Total Crypto Market Capitalization
Over the past week, digital assets displayed a swing in the frame, after a downtrend which caused a big gap between support and resistance lines. Investors can ‘rebound’ to the resistance line as it is still in a downtrend.
For novice investors, it is important to wait and see how upon entry.
Total Crypto Market Capitalization (Excluding BTC)
Total Crypto Market Capitalization (Dominance%)
DeFi Index Perpetual Futures
On May 24, 2021, CoinDesk held a Consensus seminar whereby the hedge fund manager, Ray Dalio shared his views on Bitcoin. He believes the depreciation of the US dollar and its role as an international reserve make Bitcoin an attractive savings asset.
He mentioned, he personally would “rather have bitcoin than a bond” and shared he is holding “some bitcoin.”
Technical Signal Trading
BTC has a support zone set at the same point as the Fibonacci number. Investors should take a careful watch here to strategize a price action.
This weekly report presents our investors with Fibonacci Retracement. The price is current around 30,000 BTC/USD which is representing a short buy period. However, investors should keep a close eye for strategize in the case that the price breaks through the bottom zone of 30,000 BTC/USD or the top zone of 43,000 BTC/USD.
Ethereum is showing a wide swing and has the potential to breakthrough the zones. However, these phases are likely to start to form a pattern such as a big triangle. Once the price formation is formed, volatility will decrease, respectively.
XRP has broken through the triangle and stopped at the target price we had previously set. After that, the price increased up to 60%. Despite having a better performance than other coins, investors should wait and see upon entering the market at this time.
The price of LTC decreased to a low price of 120 LTC/USD. Small adjustments are made, although the range remains the same. The performance here shows that the price increased within 3 days. Investors should be cautious upon entry at this time and consider trading in the short-run.
The price of GOLD increased to 1,900 GOLD/USD amid sell-off of digital assets due to many market pressures including inflation concerns as the world economic continues to combat the pandemic. However, monetary injection (quantitative easing) contributes to inflation and causes assets to depreciates.