Crypto Market Updates

Total crypto market cap erased $346 billion from its valuation for the period since Monday and now stands at $1.18 trillion. The top ten coins were all in red for the last 24 hours with Solana (SOL) and Cardano (ADA) being the worst performers with 35.8 and 32.8 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $27,780. Ether (ETH) is at $1,900.

BTC/USD

Bitcoin closed the trading day on Sunday, May 8 at $34,032 with a 3.8 percent loss. This was the fourth consecutive red candle on the daily chart for the biggest cryptocurrency since it was rejected at the dynamic resistance in the form of the 21-day EMA and the lower boundary of the bear flag pattern.

It erased 11.7 percent from its market cap on a weekly basis. This was the sixth week in red in a row.

On Monday, the BTC/USDT pair continued its freefall as the Relative Strength Indicator (RSI) entered the oversold territory while the 24-hour trading volumes increased dramatically. Bears pushed the price down to $30,000 for the first time since the July 2021 market crash.

The Tuesday session was when bulls attempted a comeback. BTC bounced back up to $32,680 intraday and closed the day at $31,112 with some negligible gains.

The mid-week session on Wednesday came with a renewed selling pressure and a new yearly low – this time $29,000.

The disappointing inflation data from the United States made the situation even worse as all risk assets across the traditional finance and crypto industry were seeing double-digit losses.

What we are seeing on Thursday, May 12 is a daily low of $26,675 – the lowest point of BTC since December 2020.

ETH/USD

The Ethereum Project token ETH is in a steep downtrend since hitting the 200 MA on the daily timeframe back in early April. Last Sunday, May 8, the coin closed the week at $2,519 which corresponded to a 10.6 percent loss on a seven-day basis.

The ether lost the weekly and monthly horizontal supports as well as the long-term diagonal support. It also broke below the lower boundary of the bear flag pattern which effectively put it at risk of re-visiting $1,500 in the next weeks or months if we are to follow the technical analysis rules.

On Monday, the ETH/USDT pair found a new 3-month low at $2,227 while erasing another 11 percent. The altcoin market was bleeding as a result of the TerraUSD (UST) stablecoin de-peg which sparkled a bank run that led to double-digit losses across all digital assets, particularly LUNA which lost more than 90 percent of its valuation.

We saw a relief bounce to $2,357 on Tuesday, but the market could not stabilize.

The third day of the workweek came with a drop to $2,077 as bulls were preparing to defend the psychological level of $2,000. Even the upcoming Ethereum blockchain merge and migration to a Proof of stake consensus mechanism could not ease their selling activity.

What we are seeing on Thursday, May 12 is another 10 percent drop in the price of ETH. It is close to the July 2021 low.

The total crypto market cap erased $207 billion from its value in the last seven days and now stands at $1.53 trillion. The top 10 coins were all in red for the same time period with Terra (LUNA) and Solana (SOL) being the worst performers losing 26.6 and 16.6 percent of losses respectively. Bitcoin (BTC) is currently trading at $33,250 while ether (ETH) is at 2,431.

BTC/USD

Bitcoin finished the month of April with a 17.5 percent loss, breaking below the $42,000 support and the 21-period EMA. Looking at the monthly timeframe chart we could clearly see a continuing downtrend, with decreasing volumes while the Relative Strength Indicator remained close to its mid-point.

On Sunday, May 1, BTC bounced back up from its $37,400 low as bulls were able to keep the price floating above the lower end of the long-term uptrend corridor, thus avoiding further selloff.

The new seven-day period started with a solid push to $39,200 in the early hours of trading on Monday but the biggest cryptocurrency was rejected at the newly formed short-term diagonal and closed the Monday session flat.

On Tuesday, bears re-tested again the $37,500 low, which resulted in a 2.2 percent loss for the day as the trading volumes on a 24-hour basis were starting to pick up phase and were larger than the average for the last few weeks.

