Altcoin market analysis KW20 - rebound after price drop
Total market capital has fallen to 329 billion euros. Accordingly, all of the top 10 crypto currencies had to cope with losses, but a slight recovery is evident.
The end of last week was marked by the fall of many crypto currencies. Whether the investigation of the Stock Exchange Upbit was responsible for this fall or not: It is well known that the market is happy and fast response to FUD. In any case, the crypto currencies within the top 10 have fallen by an average of 13 percent. Bitcoin itself has fallen by 10 percent, which is more in the area of noise in crypto markets.
The majority of the courses show a similar behavior: On May 12, the course fell to a monthly minimum, while testing an important support line and was able to rise again. In that respect, everything looks like a rebound after the recent fall.
Market capital has fallen from 366 billion euros to 329 billion euros.
The structure of the top 10 has not changed.
As in the last week, you should not just take a long position, but mostly wait for a possible overcoming of the resistances or a rebound in support. Similarly, one should wait for a short position on a breach of support or a rebound to a resistance.
Best price development: Ethereum (ETH)
Although the Ethereum course has been falling since May 6, it continues to behave "according to plan": although the second support given last week was even undercut, but the course could bounce off a third support line. Accordingly, there remains the hope that this forms a handle of a second larger cup-and-handle pattern. Compared to the other cryptocurrencies of the top 10, the Ethereum price has "only" fallen by almost 4 percent.
The negative but increasing MACD and the RSI at 50 speak a neutral language along with price and trend. Before setting a long position, however, one should wait for a breakthrough of the resistance at 643.92 euros or a bounce on support at 537.62 euros. Resistance is defined by the temporary maximum of May 10, the support line by the beginning of March, end of April and on May 1 and May 12.
Worst Performance: EOS
After the EOS Rally at the end of April we had to take a breather! After moving sideways in a Triangle Pattern in early May, the EOS fell below the exponential moving averages of EMA50 and EMA100 on May 11 and back to the plateau. This went through the course between 24 and 26 April. He had to cope with a total of 20 percent price losses.
A negative but slightly rising MACD and an RSI at 36 confirm the downtrend, making the overall bearish impression. Accordingly, one should rather wait for an increase over the Resistance at 13.07 euros or a bounce for support at 10.30 euros and then open a long position. If you want to shorten, you should wait until the price drops below the mentioned support. The support is described by the minimum of last week, while the resistance is at the level of EMA50 and EMA100.
Stability of the top 10
Although the rally of Bitcoin Cash is over, the gap between ripple and Bitcoin Cash is still only 19 percent. Between Litecoin and Cardano are only 10 percent. Stellar and Cardano are doing a pretty head-to-head race and are only 6 percent apart. Finally, IOTA and Tron split only 11 percent, as last week.
Even NEO is not yet out of the race: Only 11 percent lie between NEO and Tron.
The "back seats" are therefore still heavily contested, if the gap is not as close as last week.
Winners and losers in the price fall.
Winners and losers in the price fall
On average, all cryptocurrencies have fallen by ten percent. Most of the cryptocurrencies have performed about as well as Bitcoin. For the top 100, the situation looks better: Here, the prices have fallen by an average of 6 percent.
The token of the Kik-Messenger KIN could almost double its course. The announcement, based on Stellar to launch their own free cryptocurrency, seemed to have made many happy. But Bytecoin and Dentacoin also posted price gains of more than 50 percent. In the case of Bytecoin, this is primarily due to the listing on Binance. Losers of the week are Ethereum Classic, DigixDAO and Waykichain, whose prices have fallen by about a quarter.
Overall, 58 percent of the cryptocurrencies within the top 100 perform worse than Bitcoin. The market share of Bitcoin remained almost constant and now stands at 36.6 percent.
Disclaimer: The price estimates shown on this page do not constitute buy or sell recommendations. They are merely an assessment of the analyst.
source: https://www.btc-echo.de/altcoin-marktanalyse-kw20-rebound-nach-kurssturz/