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Daily Pump & Dump | May 31, 2022 Crypto Market Report


The each day pump & dump is a weekday replace on the crypto market offering you with an abbreviated breakdown of value motion associated to Bitcoin, Ethereum, and different trending altcoins. 

At the moment’s abstract:

  • Bitcoin reclaims $30,000 over memorial day weekend
  • How Ethereum may lose its head in opposition to BTC
  • What’s occurring with Cardano?

Bitcoin Makes Memorial Day Weekend Memorable

Over the US Memorial Day vacation, bulls took benefit of skinny order books and low quantity, pushing the worth per BTC to greater than $31,500 at shut. Of word, the each day candle closed above the higher Bollinger Band. Bulls should stampede with excessive quantity throughout the subsequent 24 hours or are susceptible to a pullback to at minimal the middle-SMA at round $29,766.

Will bulls comply with by? | Supply: BTCUSD on TradingView.com

A powerful shut above $32,000 may result in continuation to targets between $34,000 and $38,000. Tonight can be the month-to-month shut for BTCUSD. A detailed above $29,000 ought to maintain the highest cryptocurrency properly above help, whereas closing above $33,000 can be a more healthy signal of additional restoration forward.

Associated Studying | LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday

Ethereum Dropping Its Head (And Shoulders) Towards BTC

The LUNA debacle has considerably harm altcoin sentiment. The related selloff and panic took many high altcoins down by 80-90% throughout the board. Ethereum held up properly by comparability to different altcoins, dropping solely 64%. Bitcoin fell 62% in complete.

ETHBTC_2022-05-31_15-59-27

Ethereum may head down additional in opposition to BTC | Supply: ETHBTC on TradingView.com

The long-running outperformance on the ETHBTC buying and selling pair may quickly swing additional in favor of the highest cryptocurrency as BTC dominance strengthens. The ETHBTC buying and selling pair additionally seems to exhibit a head and shoulders sample susceptible to affirmation and additional breakdown. The goal can be near the 0.04 stage.

Cardano Surges 40% In 48 Hours, However Why?

Knife-catching is rarely a really useful technique, but merchants in all places are usually tempted by this high-risk method. The reason being as a result of there might be vital reward for getting it proper. Cardano has been considerably oversold, falling a full 87% from over $3 to the 30-cent vary.

ADAUSD_2022-05-31_16-01-29

Was the R:R too good to move up? | Supply: ADAUSD on TradingView.com

As a result of the altcoin was hit notably laborious, it now represents a robust threat versus reward setup. Bulls who missed their probability on the way in which up the final time round, may see one other 8x if the altcoin revisits costs set late final yr.

Associated Studying | Hammer Time: The Bullish Signal That Could Save Bitcoin

Though the reward is excessive, so is the danger. In the course of the 2018 bear market, after plummeting 90%, ADA then crashed one other 78%. On Black Thursday, ADA reached one-cent.

Comply with @TonySpilotroBTC on Twitter or be a part of the TonyTradesBTC Telegram for unique each day market insights and technical evaluation training. Please word: Content material is instructional and shouldn’t be thought-about funding recommendation.

Featured picture from iStockPhoto, Charts from TradingView.com





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