The mid-week trading on Wednesday came with a sudden increase in the price of BTC. It climbed all the way up to $39,640, closing right at the 21-day EMA while adding 5.3 percent to its valuation. The rally was most probably caused by the comments made by the US Federal Reserve (FED) chairman Jay Powell that an interest rate hike of more than 0.50 percent per meeting is not planned for the moment, which was considered by many to be slightly more dovish comment than expected.

On Thursday, May 5, the BTC/USDT pair registered one of its biggest one-day losses for 2022. It erased 8 percent in a single session and hit a daily low of $35,720 before closing the day at $36,560.

The Friday session brought no change in the trading direction. Bitcoin ended the day at $35,960 for the first time since January 2022.

The weekend of May 7-8 started with a third consecutive red candle on the daily chart on Saturday. Then on Sunday bears were still in full control of the market and successfully pushed the price down to $34,074.

BTC is currently trading even lower, at $33,260 at the time of writing this market update.

ETH/USD

The Ethereum Project token ETH also ended the month of April with a huge loss. It erased 16.7 percent from its market cap and lost both the weekly support line around $3,000 and the long-term uptrend corridor.

The coin kept trading in a bear flag formation on the daily chart and on Monday, May 2 it reached $2,847 in its second green candle in a row.

The ether was one of the top picks for investors mainly because of the upcoming merge that will see the Ethereum blockchain migrate to a Proof of Stake consensus. As per the on-chain data, whales started to accumulate close to the January and March lows.

On Tuesday, the ETH/USDT pair corrected its price down to $2,780, but keep trading above the lower end of the mid-term uptrend corridor (in the already mentioned bear flag formation).

The third day of the workweek came with a surprising 5.8 percent jump and a close near the 21-day EMA at $2,938. The biggest and most popular altcoin continued to move in the upward direction.

Bulls, however, were rejected around the mentioned moving average and fully retraced the gains on Thursday, May 5. The ether lost 6.3 percent and finally lost the diagonal support.

The Friday session was no different and the ETH token once again dropped below the long-term uptrend corridor by closing the session at $2,690.

The first day of the weekend came with a continuation of the downtrend and a new monthly low – $2,641.

On Sunday, bulls were still absent as we saw the price of ETH hit the $2,481 mark before ending the week at $2,519.

The coin is currently trading at $2,426.

Leading Majors

• Polkadot (DOT)

Another Ethereum competitor, Polkadot has been underperforming in the last few weeks despite the positive news that came out of the ecosystem recently.

The launch of the XCM messaging system that enables the uninterrupted token transfer between the different parachains on Polkadot without the need of a bridge and the rapid growth of the Astar ecosystem did not help DOT avoid a freefall.

The DOT/USDT pair lost 13.8 percent during the last seven-day period and is now 34 percent down since breaking below the lower boundary of the bear flag pattern on the weekly chart. The targeted bottom from this trading pattern is around $9.5. At the same time, DOT is still to reach its Head and Shoulders target which is projected to be somewhere around $12.5.

The DOT token is currently ranked at #13 on CoinGecko with a market cap of approximately $13.7 billion, 4.8 billion away from the 10^th spot.

Altcoin of the week

Our altcoin of the week is Tron (TRX). One of the most popular cryptocurrencies from the 2017 bull run, Tron is among the few digital assets to move in the upward direction in the last few weeks.

The TRX/USDT pair added 25 percent to its market cap for the last seven-day period and is already 72 percent up since it bottomed at $0.05 at the end of January 2022. It successfully surpassed the 21-period EMA on the weekly timeframe and is currently trying to break above the resistance zone around $0.09 on the shorter, 1-day chart.

The coin is still 50 percent below its all-time high but is flying on the wings of the recently announced TRON blockchain stablecoin USDD (Decentralized USD) that was launched on May 5. USDD is a project of the TRON DAO and is circulating as a TRC token on the TRON blockchain while being pegged to the U.S. dollar.

