long list of underperformers is led by DeFiChain (DFI) and STEPN (GMT), each with a 16 percent price drop in the last seven trading days. Many ecosystem currencies such as Avalanche (AVAX), Solana (SOL) and the NEAR Protocol (NEAR) were also weak and showed double-digit price losses. On the positive side, the underperformance in the last trading week has also been able to break away from their lows in the last 24 hours and make up part of their weekly losses.
  • If the key cryptocurrency Bitcoin (BTC) continues to stabilize in the coming trading days, increased recovery rallies can also be planned for the altcoin market.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are just an assessment from the analyst.

The map images are made using TradingView created.

USD / EUR exchange rate at the time of printing: EUR 0.94.

Do you want to buy cryptocurrencies?

Binance is one of the largest globally active crypto exchanges and offers its users a large number of coins – often those that competitors lack.

To Binance

Leave a Comment