Is the Crypto winter close to clearing?

Tony Sycmore
By : ,  Market Analyst

With the crypto winter darkening in May, we wade through the charts of five coins looking for any signs of digital sunshine attempting to break the gloom. More so as the Nasdaq which Bitcoin has been closely correlated to has commenced a rebound.

BTCVSNASDAQ

 

Bitcoin

A tough month for Bitcoin, currently down ~23% in May after a 17% fall in April. The move to the downside was reinvigorated by the collapse of Terra, which coincided with the break of trend channel support at $37,000 and a move to fresh cycle lows. 

Post the rebound from the low of $25,400, Bitcoin has spent the past 14 days in a tight range. This supports the idea there is some support for the quality end of crypto - ultimately a good thing for Bitcoin.

Technically, we remain cautiously short-term bullish Bitcoin looking towards $36,000, possibly $40,000, providing Bitcoin remains above the recent $25,400 low.

BTC

Ethereum

A tough month for Ethereum falling about 35% in May, following a ~16 fall in April.

As viewed on the chart below, after plunging through trend channel support at $2700 on the Terra collapses, it’s all been one-way traffic.

Concerningly even the bounce from the $1700 low is faltering. Still too early to call a bottom here.

ETH

Solana

Solana has fallen over 50% in May, following a 31% fall in April and is now down over 80% from its $259.99 March high.

After breaking below the horizontal support near $75 on the Terra collapse, Solana is still searching for a low possibly near the mid May $35.30 low.

SOL

Cardano

Cardano is down ~40% this month, following a 33% fall in April and is now down over 80% from its $3.0978 March high.

After breaking below the horizontal support near $0.7450, Cardano is still searching for a low, possibly near the support coming from the recent $0.3855 low.

A break back above the trendline and horizontal resistance at $0.75c would provide an indication a base is in.

 

car

Ripple

Ripple is down ~34% this month, following a 28% fall in April.

After breaking below the horizontal support near $0.55/50c, Ripple tagged a low near $0.33c before rebounding back towards $0.40c.

At this point Ripple has been able to hold onto most of its post Terra bounce and for this reason Ripple along with Bitcoin appears to be one of the coins closest to basing.

rip

 

Source Tradingview. The figures stated are as of May 27th, 2022. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation

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