TRX is currently ranked at #18 with a total market cap of approximately $8.4 billion. It is trading at $0.084.

The total crypto market cap added $70 billion to its valuation for the period since Monday and now stands at $1.79 trillion. The top ten coins were all in green for the last 24 hours with Cardano (ADA) and Solana (SOL) being the biggest gainers with 6.3 and 4.7 percent increase respectively. At the time of writing bitcoin (BTC) is trading at $39,540. Ether (ETH) is at $2,930.

BTC/USD

Bitcoin finished the month of April with a 17.5 percent loss, breaking below the $42,000 support and the 21-period EMA. Looking at the monthly timeframe chart we could clearly see a continuing downtrend, with decreasing volumes while the Relative Strength Indicator remained close to its mid-point.

On Sunday, May 1, BTC bounced back up from its $37,400 low to close the last day of the week with a 2.5 percent increase. Bulls were able to keep the price floating above the lower end of the long-term uptrend corridor, thus avoiding further selloff.

The new seven-day period started with a solid push to $39,200 in the early hours of trading but the biggest cryptocurrency was rejected at the newly formed short-term diagonal and closed the Monday session flat.

On Tuesday, bears re-tested again the $37,500 low, which resulted in a 2.2 percent loss for the day as the trading volumes on a 24-hour basis were starting to pick up phase and were larger than the average for the last few weeks.

The mid-week trading on Wednesday came with a sudden increase in the price of BTC. It climbed all the way up to $39,640, closing right at the 21-day EMA while adding 5.3 percent to its valuation. The rally was most probably caused by the comments made by the US Federal Reserve (FED) chairman Jay Powell that an interest rate hike of more than 0.50 percent per meeting is not planned for the moment, which was considered by many to be slightly more dovish comment than expected.

What we are seeing midday on Thursday is BTC trading at $39,540.

ETH/USD

The Ethereum Project token ETH also ended the month of April with a huge loss. It erased 16.7 percent from its market cap and lost both the weekly support line around $3,000 and the long-term uptrend corridor.

However, bulls were able to bounce back up from the monthly support zone on May 1 and compensated for all losses registered during the previous session by climbing up to $2,823 or 3.5 percent higher.

The Monday session was no different and the biggest and most popular altcoin continued to move in the upward direction. It closed the daily candle at $2,854.

The ether was one of the top picks for investors mainly because of the upcoming merge that will see the Ethereum blockchain migrate to a Proof of Stake consensus. As per the on-chain data, whales started to accumulate close to the January and March lows.

On Tuesday, the ETH/USDT pair corrected its price down to $2,780, but keep trading above the lower end of the mid-term uptrend corridor (in a bear flag formation).

The third day of the workweek came with a surprising 5.8 percent jump and a close near the 21-day EMA at $2,938.

As of the time of writing the coin is trading slightly lower.

The total crypto market cap erased $41 billion from its value in the last seven days and now stands at $1.73 billion. The top 10 coins were all in red for the same time period with Cardano (ADA) and XRP (XRP) losing 11.8 and 11.6 percent respectively. Bitcoin (BTC) is currently trading at $38,800 while ether (ETH) is at 2,814.

BTC/USD

Bitcoin closed the trading day on Sunday, April 24 flat, at $39,500. As previously mentioned, the coin was trading in two bear flag patterns simultaneously on the daily chart, and during the weekend of April 23-24, it broke below the lower boundaries of both suggesting more downside could be in sight.

The BTC/USDT pair ended the previous seven-day period with a less than a percent loss.

On Monday, bears pushed the price all the way down to $38,220 in the early hours of trading to hit the horizontal support, but bulls were quick to react and BTC fully retraced and even erased the losses, eventually closing in green at $40,446.

The Tuesday session was slightly different as the biggest cryptocurrency bounced up to the 21-day EMA of around $40,800 in the morning, but then it crashed, drawing one of the biggest red candles in the last few weeks. It closed the day at $38,133 or 5.8 percent lower and broke all horizontal and diagonal supports in that area.

