The crypto markets scaled through a major hurdle this week. Again, it has to do with the top cryptocurrency Bitcoin, which never ceases to catch the markets by a surprise ever since its just-concluded block reward halving.
Similar to last week, the general crypto markets experienced a major plunge in capitalization. This was due to a bloodbath that occurred as a result of some 11-year old minted bitcoins which moved for the first time on Thursday, 21st May 2020.
While altcoins bowed to selling pressure, mirroring bitcoin in the act, there came the bitcoin pizza day celebration which stirred up some hopes. The market began to revive and it seems bitcoin is still alive as the top cryptocurrency makes way towards the $10,000 mark again!
Amid the ups and downs, we draw a list of few cryptos which took the market by surprises either as a result of price gains and/or market traction (in no particular order or recommendations):
Bitcoin [BTC]: 2009-Minted 50BTC Shakes The Market
After a short-term bull run on Monday which escorted the bulls towards the resistance at $9.5k area, bear markets took turns and sent prices crashing towards the $9.4k area in a matter of days.
However, in the tug-of-war struggles between market buyers and sellers, the price of bitcoin seemed to claim neutral momentum this week, as the price settled above the support at $9k and has since then been moving to test the next resistance at $9.5k.
The top cryptocurrency is currently changing hands at $9,268. Its immediate upside is supported by the short term rising support trendline. The Relative Strength Index (RSI) has made it back into the overbought region (above 70). This move would continue to encourage more buyers to join the market as their confidence grows. A break past the key hurdle at $9,400 could also boost the price above $9,500.
Chainlink [LINK]: Price Crossed $4 Amid 8% Weekly Gain
The price of LINK is beginning to rise steadily following a 24-hour period of buying pressure in which the coin gained about 5% within the last two days. The cryptocurrency began to stage a bull market when it first touched support at the $3.44 early on into the week.
LINK/USD stays bullish to market instabilities at the moment. However, the pair would need to resist the resistance at $4, the (1.0 Fibo level) area in order to continue the bullish trend. If the bears drag the market beneath the rising support trend line, it can be evaluated that the market is bearish in the short term.
In the upside direction, the first level of friction fibs at 78.6% Fibonacci retracement level which is provided by a bullish $4.15 area. This is maintained immediately with resistance at the 50.0 RSI level. Above the 50.0 RSI, resistance lies at $4.2 (1.0 Fib Extension), $4.22, and $4.25 (1.27 and 1.414 Fib Extension respectively).
Tezos [XTZ]: Runner-up Gainer Of The Week
This contending cryptocurrency gained up to 8.5% within the week. Making the list of the top 20 coins on CoinMarketCap, Tezos is another coin with gains that catch the eye!
Tezos shows a great correlation to top cryptocurrency, Bitcoin, and seems to be widely influenced by BTC’s price fluctuations. At the moment, the XTZ/USD trading pair is changing hands at $2.76 having gained about 3% over the last 24 hours.
XTZ went into free fall when it met resistance at the $2.89 area. At the time, BTC went up by a little margin and crashed slightly too. However, the price found support at the 38.2% Fibonacci retracement level ($2.34 level) and consolidated for a while.
In the upward scenario, the price settles above the resistance at $2.75 (1.2 Fib level) until now. If the bulls overcome this resistance, the next level of resistance is located at $3.0 and further at $3.2 where a major resistance level lies.
Cardano [ADA]: Top Gainer (9.1%)
Cardano gained about 10% within the week. The cryptocurrency has managed to retain its spot among the commonly watched cryptocurrencies in the space. Being widely believed underpriced, the top crypto changes hands at $0.055. Its market capitalization also grew by a considerable percentage to around $1.44 billion. Over $205.11 billion was exchanged in volume against USD and other major pairs since the last week.
Ethereum [ETH]: Struggles Around $210
Ethereum struggled below the resistance at $200 for a few days about a week ago and eventually overcame the hurdle. Settling down at $202 for a couple of days, it was evident that the ETH/USD pair was headed for a short term bull run which would send the price to its previous swing high at $220.
However, the climb towards $220 was never easy. The cryptocurrency met with resistance at the $205 and $208 levels. Having successfully scaled through those heights, prices climbed rapidly further and found support at $210.