Bitcoin, Ether, and XRP Weekly Market Update June 1, 2020
The total crypto market cap added $23.5 billion to its value for the last seven days and now stands at $270 billion. The top 10 currencies are all in green for the same time period with Cardano (ADA) and Ether (ETH) being the best performers with 52.7 and 19.9 percent of increase respectively. By the time of writing bitcoin (BTC) is trading at $9,543 while ether climbed up to $240. Ripple’s XRP nears $0.204.
Bitcoin closed the trading session on Sunday, 24 at $8,714 after it was rejected for the third consecutive day at the long-term downtrend line. The move resulted in a 5 percent correction, which also led to a 10.4 decline for the week.
On Monday, the BTC/USD pair found the necessary stability at the $8,700-$8,600 support zone and bounced back to $8,906. Bulls managed to preserve the mid-term uptrend unbroken and were already preparing for a reversal to the upside in the coming days.
The trading session on Tuesday, May 26, was slightly different than expected as the leading cryptocurrency first visited the psychological level at $9,000 in the early hours of trading, then hit the support at $8,700 before closing with a small loss at $8,834.
The mid-week session on Wednesday was marked by the overwhelming presence of buyers. BTC formed a huge green candle to $9,220 and added 4.4 percent while trying to break above the diagonal resistance.
On Thursday, May 28, the coin stormed pass the above-mentioned line and hit the upper end of the horizontal resistance at $9,600. It was 4 percent up for the day.
The last trading session of the workweek came with a short pullback to $9,435 where the leading cryptocurrency found temporary support without breaking the local uptrend.
The weekend of May 30-31 started with a yet another solid green day on Saturday, which allowed BTC to reach $9,705 after bears pushed it down to re-test $9,300 in the early hours.
On Sunday, May 31, the double top formation was invalidated and BTC climbed out of the bull flag that was visible on the smaller timeframes.
Still, it fell down in the evening and closed the day at $9,420.
The Ethereum Project token ETH moved down to the meeting point of the horizontal support at $200 and the previously stable mid-term diagonal resistance. The coin erased 7 percent of its value on a weekly basis.
The new trading period started positively for the ETH bulls as they pushed the price of the leading altcoin up to $204 thus compensating for some of the loses. The double top formation was invalidated.
On Tuesday, May 26, the ETH/USD pair, however, could not continue its way up and fell to $201 after hitting $196 during intraday. The already-mentioned diagonal line was temporarily broken, but on the smaller timeframes (1-hour chart) it was visible that the local uptrend coming up from $180 remained intact.
The third day of the workweek was marked by an impressive performance by ether. It climbed up to $208, which resulted in a 4 percent increase.
On Thursday, May 28, the leading altcoin skyrocketed all the way up to the $220 resistance zone, adding another 5.7 percent to its value. Bulls were now ready to surpass the 61.80 Fibonacci retracement level and put an end to the downtrend that was started back in February.
What we saw on Friday was a relatively calm session. During which ETH remained flat, consolidating after the rapid increase in the last few days.
On Saturday, May 30, it continued to march up and hit $243 in its best one-day increase since April 6.
The last day of the month came with a drop to $231 as the coin erased 5 percent.
The Ripple company token XRP extended its losses to $0.192 on Sunday, May 24 and closed the seven-day period 4.4 percent lower.
The coin started trading on Monday by falling all the way down to $0.175 in the early hours of the session, breaking below both the horizontal support at $0.18 and the mid-term uptrend line. It managed, however, to recover later in the evening and formed a green candle to $0.196.
On Tuesday, May 26, the XRP/USD pair was rejected at the diagonal resistance and corrected its price down to $0.193.
The mid-week trading on Wednesday was quite positive for buyers as the leading altcoin finally climbed above the downtrend and stopped at $0.197 after hitting resistance at the 50-day exponential moving average line (EMA).
On Thursday, May 28, the “ripple” continued with its good performance, now trading steadily above the uptrend and fighting to get past the 50 +100-day EMAs that were guarding the $0.20 zone entry point.
The last day of the workweek came with a small pullback to $0.197. The coin was trading in the $0.192 – $0.20 range for almost ten days now without being able to establish a trend. We could safely consider this a consolidation period that always comes before a new up or downtrend.
That was exactly the case with XRP. On the first day of the weekend, it broke above the $0.20 line and surpassed the mentioned 50 and 100-day EMAs to reach $0.207. The move resulted in a 5 percent increase in value.
On Sunday, May 31 the coin peaked at $0.213 in an extremely volatile session but closed the week with a loss to $0.202.
Altcoin of the Week
Our altcoin of the week is Celsius Network (CEL). The native token of the Celsius network crypto lending and staking project added 52 percent to its price for the last seven days and more than doubled in price for the two-week period.
The coin peaked at $0.265 on Sunday, May 31, and reached #62 on the CoinGecko’s Top 100 list with a market capitalization of approximately $111 million.
The reason for the surge is most probably the recently announced news that the Celsius platform will enable its users to purchase Tether Gold via credit and debit cards.
As of the time of writing, CEL is trading at $0.00000030 against BTC on Binance.