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Crypto Market Summary: Week of May 24

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Crypto Market Summary May 24 - May 30 2021

Last Week Recap

As opined by our internal team last week, BTC broke the $46K support which led to a steep drop to the $30K mark. The crypto market continued its dip with the $30,000 level support retested twice. From peak ($63K) to trough, BTC is down about 50%. Many altcoins were decimated as well before climbing up gingerly. Indeed, for the newly-initiated crypto traders and investors (less than a year), last week’s gyration had been a baptism of fire.

For this coming week:

  • We may start to see BTC and altcoins inch back slowly till end of this week if the peak-to-trough theory holds. A rebound usually accompanies a 50% drop next.
  • Market is whipsawing as traders look for ideas. We believe next resistance level to be $42K. If BTC can break through this level, the crypto market should be on the road to recovery. Support is maintained at $30K.
  • For traders and investors with dry powder left, it maybe good to trade short swings.
  • MATIC, ADA, SOL and THETA remain our team’s favourite plays as they are some of the key projects for the decentralised tech world.
  • Watch out for ICP.

As usual, trade with care. Trade with what you can afford to lose.

The post Crypto Market Summary: Week of May 24 appeared first on SuperCryptoNews.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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