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Tuesday, May 24, 2022

Crypto Prices To Be Watched At This Week

Quite a few crypto prices will be given a far closer look this week, especially Bitcoin as its struggle to go beyond the $50,000 continues. Nevertheless, BTC’s troubles haven’t prevented the rest of the altcoins from going through Ethereum’s footsteps after the highest-ranked altcoin hit a sum of $4,000 on the 3rd of September.

This has also pushed the market dominance of Ethereum above a range of 20% while the dominance of Bitcoin has gone down to 41.1%. However, the hesitation of Bitcoin in the last couple of days has not changed the mindset of senior commodity strategist of Bloomberg, Mike McGlone, who has put forward a target of $100k on Bitcoin and around $5,000 on Ether. 

Crypto Prices Would Depend On Bitcoin Price

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Along with the crypto prices of the top two cryptocurrencies, the sector of NFTs has also attracted the attention of investors since July. Jordan Finneset, a contributor of Cointelegraph recently suggested that the drop in the volumes of transactions along with a few other reasons could signal a capital rotation from the NFTs sector to the decentralized finance sector. 

With the crypto prices of tokens like Bitcoin, the negative divergence on the RSI has suggested that the bullish momentum could be weakening but the moving averages would be indicative of a path of least resistance to the upgrade. If the crypto buyers decide to drive the price of the coin above a level of $51k, the pair could definitely resume the uptrend. Currently, the first stop has been set at $55,000, but the up-move could go all the way to $60k. 

Conversely, most of the crypto prices would be affected if the price of Bitcoin turned down from $50k to $51k, which could also lead to the pair dropping the exponential moving average over 20 days. 

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