Price jump ensures growth in the crypto market

The key cryptocurrency Bitcoin (BTC) can rise back above USD 30,000 at the start of the week and is thus also dragging the altcoin sector, which has recently been badly hit, northwards. 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 sideways range between USD 28,000 and USD 31,400 in the coming trading days, the altcoin market should also continue to recover.

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

Price developments of the top 10 altcoins:

• The list is headed this week by Polkadot (DOT), which has recovered significantly in recent trading days after selling into the strong support area at USD 7.20. If the bulls manage to rise above USD 10.38, investors will focus on targets at USD 11.79 and USD 13.28 in particular. You can find possible course targets for Polkadot in the last course analysis from 23.05.
• Dogecoin 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 could also confirm a turnaround 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 April 26th. In the medium term, a possible integration of Dogecoin on the Twitter platform should offer further price impulses if Elon Musk can really finalize his takeover plans.

Possible price scenarios for the coming trading weeks

• Cardano (ADA) also appears to be bottoming out. Cardano was able to avert a crash back to the yearly low at USD 0.40 and has formed a reversal formation in the last three days. If the USD 0.58 is recaptured, a continuation of the trend towards USD 0.75 can also be planned for Cardano. Which price levels will be relevant when considering Cardano can be read in the current Cardano analysis from May 17th.
• Meanwhile, the underperformer of the week, Solana (SOL), continues to struggle. At least the buyer side managed to avert a crash back to the low for the year at USD 37.37. Solana is currently able to stabilize again above the key support at USD 44.37. You can find out how the SOL price could develop in the coming trading weeks in the last Solana price analysis from May 19th.
• The second-largest cryptocurrency, Ethereum (ETH), can only partially compensate for its price weakness of the previous week, but the clear price bounce back from the strong support at USD 1,713 to currently USD 1,917 indicates that Ethereum is also beginning to bottom out. If the bulls succeed in recapturing the strong resistance at USD 2,164 in the coming trading days, the chart image will also brighten for the second largest cryptocurrency for a short time. You can find out how the Ether course could develop in the next trading weeks in the Ethereum chart analysis from May 27th.

Stability of the top 10

• Bitcoin’s price increase in the last 24 trading hours back above USD 30,000 also pulls all top 10 altcoins north.
• Polkadot (DOT) in particular, which now shows a small price increase of 0.2 percent in a weekly comparison, was able to completely 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 hours of trading. Week-on-week, all three top 10 altcoins are down less than two percentage points.
• Only Solana (SOL) with 13 percent and Ethereum (ETH) with almost eight percent show larger price drops in a weekly comparison despite the recent bullish countermovement.

• It remains to be said that all top 10 altcoins have started strong support levels and that investors are initially using these for new entries.
• After eight consecutive red weeks of trading, it is now important to closely monitor whether the current bullish price reaction is just a temporary flash in the pan, 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 shows several ranking changes. In particular, it is remarkable that one of the crypto veterans, Tron (TRX), is back among the top 10 altcoins after a long period of abstinence. Tron benefits from the collapse of the Terra ecosystem and has gained many staking supporters. The Total Value Locked (TVL) on the Tron blockchain has increased significantly in the last few weeks of trading, from which Tron’s price development has also benefited significantly. 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 bottoming phase after weeks of price correction.
• While the vast majority of top 100 altcoins are down weekly, 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 losses from the previous week.
• The short list of weekly winners is headlined by a newcomer among the top 100 cryptocurrencies. Evmos (EVMOS), a protocol to promote interoperability between Atom’s Cosmos blockchain and the Ethereum blockchain, jumps 132 percent between nodes. Chain (XCN) with a price gain of 76 percent and Ethereum Classic (ETC) with 14 percent were also able to buck the correction trend of the past trading week.

• The Metaverse project Everdome (DOME) is also bullish. The DOME price is currently benefiting from today’s start of the Metaverse land sales and is able to gain 13 percent week-on-week.
• The long list of underperformers is led by DeFiChain (DFI) and STEPN (GMT), each with 16 percent price declines in the last seven trading days. Many ecosystem coins such as Avalanche (AVAX), Solana (SOL) and the NEAR Protocol (NEAR) were also weak, showing double-digit price losses. Positively, the underperformers of the last trading week have 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 merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.94.