Crypto Market Strategy & Weekly Research – 10 May 2021

Posted on May 10, 2021 in Articles, Market Movements
Crypto Market Strategy & Weekly Research – 10 May 2021
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Total Crypto Market Capitalization

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The overall digital asset performance has adjusted to hit its All Time High (ATH). This ATH is driven by Ethereum and medium-sized coins as bitcoin is still going through the correction period.

Bitcoin’s dominance adjusted downwards from 70% to 45%.

Total Crypto Market Capitalization (Excluding BTC)

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Total Crypto Market Capitalization (Dominance %)

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DeFi Index Perpetual Futures

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Crypto News

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VanEck, a global investment managing company submitted the application for the launch of the first US Ethereum Exchange-Traded Fund (ETF) under the name ‘The VanEck Ethereum Trust’ to the Securities and Exchange Commission of United State on May 7, 2021.

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Due to Bitcoin’s growing interest in the company’s customers, Itay Tuchman, Citi’s Global Head of Foreign Exchange told the Financial Times, “The bank is considering the best way to provide customer services.”

The usability of cryptocurrency is in consideration which the bank is gradually work and learn on the beneficial side as it is just a starting point for this market.

Crypto Insight

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Crypto Compare

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Technical Signal Trading

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Bitcoin Strategy

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Investors and speculators are concerned about the price of digital assets as they may have entered the market at a higher price. The BTC Time-Frame Week (TF 1W) here shows the bigger picture of the coin movement. It is clear that the momentum weakens around 40,000-50,000 BTC/USD. This makes the resistance line at the bottom of the zone to be the point to watch out for.

Ethereum Strategy

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ETH’s TF 1W reaches the resistance line at the top frame of the top zone. The recent ATH formed marked a significant increase of 200% from its 1,400 ETH/USD in 2018 when ICO was popular. This could be due to the rise in DeFi popularity and the continuous adoption of ETH. However, investors should consider this carefully as the risk-reward ratio may not be as attractive to be take profit in the short-run.

Ripple Strategy

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The performance of XRP is interesting as the price recovered and rose above the zone this week prior to its previous drop in response to the negative news on the Ripple Labs, Inc. Despite its recovery above the zone, the price is still fluctuating in the bottom zone. Investors should carefully consider the risk-reward ratio upon entry at the resistance zone.

Litecoin Strategy

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Despite having broken through 3 zone, LTC is still stuck at a big resistance since 2018. There are potential sell-off from those who have been making a loss over the past 3 years.

Gold Strategy

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The price of gold had adjusted upwards by 83% by 3-4 zones to 1,830 Gold/USD from its 1,000 Gold/USD. The trendline shows that the the uptrend has come to an end. Investors should keep a close eye to see whether or not will this be a side way, a downtrend, or is it in the process of a forming a new uptrend. The big resistance line at 1,850 and 2,000 Gold/USD is to be watched out for.

Strategy from ZIPMEX

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However, Zipmex will not take any responsibilities for the above analyses. Investors must realize that every investment is at risk.

Please use your own judgement when investing.