The mid-week trading day on Wednesday, April 27 came with a relief bounce as Bitcoin broke back into the long-term uptrend corridor and above the horizontal support. It added 3 percent to its market cap.

On Thursday, April 28 the coin continued to move in the upward direction. It reached the $40,370 mark intraday, but was rejected there at the newly formed short-term diagonal downtrend (also where the lower boundary of the bear flags was located).

The Friday session saw bears taking back the initiative. BTC dropped down to $38,600, losing 2.8 percent.

The weekend of April 30-May 1 started with another red candle on Saturday. Bitcoin closed the day at $37,600, below the long-term uptrend corridor. It also ended the month of April with a 17.4 percent loss.

On Sunday, the BTC/USDT pair climbed 2.4 percent up and ended the week right at the mentioned diagonal thus avoiding its invalidation.

What we are seeing midday on Monday is a second consecutive green candle on the daily chart.

ETH/USD

The Ethereum project token ETH closed the trading day on Sunday, April 24 at $2,920 and after a five-day-long losing streak, it found itself below the critical horizontal support around $3,000. The coin dropped 2.2 percent for the previous week and also lost the weekly timeframe support levels.

The ETH/USDT pair opened the new trading period on Monday by following all the way down to $2,793 for the first time since March 18. Buyers, however, absorbed the selling pressure and initiated an upside reversal which resulted in a full retrace. The ether closed the day at $3,000, close to the Volume Profile (VPVR) Point of Control zone.

The Tuesday session came as a shock to bulls. The leading altcoin crashed to $2,806 and lost the long-term uptrend corridor by losing 6.7 percent in a single day of trading.

The third day of the workweek saw ETH bouncing back from the mentioned lows. It jumped back above the diagonal support and ended the session with a 3 percent price increase.

On Thursday, April 28, the ether moved further up to hit $2,981 – right below the 21-day EMA and the old $3,000 horizontal support. Bulls however were rejected there and on the next day – Friday, the ETH/USDT pair fell all the way down to $2,815, which corresponded to a 4.2 percent decrease in price.

The first day of the weekend came with a re-visit of the next horizontal support at $2,700. Here we could also see the lower end of the big bear flag pattern as ETH was already trading below the long-term uptrend corridor.

The coin bounced from the mentioned levels and after ending the 30-day period with a 17 percent loss, added 4 percent on May 1.

The Ethereum token is currently trading at $2,815.

Leading Majors

• Solana (SOL)

Solana is a chain we haven’t looked at in a long time. The once called “Ethereum killer” is underperforming in the last 6 months, but still remains in the Top 10.

In early March the SOL/USDT pair successfully jumped back up from the horizontal support near $80 and even managed to break above the 21-period EMA on the weekly chart and the diagonal downtrend line, but was stopped by bears at $145.

What we see now is another attempt from sellers to invalidate the multi-timeframe support which if successful will open the door for a re-visit of the zone around $45-$50 where the next most actively traded zone as per the Volume Profile Indicator (VPVR) is located.

On the other hand, if the support plays its role again, we can expect an attack of the $150 area, 65 percent above the current position of SOL.

The weekly chart is below.

Altcoin of the week

Our Altcoin of the week is Ethereum Name Service (ENS). This cryptocurrency protocol allows its users to buy and own their unique web3 username linked to an ERC-20 Ethereum address. The decentralized naming unlocks multiple use cases and makes it easier for users to navigate and interact with one another in the crypto world.

The ENS token was one of the few that ended the previous seven-day period in green. It added 59 percent to its valuation after bouncing back from the horizontal resistance near $14. The coin managed to surpass the daily timeframe resistance at $21 and is currently trading above $24.

The main reason for the recent surge in the price of ENS is the recently launched 4-digit domain names and the increased trading volume on the Opensea NFT marketplace.

