Yet another correction pulled the collective crypto market to $326 billion. Bitcoin and the rest of the cryptocurrencies were currently trapped below critical resistances that could propel major losses if the bulls failed to rise.
Bitcoin [BTC]:
Bitcoin’s dominance slumped by mid-May as the altcoin party led several rallies. However, the figures have started to show an uptick following the subsequent pullbacks. At the time of writing, BTC dominance rose to 58.6%.
The coin was valued at $10,333 after a decline of 1.22% over the past 24-hours. BTC’s market cap stood at $191 billion while recording a 24-hour trading volume of $24.44 billion.
BTC was turned down from breaching a crucial resistance at $10,532. The red closing bars of Awesome Oscillator depicted a bearish momentum for the coin. Chaikin Money Flow, however, bounced back before touching the zero-line indicating inflow of capital into the coin market. The price seemed to be in no man’s land as the bulls and the bears continued to defend key levels.
However, if BTC fails to push its price beyond this level, it could fall to another point of support at $9,048.
Ethereum [ETH]:
Ethereum has been one of the best performing crypto-assets this year, thanks to the DeFi explosion. However, the recent price dump led the coin to breach crucial support levels. ETH was down by 2.42% which drove its price to $329.09 as it held a market cap of and a 24-hour trading volume of $13.82 billion.
In a bid to arrest further downturn, ETH bulls appeared to be attempting an upside break. This was evidenced by the Klinger Oscillator which was heading for a bullish crossover. MACD, however, aligned with the bears depicting a weakening bullish uptrend.
The altcoin was trading close to its support level of $316. However, if the ETH bulls manage to gain an upper hand, the price could target an overhead resistance of $387 in the coming days.
XRP:
Unlike its peer altcoins, XRP has failed to post a strong rally. It was down by 4.03% over the last 24-hours which drove the coin’s price to $0.223. At the time of writing, XRP registered a market cap of $10.06 billion and a 24-hour trading volume of $1.817 billion.
The dotted markers of Parabolic SAR continued to resist an uptrend. RSI was also in the oversold region. This potentially depicted that XRP’s price could have bottomed down, and a renewed buying pressure could eventually materialize as witnessed in its previous tops formed after the RSI hit the low. If this turns out, bulls could push the coin to an immediate resistance level of $0.253 as its support remained untested at $0.174.