Price jump ensures growth in the crypto market

The crypto reserve currency Bitcoin (BTC) can rise back above the 30,000 USD at the start of the week and thus also pulls the recently severely shaken altcoin sector north with it. Although the vast majority of the top 10 and top 100 altcoins have a price discount compared to the week, many cryptocurrencies have jumped significantly north in the last 24 hours and can currently break away from their historical lows. Should Bitcoin be able to break out of the sideways range between $ 28,000 and $ 31,400 in the coming trading days, the altcoin market should also recover further.

The support and resistance levels relevant to Bitcoin’s price development can be found in the Bitcoin analysis of May 25. In this article, attention has already been drawn to a timely directional decision. Whether the lows of the previous week also mark the historical lows for the coming time and whether the current recovery in the technology sector in the USA continues to transfer to the crypto market, it is important to watch closely in the coming trading days.

Price developments of the top 10 altcoins:

  • The list is headed this week by Polkadot (DOT) which can recover significantly after a sell-off up to the strong support area at $ 7.20 in the last trading days. If the bulls succeed in a price increase above the 10.38 USD, target marks at 11.79 USD and in particular 13.28 USD will become the focus of investors. You can find possible course goals for Polkadot in the last course analysis from 23.05.
  • Dogecoin benefited from new tweets from Tesla founder Elon Musk in recent trading days. Musk’s space company will accept Dogecoin as a means of payment for merchandising items in the future.
  • The DOGE price could also confirm a turnaround in the short term if the DOGE price stabilizes again above the 0.09 USD in a timely manner. How the course development will continue can be read in the last course analysis of April 26. In the medium term, a possible integration of Dogecoin on the Twitter platform should offer further price impulses, should Elon Musk really be able to finalize his takeover plans.

Possible price scenarios for the coming trading weeks

  • A soil formation also seems to be emerging at Cardano (ADA). Cardano was able to avert a crash back to the annual low at $ 0.40 last and form a reversal formation in the last three days. If the $ 0.58 is recaptured, it is also planned to continue the trend in the direction of $ 0.75 at Cardano. Which price levels will be relevant when considering Cardano can be read in the current Cardano analysis of May 17.
  • The underperformer of the week, Solana (SOL), on the other hand, continues to struggle. After all, the buyer’s side managed to avert a crash back to the annual low at $ 37.37. Currently, Solana can stabilize again above the key support at $ 44.37. You can find out how the SOL course could develop in the coming trading weeks in the last Solana course analysis on May 19.
  • The second largest cryptocurrency, Ethereum (ETH), can only partially compensate for its price weakness of the previous week, but the significant price rebound from the strong support at $ 1,713 back to currently $ 1,917 also indicates a first bottoming out for Ethereum. If the bulls succeed in recapturing the strong resistance at $ 2,164 in the coming trading days, the chart picture will continue to brighten in the short term even for the second largest cryptocurrency. You can find out how the Ether price could develop in the next trading weeks in the Ethereum chart analysis of May 27.

Stability of the top 10

  • Bitcoin’s price increase in the last 24 trading hours back over $ 30,000 also attracts all the top 10 altcoins to the north.
  • In particular, Polkadot (DOT), which now has a slight price increase of 0.2 percent compared to the previous week, was able to fully compensate for its losses of the previous week. Cardano (ADA) and Dogecoin (DOGE) were also able to almost make up for their weekly losses with the price increase in the last 24 trading hours. In a week-on-week comparison, all three top 10 altcoins show a slight price decline of less than two percentage points.
  • Only Solana (SOL) with 13 percent and Ethereum (ETH) with just under eight percent show larger price declines compared to the week, despite the recent bullish countermovement.
  • It remains to be noted that all the top 10 altcoins have started strong support levels and these are being used by investors for the time being for new entries.
  • After eight consecutive red trading weeks, it is now important to closely monitor whether the current bullish price reaction is just a temporary straw fire, or whether the entire crypto market can recover from its lows in the coming trading weeks.
  • Looking at the ranking of the top 10 altcoins, several ranking changes are revealed. In particular, the fact that one of the crypto veterans, Tron (TRX), is again ranked among the top 10 altcoins after a long period of abstinence is to be regarded as remarkable. Tron benefits from the collapse of the Terra ecosystem and has been able to win over many staking supporters. The total value-locked (TVL) on the Tron blockchain increased significantly in the last trading weeks, from which Tron’s price development could also benefit significantly. Which course levels are likely to be relevant for Tron in the coming weeks can be found in the current course analysis.

Winners and losers of the week

  • The entire crypto market may be in a bottoming phase after weeks of price correction.
  • Although the vast majority of the top 100 altcoins show a price decline in a week-on-week comparison, the strong start to the week gives reason for hope. Many top-100 altcoins can report double-digit price increases at the start of the week and contain their previous week’s losses.
  • The short list of weekly winners is headed by a newcomer among the 100 largest cryptocurrencies. Evmos (EVMOS), a protocol designed to promote interoperability between Atoms Cosmos blockchain and the Ethereum blockchain, jumps by 132 percent to nodes. Chain (XCN) with a price gain of 76 percent and Ethereum Classic (ETC) with 14 percent were also able to resist the correction trend of the past trading week.
  • The Metaverse project Everdome (DOME) is also bullish. The DOME course is currently benefiting from today’s start of Metaverse land sales and can gain 13 percent compared to the week.
  • The long list of underperformers is led by DeFiChain (DFI) and STEPN (GMT), each with a 16 percent share price decline in the last seven trading days. Also weak were many ecosystem coins such as Avalanche (AVAX), Solana (SOL) and the NEAR Protocol (NEAR), which have double-digit price losses. On the positive side, the underperformers of the last trading week can also break away from their lows in the last 24 hours and catch up with some of their weekly losses.
  • If the leading crypto currency Bitcoin (BTC) stabilizes further in the coming trading days, more recovery rallies are also to be planned on the altcoin market.

Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are just an analyst’s assessment.

The chart images were created with the help of TradingView created.

USD/EUR rate at the time of writing: 0.94 Euro.

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