The Ethereum Name Service is currently ranked at #131 on CoinGecko with a total market cap of approximately $570 million.

The weekly chart is below.

The total crypto market cap added $45 billion to its valuation for the period since Monday and now stands at $1.82 trillion. The top ten coins were mostly in green for the last 24 hours with Binance Coin (BNB) and Terra (LUNA) being the biggest gainers with 2.9 and 2.8 percent increase respectively. At the time of writing bitcoin (BTC) is trading at $39,650. Ether (ETH) is at $2,924.

BTC/USD

Bitcoin closed the trading day on Sunday, April 24 flat, at $39,500 after trading in the wide range between $39,930 and $38,950 throughout the day. As previously mentioned, the coin was trading in two bear flag patterns simultaneously on the daily chart, and during the weekend of April 23-24, it broke below the lower boundaries of both suggesting more downside could be in sight.

The BTC/USDT pair ended the seven-day period with a less than a percent loss.

On Monday, bears pushed the price all the way down to $38,220 in the early hours of trading to hit the horizontal support, but bulls were quick to react and BTC fully retraced and erased the losses eventually closing in green at $40,446.

The Tuesday session was slightly different as the biggest cryptocurrency bounced up to the 21-day EMA around $40,800 in the morning, but then it crashed, drawing one of the biggest red candles in the last few weeks. It closed the day at $38,133 or 5.8 percent lower and broke all horizontal and diagonal supports in that area.

The mid-week trading day on Wednesday, April 27 came with a relief bounce as Bitcoin broke back into the long-term uptrend corridor and above the horizontal support. It added 3 percent to its market cap.

What we are seeing early on Thursday is a continuation of the upward movement. The price is currently hovering around $39,600.

ETH/USD

The Ethereum project token ETH closed the trading day on Sunday, April 24 at $2,920 and after a five-day-long losing streak, it found itself below the critical horizontal support around $3,000. The coin lost 2.2 percent for the week and also lost the weekly timeframe support levels.

The ETH/USDT pair opened the new trading period on Monday by following all the way down to $2,793 for the first time since March 18. Buyers, however, absorbed the selling pressure and initiated an upside reversal which resulted in a full retrace. The ether closed the day at $3,000, close to the Volume Profile (VPVR) Point of Control zone.

The Tuesday session came as a shock to bulls. The leading altcoin crashed to $2,806 and lost the long-term uptrend corridor by losing 6.7 percent in a single day of trading.

The third day of the workweek saw ETH bouncing back from the mentioned lows. It jumped back above the diagonal support and ended the session with a 3 percent price increase.

The coin is trading higher, at $2,925 as of the time of writing this market update.

The total crypto market cap erased $32 billion from its value in the last seven days and now stands at $1.89 trillion. The top 10 coins were mostly in red for the same time period with Terra (LUNA) being the only one to end the week in green with a 14.9 percent increase while XRP (XRP) lost 13 percent. Bitcoin (BTC) is currently trading at $38,500 while ether (ETH) is at 2,820.

BTC/USD

Bitcoin closed the trading day on Sunday, April 17 at $39,723 and after two days of intense selling reached the lower boundary of the mid-term uptrend corridor (or the final phase of the big bear flag pattern if you look at the bigger picture). The zone is right above the weekly horizontal support and the long-term uptrend corridor line.

Bitcoin ended that seven-day period with a 6 percent loss thus confirming its presence below the 21-period EMA on the weekly timeframe.

On Monday, bears were able to push the price all the way down to $38,600 to touch the mentioned long-term diagonal, but the high buying volumes helped the biggest cryptocurrency bounce back. The green daily candle fully engulfed the previous one as BTC closed at $40,812 with a 3.1 percent increase.

The Tuesday session was no different and the price continued to move in the upward direction, stopping at $41,500 in the evening. RSI was still above its moving average.

The third day of the workweek came with an unsuccessful attempt from buyers to break above the 21-day EMA and the zone above $42k. Bitcoin was moving up and down the $42,200 – $40,800 range before closing with a small loss.

On Thursday, the BTC/USDT pair was extremely volatile. I traded in the $42,991 – $39,800 range before closing with a 2.2 percent loss. As mentioned, the coin was trading in a bear flag within a bear flag on the daily timeframe with the lower boundaries of both flags located in the area of around $40,000.

Bears pushed the price down to hit that mark on Friday when BTC temporarily traded around $39,000 before closing at $39,700.

The weekend of April 23-24 came with a confirmation of the diagonal supports break on Saturday and a flat session on Sunday.

Bitcoin continues to slide on Monday morning and is currently trading at $38,500, right at the long-term diagonal support.

ETH/USD

The Ethereum project token ETH closed the previous seven-day period at $2,984 after continuously testing the $3,000 level throughout the week. Buyers were considering this level as crucial for the mid to long-term effect on the price of the ether.

On Monday, April 18 the ETH/USDT pair almost hit the lower boundary of the long-term uptrend corridor near $2,850 in the early hours of trading, but somehow managed to avoid a major crash by jumping up to $3,053 later in the session. As per the Volume profile indicator (VPVR), the area above $3,000 is one of the most actively traded on the chart.

Tuesday came with another green candle, this time to $3,100, close to the 21-day EMA and as a confirmation of the break above the March 2022 highs.

The mid-week session on Wednesday was when bulls attempted a breakout. The price of ETH rallied to $3,200 but quickly retraced at the daily candle close, eventually closing in red.

The same thing happened on Thursday when the price first rallied to $3,180 and then quickly fell down to close with a huge loss at $2,983. The extremely volatile session resulted in a 3 percent loss for the ether. It stopped at the low timeframe horizontal support as the zone around $3,000 was once again the last area of defense for bulls.

On Friday, that level was broken as well. The ETH/USDT pair fell further down to $2,964 for the first time since March 2022 in its third consecutive day in red.

The first day of the weekend came with a drop to $2,931 as the selloff continued. The leading altcoin was now dangerously close to the lower boundary of the long-term uptrend corridor.

On Sunday, it attempted a comeback, but the upward movement was limited and resulted in a full retrace.

What we are seeing early on Monday is a break below the mentioned diagonal as ETH is trading more than 3 percent lower.

Leading Majors

• Terra (LUNA)

Terra is the only token on the Top 10 list to end the last seven days in green. The coin added 17 percent to its market cap after bouncing back from the 21-period EMA on the weekly timeframe. Still, it was rejected at the psychological level of $100 and is currently trading slightly lower – at $88.

The trading volumes on the LUNAUSDT pair are in a clear downtrend for the last few months while the price kept rising which usually suggests the uptrend momentum is not sustainable. What is more – the $100 level will most probably act as resistance again now.

On the other hand, the Relative strength index is again close to the mid-levels while the LUNA token itself is trading in a long-term uptrend channel where it just formed a higher low, so the technical hint at a potential continuation of the uptrend.

Potential support at $87-$88.

Altcoin of the week

Our Altcoin of the week is STEPN (GMT). GMT is a lifestyle “move-to-earn” token that allows its users to earn while doing physical activities like walking or jogging using its so-called “NFT Sneakers”.

The project was launched in early March via the Binance Launchpad and has since then skyrocketed thanks to its good marketing and the revenue from the sale of the mentioned NFT sneakers.

The coin was initially sold at $0.01 on Binance then rallied all the way up to $3.85, an increase of 38,500 percent in less than 2 months’ time.

As of the time of writing this market update, the GMT/USDT pair is trading 18 percent below its all-time high and is near the April 1 high of $3.16. We can probably expect support around the $2.7 level.

GMT is currently ranked at #59 on CoinGecko with a total market capitalization of approximately $1.94 billion.